EFFECTIVE STAKEHOLDER MANAGEMENT
EFFECTIVE STAKEHOLDER MANAGEMENT: People are most important in the complex ecosystem of interdependent parts of an organization. So how do you build a close working relationship with your stakeholders in today’s world of information overload, fast-moving happenings and ever-changing office arena? How do you communicate effectively, have their ears and hearts, and affinity? Through this course, you will better understand your stakeholders, develop a positive working relationship based on cooperation and mutual respect, and maximize long-term benefits.
Aligning project goals with business goals is the focus of every project manager but getting your stakeholders all aligned is often like steering an ocean liner. Taking time to actually develop a strategy for effective stakeholder engagement for your project, is something that typically falls to the very last thing to do, if it ever gets done. Project management is very output driven, but this class will help you recognize that it is the project manager that needs to be OUTCOME focused for the benefit of both the project and the business.
Engaging your stakeholders early and often ensures project success. This course will provide practical, hands-on recommendations for understanding your stakeholders, understanding influences of power and interest, how to deliver bad news and how to recognize stakeholder allies, opponents and neutrals and how to get them all focused on project outcomes. Participants will learn to set roles and expectations that are needed to drive the project forward and align and communicate their project goals with strategic business goals and objectives.
This course uses action learning principles to focus on YOU and YOUR stakeholders, and how to develop a strategy that you will build throughout the course and put into immediate action.
- Identify, analyze, and prioritize stakeholders
- Develop a stakeholder register
- Describe how the stakeholder analysis drives the Stakeholder Engagement Plan
- Develop questions to ask key stakeholders to better manage and influence their engagement
- Determine the level of involvement for each stakeholder through a Stakeholder Engagement Assessment Matrix
- Determine the value of the communication plan
- Assess your management style and power
- Identify the principles of influence and determine an influence strategy
- Better identify your organization’s stakeholders
- Manage their expectations through strong rapport and an enhanced working relationship
- Effectively communicate through identifying and overcoming communication barriers in a 2-way communication environment
- Apply stakeholder relationship management techniques to gain stakeholders’ confidence and cooperation in new product roll-outs, news announcements, issues management and crisis, etc.
BENEFIT OF EFFECTIVE STAKEHOLDER MANAGEMENT
1. Build better relationships
Early engagement with stakeholders begets genuine relationships characterized by trust, mutual understanding and cooperation. Better relationships lead to better outcomes for communities, stakeholders and environment and enhances the credibility of your organization.
2. Paint a rich picture of your stakeholders
Good stakeholder management systems have the capacity to profile and segment your stakeholders multi-dimensionally, linking them to events, employees, teams, issues, locations, projects and so on. It’s like a history book for your stakeholders as well as a window into what the future might hold, allowing you to predict outcomes.
3. Be the early bird, get that worm
In today’s world of instant-everything, one less-than-positive Tweet or Facebook post has the potential to go viral and derail a project before you’re even out of bed in the morning. A stakeholder management system enables you to effectively manage this social risk, identifying issues as well as opportunities early on, so you can nip them in the bud.
4. Service significant stakeholders
Prioritizing stakeholders by level of influence allows time resources to be dedicated accordingly. For the Water Corporation, this means that lower level stakeholders are kept engaged using email; hands-on-interaction increases according to the status and position of the stakeholder and their ability to influence decisions impacting the organization’s business goals.
5. Put resources where they’re needed
If you can map where your stakeholders are and what they are talking about, then you have a better case for getting resources and attention where it’s needed, when it’s needed.
6. Protect your reputation
Like an insurance policy for your brand and reputation, a Stakeholder Management System enables you to manage your corporate reputation and third party advocacy, as well as media coverage.
7. Make better decisions
Stakeholder Management Systems are fundamental to sustainable management processes. The corporate intelligence provided by the system yields a better understanding of organizational positioning, and thus enhanced responsiveness in the short term, and more informed strategic planning in the long term.
8. Report intelligently
As a central repository for every detail and interaction, a Stakeholder Management System can quickly produce data and reports all at the touch of a button. This allows you to see how ‘real’ issues are, providing data and support for your engagement and decision making processes.
9. Jump the approvals queue
Having a transparent history of interactions with your stakeholders facilitates a clearer and faster passage through regulatory approval processes.
10. Stress less and cover yourself
Answer questions you are asked, when asked. Save time and be more responsive.
Stakeholders’ Interest and Expectations
- Definition of a stakeholder
- What is at stake?
- Who are your stakeholders?
- Stakeholder interests
- What are stakeholder relationships?
- How stakeholders impact an organisation
- Stakeholder, Shareholder, Target Audience
- “Needs” and “Wants” of stakeholders
- What customers really want
- How to conduct a stakeholder analysis
- How to create a stakeholder grid
- Principles of engagement
- Framework of engagement
- 5Cs for interacting with stakeholders
- Benefits of engagement
- Areas of focus
Effective Communication to Enhance Outcome
- What are stakeholder communications?
- Communication barriers
- Communication techniques
- Key messages
- Impact of globalism
- Personality types and office behaviour
- Dealing with office politics
- Managing conflicts
Sustaining the Relationship Fostered
- Leveraging stakeholder relationship to improve business performance
Executives from the realms of Relationship Management, PR & Advertising, Investor Relations, Sales & Marketing, Human Resource, Admin Management and anyone who strives to build a successful and lasting working relationship with anyone.
I really appreciate the training and it will make me to be more proactive in my job and also to eliminate waste in the cause of my duty.
Aminu Nurudeen AdelaniOANDO ENERGY SERVICES LTD/ACCOUNTANT
Facilitator has a wealth of experience about the field. Having such opportunities in the near future will also add value to beneficiaries & the entire organization at large.
ELEWA SIDNEYOANDO ENERGY SERVICE LTD/ OPERATIONS
It enable me to understand how my processes interface to eliminate waste in the TOP-DOWN process.