Analyzing the Importance of Stakeholders in Sustainability Efforts
Coca Cola Company
The stakeholders are individuals and groups with interests in how an organization is run and the results the company achieves. The most influential group is the shareholders in the company, and creating shareholder value is by enhancing stakeholder value. Coca Cola Company engages with its stakeholders at every level. To maximize customer satisfaction, the company, the company, is responding to the customers to lower the sugars and calories in their drinks (“SUMMARY STAKEHOLDER PROGRESS REPORT2017”, 2017). Reducing sugar content and calories is a company committed to listening to its stakeholders as their views play an integral role in developing a new sustainable action plan. The company is engaging the society on the packaging since the society is concerned about litter and pollution and wants packing to be as sustainable as possible. The company is engaged in extensive consultation with key stakeholders, including NGOs, consumers, and suppliers on a range of priority issues (“Stakeholder Engagement,” 2016).
The company is engaging the NGOs on the recyclability of packaging and what it is doing to support the local community as part of the sustainable efforts. The company has reflected on the role their drinks play in people’s daily lives and the impact on the environment and society. It engages with its stakeholders by asking them the role they expect of them to play in addressing major issues facing the world and the local communities. (“SUMMARY STAKEHOLDER PROGRESS REPORT2017″, 2017) Don't use plagiarised sources.Get your custom essay just from $11/page
The recommendation for improvement to better utilize the stakeholder group in the process is to make a positive difference in society for both employees and communities where the company operates. On top of this, to ensure gender equality, the company should set a goal to ensure that women soon hold at least 40 percent of the top management positions (“SUMMARY STAKEHOLDER PROGRESS REPORT2017”, 2017). To support the local community, it should strengthen its community investment to maintain a strong commitment to their economic and social wellbeing and encourage its employees to voluynteer.it should expand its focus for community investment efforts towards programs that empower and support young people. It should encourage its suppliers to embrace sustainable initiatives and supports the sustainable company plans.it should evaluate the sustainability efforts of its suppliers to obtain more information on its supplier’s performance and throughout the supply chain. The company should engage its shareholders on its sustainable plans during annual meetings and to express its commitments. Lastly, the company should engage the government through sustainability forums to show its commitments and plans on corporate social responsibility.
References
Stakeholder Engagement. (2016). Retrieved 4 March 2020, from https://coca-colahellenic.com/en/sustainability/sustainability-approach-and-performance/stakeholder-engagement/
SUMMARY STAKEHOLDER PROGRESS REPORT2017. (2017). Retrieved 4 March 2020, from https://www.cocacolaep.com/assets/Sustainability/Documents/4a079c17aa/stakeholder-progress-report-2017.pdf
Sustainability-stakeholders-and-profits – Business Case Studies. (2019). Retrieved 4 March 2020, from https://businesscasestudies.co.uk/sustainability-stakeholders-and-profits/