What is the key purpose of Stakeholder Management?
This week, during a comprehensive course on Stakeholder Management, EuroMaTech’s Senior Consultant, Ms. Jacqui Aird-Paterson, is guiding participants to understand that merely keeping stakeholders “engaged” is not the sole function of effective stakeholder management.
Working with a diverse group of delegates from various countries and backgrounds, it has become increasingly evident that a deep understanding of the project’s context is crucial. By grasping the environment in which a project operates, teams can better identify and analyze stakeholders, ensuring none are overlooked and each is appropriately engaged.
Two Tiers of Stakeholder Engagement
Every organization, regardless of size, interacts with a core group of stakeholders—vendors, distributors, customers, and employees—referred to as the first tier. This primary group is critical for daily operations. The second tier comprises the broader community, including NGOs, governmental institutions, industry organizations, labor groups, and financial bodies. Recognizing this distinction is vital for crafting communication strategies that form the foundation of stakeholder engagement.
Ms. Jacqui Aird-Paterson highlights an exercise revealing that stakeholders can communicate independently, adding complexity and potential risks to your plans. In today’s social media-driven world, this risk is amplified. While social media offers exciting and cost-effective communication options, it also necessitates vigilance and thorough information gathering.
The course also included an impactful exercise focused on assessing stakeholder involvement, interest, and influence. Participants explored communication dynamics, using visual tools to depict influence and the strength of communication channels between stakeholders. This exercise empowered participants by shedding light on the intricate connections that will shape their future stakeholder management efforts.
Understanding Engagement
Effective stakeholder engagement extends beyond project delivery and corporate social responsibility (CSR) activities. While it’s crucial for good corporate governance, true engagement involves open discussions and communication. It’s important to acknowledge that stakeholders interact independently, creating unmanaged communication channels that require careful attention.
Stakeholder engagement forms a complex web of connections, allowing organizations to map out vital links between various stakeholders, both upstream and downstream. Visualizing these connections provides clarity and context for effective stakeholder management.
Following theoretical and competency-based exercises, participants will advance to honing communication and leadership skills, as well as refining delegation and negotiation techniques. These are essential components for anyone in projects or business needing to interact with stakeholders effectively.
Are you ready to join Ms. Jacqui Aird-Paterson in the next Stakeholder Management training course? Explore more about our offerings here.
Interested in scheduling this training course for your team? Contact our team:
- Phone: +971-4-4571800
- Email: info@euromatech.com
