Five steps to improve your stakeholder relationships - OSULLIVANFIELD
Figure 8 below illustrates the power/interest relationships for the four The types of relationships with each stakeholder should be Agency A and the other Crown Entity C would be medium priorities for engagement. On the other hand, a chorus of voices can harmoniously crescendo, reaching desired audiences with Depending on the scope of your organization, stakeholder relationships can be developed at all levels: nationally, regionally, and locally. Fair treatment and strong relationships with your core stakeholders is key to This includes honesty in promotions and follow-through on all product or service In other cases, such as with corporate structures, owners or shareholders.
Investors, Analysts, Shareholders, Board Industry: Suppliers, Unions, Competitors, Associations Community: Regulators and Policy Makers Prioritise the stakeholder list Ideally, a new leader would be able to cultivate relationships with everyone both within the organisation and the external community.
In reality, there is rarely enough time to address everything so it is critical to quickly and effectively identify and focus on the most important stakeholders — those that will have, or could have, the greatest impact on your success.
Document your learnings and share it back After spending time with the most important stakeholders, document their views, insights and needs, and send a confirmation copy back to them. This shows you are listening and are interested, and also you intend to deliver on the agreed outcomes. It also allows for clarification if required.
What Are Stakeholder Relationships? | cypenv.info
At the outset, it is natural to rely on the method and style based on your personal knowledge, and insights you have gained from others.
Overtime however, you will be able to identify a number of useful insights: Whether or not you have done adequate research and preparation What you are doing well that works, and what does not What cultural or style adjustments you need to make to be most effective Who you can potentially leverage to influence other key stakeholders Gary Klein in his book: Whilst he was referring to gaining insights that lead to innovation, I think the same applies with great stakeholder management and relationships.
You will be unable to understand the changes in their strategic needs or activities that are happening in their business function. Ultimately you will not be leading in an optimised fashion, and may fall victim to the failure rates that surround executive transitions. Along with acting legally and responsibly, small communities like to support companies that give back through charity and participate in local community activities and events.
Employees The relationship your business has with its employees impacts the company culture and, in turn, the way your employees interact with your customers.
Recognition of the importance of the employee relationship has evolved significantly in the early 21st century. Companies are doing more to show value for employees as people, including promoting fair hiring and employment practices, and allowing employees paid time to volunteer. Additionally, companies are incorporating employee feedback more often into business decision processes. Owners and Partners In some smaller businesses, owners actually play a hands-on role in operation.
Analysing stakeholder relationships
In other cases, such as with corporate structures, owners or shareholders provide financial support as an investment. Figure 9 below illustrates how this analysis can be laid out and labels the key stakeholder types. For example, are there strong agreements alliances in operation between any of the stakeholders? Or do any of the stakeholders have conflicting interests with regard to the goal?
It is also useful to consider what resources and capabilities these stakeholders have at their disposal as this constrains what they can do. The ease of access the user has to each stakeholder can also support or inhibit the engagement process.
For example, can the stakeholder easily be met on a regular basis? Can the senior leaders of the stakeholder group be contacted?
Is face to face engagement impractical due to geographic constraints? Using the previous example, Table 3 below illustrates the characteristics of the stakeholders. Overall access to stakeholders A and D is good, but access to B and C is not good due to the organisations being geographically separate from the user.