DUBAI, (Pakistan Point News - 16th Jul, 2020) Authentic stakeholder engagement is proving to be a crucial part of business strategies as companies navigate new challenges created by the COVID-19 pandemic, industry experts explained during a recent webinar hosted by the Dubai Chamber of Commerce and Industry.
The webinar, titled "Reconnecting with Stakeholders during COVID-19 - Why it Matters and How to Get it Right", was organised by Dubai Chamber’s Centre for Responsible Business as part of an event series discussing a wide range of issues related to the sustainability practices of companies dealing with the impact of the pandemic.
The virtual event was attended by more than 70 participants representing businesses operating in various economic sectors and fields.
Sharing insights and best practices during the webinar were Prof. Tazeeb S. Rajwani, Professor of International Business and Strategy, Surrey Business school, University of Surrey; Hani Radwan, Incubator Manager for Coca Cola middle East, and Mansour Hajjar, Country Manager for UAE and India at the Chalhoub Group.
The recommendations outlined by the speakers included the need for being transparent, consistent and adopt a purpose-driven communication to maintain stakeholder commitment, quick action in dealing with a fast-changing business landscape, the use of a hybrid digital/physical platforms to engage with stakeholders, data-driven decisions and collaboration with partners and even competitors to find solutions to challenges posed by COVID-19.
The speakers stressed the importance of stakeholder engagement in strengthening trust and reputation and business performance over the long term, while participants were encouraged to remain flexible in their approach to managing stakeholders during times of uncertainty.
Dr. Belaid Rettab, Senior Director, Economic Research and Sustainable Business Development Sector, Dubai Chamber, highlighted the need for businesses to communicate clearly with all types of stakeholders, whether they are customers, business partners, suppliers, distributors, or members of their respective communities.
"Having an effective strategy for communicating with key stakeholders is crucial for maintaining business relations and these aspects have become more important due to the COVID-19 situation which has introduced new challenges and uncertainties," Rettab said, adding that the webinar offered participants valuable insights on the matter, as well as practical steps they can take to improve communication with stakeholders.
