The benefits of stakeholder engagement It offers those who will affect or be … Recent reporting frameworks (GRI and IIRC) have however pushed the topic up the ladder of importance for companies, as it is a specific reporting … Effective stakeholder management can make or break a project – and it all begins with your plan. Businesses tend to value stakeholders because of the unique benefits they can bring to the way a company is managed, by the expertise their workforce provides or the ability of individuals to generate capital investments to secure the long-term growth of the business. NP Strategy has outlined a suggested approach to stakeholder mapping and management, so you may already know how to build your list. Be the early bird, get that worm. An increase in the number of stakeholders adds stress to the project and influences the project’s complexity level. Preventing these threats also eliminates the harm (budgetary and otherwise!) Education. Stakeholders are often individuals that a company hopes to attract who have displayed an ability to successfully manage other businesses or have developed important relation… Next Generation Consultants have extensive experience in stakeholder engagement across industries represented in Africa. Engaging with stakeholders can ultimately save time and money. Ensure that the right stakeholders are identified early enough to ensure that a variety of perceptions and inputs can be obtained that represents the views, opinions of a wide variety of stakeholders as this will ensure balanced and fair representation of opinions on a specific subject matter. Identifying stakeholders is harder than it looks. Jean Cecil Frick Sometimes stakeholder management processes have f… Specific and varied engagement strategies are required to deal with urban vs rural stakeholder groups as well as other intrinsic qualities and characteristics of stakeholders to cater for unique local conditions such as gender and language and literacy issues. Learning On decision-making. On the upside, reporting requires companies to report annually on stakeholder engagement activities almost forcing the activity to be conducted at least once a year. 25823 Hits Participation by project stakeholders means sharing a common understanding and involvement in the decision-making process of the project. Stakeholder Management Benefits Fewer surprises. Knowing the project stakeholder … Jean Cecil Frick has built a career out of trusted relationships. The economic benefits of stakeholder engagement Measuring the economic benefits of stakeholder engagement has been an ambiguous notion. … As the person … Stakeholder Management is essentially a process, defined in the APM BoK as: “the systematic identification, analysis, planning and implementation of actions designed to engage with stakeholders”. Transparency is important – be clear about the outcomes you are hoping to achieve and the steps you are taking along on the way. For more information contact:  rrossouw@nextgeneration.co.za or visit www.nextgeneration.co.za, The elephant in the room: The shortage of…, Identify material risks and opportunities, Obtain input for organisational priorities and activities, Provide feedback on progress towards a more sustainable future, Pool knowledge, experience and co-create solutions that addresses societal, industry and business issues, Develop new products and services or even enter new markets, Build collaborative partnerships and relationships that contribute to value creation (profitability), Underestimate the power of collaboration within an industry or value chain as many companies only focus on existing stakeholder groups such as customers, employees, investors. More information on this subject matter on our website:  www.nextgeneration.co.za. The reasons for knowing stakeholders can map to the following benefits: Shaping the project. This collaborative approach helps build trust and goodwill toward you and your organization. Participation by project stakeholders has many benefits … Often there is more than one major stakeholder in the project. someone who has an interest in or who is affected by your project and its outcome This can be especially useful if you’re working in the wake of a crisis; rebuilding trust can be a long, arduous process, but it starts with making sure all of your stakeholders feel like they have a seat at the table. When people have made an investment in what you’re doing, they’re naturally interested in how it does. Successful organizations must be constantly aware of who will help move the organization forward, and those who will hold the organization back. Ensure that the right stakeholders are identified – stakeholders very seldom see themselves as neat little homogenous stakeholder groups. Be sure to include diverse perspectives in your outreach to ensure you are hearing from all angles. … The ability of an individual to form and maintain positive relationships with these stakeholders by managing their expectations as well as the desired outcome appropriately is known as his stakeholder … Winning additional benefits. Today, she serves as a senior strategic advisor at NP Strategy where she helps clients connect with the right people and get their message across to key audiences. The two most common advantages include: 1. Business experience. Stakeholder management is a key facet of project management — and one of high risks and high rewards. There are also lots of other reasons you take part in stakeholder management… We have assisted numerous organisations to successfully engage and report on engagement activities. Communicating directly with a stakeholder allows you to learn not only their perspective, … Groups and individuals may help you identify potential risks before they become threats to your project or organization. This article is about how to communicate effectively with stakeholders… Benefits of Stakeholder Management Companies that have grasped the importance of actively developing and sustaining relationship with the affected communities and other stakeholders are … Saving time and money. Taking stakeholder concerns and interests into account can improve business relationships, which may make it easier for a company to operate; lead to ideas for products or services that will address stakeholder needs; and allow the company to reduce costs and maximize value. Communicating directly with a stakeholder allows you to learn not only their perspective, but can provide new insights on a product or issue to help you gain a competitive advantage. This means not only knowing your stakeholders but also understanding their unique … The business or emotional investment of the stakeholder in the project and the ability of the stakeholder to influence the project outcomes or execution approach will also influence the stakeholder complexity of the project. The education gleaned from the fresh perspectives described above may change your mind on an issue and allow you to make a more informed decision. ... For the long-term part is the recycle bucket that set up at INTI level 5, the benefit to stakeholders is as … Learn more about the law firm at nexsenpruet.com, The Marketing Minute: Creating a Digital Presence, Marketing Minute: Using Video in Today’s Digital Age. 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