Stakeholder Management

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Essence

The essence of great stakeholder management lies in building and maintaining positive relationships with individuals or groups who have a vested interest or influence in a project or initiative. Effective stakeholder management is grounded in communication, empathy, and a strategic understanding of their needs and expectations. Great stakeholder managers proactively engage with stakeholders, ensuring their perspectives are considered, and they play a pivotal role in aligning project objectives with broader organisational goals.

Exceptional stakeholder management involves the ability to identify, analyse, and prioritise stakeholders based on their impact and influence. It also includes managing expectations, addressing concerns, and keeping stakeholders informed throughout the project lifecycle. A key aspect of this competence is fostering a collaborative and transparent environment, where stakeholders feel valued and confident in the project's progress. By nurturing positive relationships, resolving conflicts, and adapting communication styles to various audiences, great stakeholder managers contribute significantly to the success of projects and organisational initiatives.

Experience

My Pg Diploma in Management Studies focused heavily on stakeholder management theory, but true learning comes from experience. I've found the Stakeholder Influence Grid, proposed by Dragan Milosevic to be of most value, but as with any stakeholder map it is only as good as the data you feed into it. Gettting rich data about stakeholders' interest and influence comes about through networking. I try to have a coffee with a different stakeholder each day, and leverage those relationships to extend my network further.

As the stakeholder map grows with quality data I establish appropriate meetings to support the stakeholder management strategy. At Macquarie for example, I set up fortnightly one-to-one sessions with the most influential stakeholders. My aim was to move all influential stakeholders into a 'comfortable' if not 'delighted' status.

Another key learning through experience is an approach I call 'no surprises'. This is particularly important for high level stakeholder forums, board meetings etc. All materials should be socialised in advance, contentious items highlighted preferably in a one-to-one meeting, and resolution steps or compromises agreed up front. This approach paid dividends at Greencross and board papers were swiftly approved.

Utimately, I try to know what is important to my stakeholders. I empathise and try to stand in their shoes. I consider their accountabilities and their pain points and in some way try to make their life better.

Credentials

Dragan Z. Milosevic (2003) Project Management ToolBox: Tools and Techniques for the Practicing Project Manager, John Wiley & Sons, pg. 77.