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Recent shifts in global sentiments have ushered in a new wave of corporate management where communication is key, and the interests of individual stakeholders have been magnified.
A documented stakeholder management plan of action ensures your stakeholders' interests and expectations are understood so that you can properly manage them. A plan enables you to articulate to a project team how communication will work, including who will be told what and when.
In this blog, we discuss what you need to know before you create a stakeholder management plan and why it's important for the long-term success of your organization.
Don't forget: We also share regular insights about all things business strategy on our LinkedIn page.
ANTHONY'S PERSPECTIVE
Hi, it's Anthony here. I'm the CEO of SME Strategy. In this section of Leader's Digest, I'll give you my perspective on the topic at hand. I encourage you to watch my included video, which provides more detail.
Your organization is heading somewhere and it's probably headed in that direction with two general groups of people: your internal staff and your customers. Within each of these two categories are segments who have a vested interest in your organization: we call these people, "stakeholders". For example, these segments may include your Board of Directors, your senior management team, your front line workers, key suppliers, your clients, the general public, and so on.
Why is it important to differentiate between these stakeholder segments? Because you will engage and interact with each stakeholder segment differently. For example, it's unlikely that you will manage your key top clients in the same fashion as you manage your bottom 5% of customers.
There's a benefit to listing all of your organization's stakeholder segments and creating a communication structure to optimally communicate with each of them. That way, you can ensure that those segments that have the most interest in what your organization is doing receive the right amount of attention and information and those who have the most power and influence are getting the right amount of support, engagement, and communication.
If you don't create a list of stakeholder segments you risk under-communicating with some groups and over-communicating with others, which can result in missed opportunities and a waste of time and energy, respectively. A stakeholder engagement plan ensures that your team knows how to serve each segment in the right ways.
FURTHER INSIGHT
To gain a well-rounded perspective on the nature and importance of stakeholder engagement, we recommend taking a look at the following articles.
- What is Stakeholder Engagement and Why is it Important for Strategic Planning?
Insights from: SME Strategy
Strategic planning requires stakeholder engagement. Your stakeholders must know why you exist, where you're going, and how you'll get there. - Is Stakeholder Management Facing New Headwinds?
Insights from: Harvard Business School
Shareholders aren't the only constituents for many companies today. But what happens when lightning-rod social issues and employee power come into play? - Navigating the C-Suite: Managing Stakeholder Relationships
Insights from: Deloitte
Addressing four critical areas of stakeholder relationship management can help avoid pitfalls and forge stronger ties with the C-suite.
CONTRARIAN CORNER
In this segment of Leader's Digest, we highlight a new approach to dealing with the topic of discussion. This will identify alternative modern solutions for your consideration
Take a look at the following article, which applies a unique perspective on how to best engage stakeholders.
- Managing Shareholders in the Age of Stakeholder Capitalism
Insights from: Harvard Business Review
Shareholder cultivation in the age of stakeholder capitalism requires management to identify steward shareholders and then foster symbiotic relationships with them.
LIGHTS, CAMERA, ACTION!
Here are some of our actionable tips that you can use now to begin the process of developing your organization's stakeholder engagement plan.
- 5 Steps to Creating a Stakeholder Engagement Plan
Insights from: Asana
Your team can use this template to meet stakeholder needs and prevent communication barriers from disrupting the project workflow. - A Data-Backed Approach to Stakeholder Engagement
Insights from: McKinsey
By segmenting the workforce using voice and value, an organization is able to tailor their change management efforts and increase the likelihood that employees are involved, engaged and supportive. - How to Create the Perfect Stakeholder Management Plan
Insights from: Wrike
Here are the top tips on creating the perfect stakeholder management plan for your next project.
WEIGH IN
You're invited to become a part of the conversation.
Participate in this poll question:
Does your organization have a stakeholder management plan?
Click here to provide your answer and view the collective results.
SME STRATEGY NEWS
There's always a lot going on at SME Strategy. Here's a snapshot of recent and newsworthy activity.
DECISIONS OVER DECIMALS: HOW TO FIND THE BALANCE BETWEEN INTUITION AND INFORMATION
Strategy and Leadership Podcast, Episode #205
Click here to check out this episode.
Paul Magnone, Christopher Frank & Oded Netzer recently joined SME Strategy to discuss how their new book (Decisions Over Decimals) came about, making data driven decisions as a leader, the different ways data can by manipulated, why the perfect decision doesn't exist, and much more.
LESSONS LEARNED FROM STRATEGY FACILITATION - NEW BLOG POST!
In November, Our strategic planning facilitators conducted multiple strategic planning meetings (Offsite / Virtual) across USA and Canada.
In this new post, they highlight some of the most important leadership lessons they've learned about team alignment from facilitating strategy meetings.
Click here to check it out!
ABOUT SME STRATEGY
SME Strategy facilitates strategic planning and helps teams implement their plans through regular check-ins, executive coaching, and team development. We've successfully crafted hundreds of strategic plans for organizations active in more than 35 industries
