Stakeholders Management

(7 minutes of reading time) Do you know what stakeholders are, what are their impacts and their importance to the business?

Stakeholders Management

(7 minutes of reading time)


The term "stakeholder" is often used in business environments and refers to a party that has an interest in the outcome of an event, project, or process. These are the people who have an interest in the success of a project, who have the power to impact and influence the outcome of the project. This includes customers, suppliers, investors, regulators and more.

But, after all, what are stakeholders, what are their impacts and their importance for business? We explain in this article. Check out!


WHAT ARE STAKEHOLDERS?

The concept was created in 1963 by philosopher and management professor Robert Edward Freeman. And it means “interested parties”. The professor defined that the term refers to the group of people who, directly or indirectly, are involved or are impacted by the activities and projects of a company.

According to Freeman, stakeholders are people or groups that have interest in an organization, project, or system. These are the people who are involved in an organization, and include:

- Employees;
- Customers;
- Suppliers;
- Government agencies;
- Regulators;
- Managers;
- Directors;
- Competitors;
- Investors;
- Civil society;
- Environmental groups;
- Financial institutions.

Stakeholders can be split into two categories: internal and external. Internal stakeholders are those within the organization who have a stake in the success of the project, such as employees and managers. External stakeholders are individuals outside the company who may have an interest in the success of the project, such as investors, customers, partners, and suppliers.

There are other subcategories such as:

- Arbitrary Stakeholder;
- Sleeping Stakeholder;
- Claiming Stakeholder;
- Dominant Stakeholder;
- Dependent Stakeholder;
- Definitive Stakeholder;
- Dangerous Stakeholder.


WHAT IS STAKEHOLDER MANAGEMENT AND WHY IS IT IMPORTANT?

Stakeholder management is a process of identifying, understanding, and managing the stakeholders that are involved in a project. It is also important to understand how they see the project and how they can be engaged.

It can be implemented to gain greater insight from internal and external stakeholders. Which can help organizations identify their strengths and weaknesses before making changes. It also helps them understand how they can better engage with different stakeholders to achieve common goals.

To effectively manage stakeholders, it is important to understand their interests, needs, and goals.


HOW TO MAKE A GOOD STAKEHOLDER MANAGEMENT?

To achieve good stakeholder management, it is important for companies to understand their stakeholders and what they want. This will help companies communicate effectively and earn your trust. And it will help to get more information about how they can improve your product or service.

We list some of the best practices companies can use when managing their stakeholders. We'll look at how they can improve communication, build trust, and gain insights into how they can improve your product or service in doing so.


IDENTIFY WHO YOUR STAKEHOLDERS ARE

As we mentioned, your company's stakeholders are the people who will receive your product or service. These are the people you need to make happy and satisfied with your product or service.

Try to describe each group, the role they play and the level of relevance of each.


PLAN YOUR COMMUNICATION

Developing an action plan for each stakeholder group is a good way to ensure everyone is on the same page. It helps with clarity and efficiency.

A well-organized action plan will also help you stay focused on what you need to do instead of getting distracted by other tasks.


MONITOR STAKEHOLDER RELATIONSHIP AND SATISFACTION

The role of a relationship manager is to establish and maintain relationships with stakeholders. To do this, they need to be able to listen, communicate effectively, respond quickly, and be proactive.

This can be done by providing feedback on how the company is performing against its goals in terms of service quality and customer satisfaction. Many companies have realized that it is not enough to just provide high quality services and products; need to engage with their customers. They also need to understand what their customers want so they can better serve their needs.


WHAT ARE THE BENEFITS OF MANAGING STAKEHOLDERS?

There are many benefits to managing stakeholders. It can help get your team on board when you need it most. It also helps to understand how your product will be perceived by the public. And finally, it helps you manage conflicting interests among your team members, so everyone is on board with the same goal.

The following are some of the ways stakeholder management can help.

- Ensuring that all stakeholders are understood and included;
- Provide opportunities for feedback and input from all stakeholders;
- Establish clear lines of communication with all stakeholders;
- Identify potential conflicts before they arise;
- Increase your organization's overall performance;
- Helps create a more cohesive team;
- Building trust and collaboration among your employees;
- Building a stronger brand image.


STAKEHOLDERS AND SHAREHOLDERS: WHAT ARE THE DIFFERENCES?

Stakeholders and shareholders are two terms that are often confused. Both refer to people who have an interest in an organization or project. However, there are some differences between the two.

STAKEHOLDER

It encompasses all interested parties who depend on a company. It is divided into primary and secondary categories and can positively or negatively affect the company's progress or decision making.

SHAREHOLDER

These are people who invest capital in the organization to help it grow. That is, individuals who own shares in a company.

They can vote to elect directors to lead the business and appoint directors to manage day-to-day operations. The board of directors then hires managers who carry out its instructions in executing the business plan.

Typically, they are entitled to receive dividends from their investments as well as voting rights. In addition to certain legal rights with respect to corporate actions such as mergers and acquisitions.

The shareholder is usually an individual or legal entity. The person or company may also be an institutional investor.


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References:
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