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Stakeholder management creates positive relationships with stakeholders through the appropriate management of their expectations and agreed objectives. Stakeholder management is a process and control that must be planned and guided by underlying principles. Stakeholder management within businesses,
110:
It is well acknowledged that any given organization will have multiple stakeholders including, but not limited to, customers, shareholders, employees, suppliers, and so forth. One of the
Clarkson Centre's seven principles notes that managers "should acknowledge the potential conflicts between their
163:
using information (or intelligence) gathered during the following common processes. Stakeholder engagement emphasizes that corporations should take into account the effects of their actions and decision-making on their diverse stakeholders. In addition, in the stakeholder engagement, corporations
86:, subsequently hosted a debate on Argenti's views. Pete Thomas argues that the established discourse regarding stakeholder management, although it is presented as supportive of stakeholders' interests, is "at best ambiguous, and at worst dishonest and manipulative".
89:
Berman, Wicks, Kotha and Jones distinguish between two primary models of stakeholder management in business, an "instrumental" approach, according to which business managers engage with their stakeholders in order to maximise long term financial outcomes, and a
94:" approach, which identifies a stakeholder commitment as a moral obligation adopted by businesses, also referred to as an "intrinsic stakeholder commitment". Donaldson and Preston's academic work developed the normative approach, but while Berman
70:
was published. It brought to existence a complete body of knowledge surrounding the ethical management of stakeholders. Soon thereafter, computers were used to facilitate the organizations' engagement with communities and
123:, and classified by their power and interest. Other stakeholder mapping tools are available. For example, an employer is likely to have high power and influence over an employee's projects and high interest, whereas
140:
Low power, interested people: keep these people adequately informed, and talk to them to ensure that no major issues are arising. These people can often be very helpful with the detail of your project.
82:
The concept of stakeholder management has also been criticised, for example by John
Argenti in 1996, who described the concept as "utterly discredited". The Strategic Planning Society's magazine,
619:
Berman, S. L; Wicks, A. C; Kotha, S; Jones, T. M (1999). "Does
Stakeholder Orientation Matter? The Relationship Between Stakeholder Management Models and Firm Financial Performance".
444:
Berman, S. L; Wicks, A. C; Kotha, S; Jones, T. M (1999). "Does
Stakeholder Orientation Matter? The Relationship Between Stakeholder Management Models and Firm Financial Performance".
38:
Project stakeholder management is considered as a continuous process, specifically a four-step process of identifying stakeholders, determining their influence, developing a
419:, October 1996, quoted in Thomas, P., "Stakeholders and Strategic Management: The Misappropriation of Discourse", Critical Management Studies Conference, 14-16 July 1999
50:
are one of the most important stakeholders for managing a business's long-term value, with a firm's major objective being the management of customer satisfaction.
137:
High power, less interested people: put enough work in with these people to keep them satisfied, but not so much that they become bored with your message.
431:
Thomas, P., "Stakeholders and
Strategic Management: The Misappropriation of Discourse", Critical Management Studies Conference, 14-16 July 1999, p. 2
75:. Seven "principles of stakeholder management" are linked with the work of the Clarkson Centre for Business Ethics at the University of Toronto's
336:
Gordon E. Greenley and Gordon R. Foxall (2003), "Multiple
Stakeholder Orientation in UK Companies and the Implications for Company Performance",
102:
support for the financial benefits of effective stakeholder management, they have not identified any empirical basis for the normative model.
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own role as a corporate stakeholders, and the legal and moral responsibilities they hold to act for the interests of all stakeholders".
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is any individual, group or organization that can affect, be affected by, or perceive itself to be affected by a programme.
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Donaldson, T., and
Preston, L. (1995), "The stakeholder theory of the corporation: concepts, evidence, and implications",
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El-Gohary, Nora M; Osman, Hesham; El-Diraby, Tamer E (2006). "Stakeholder management for public private partnerships".
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76:
472:
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Buysse, Kristel; Verbeke, Alain (2003). "Proactive environmental strategies: A stakeholder management perspective".
841:
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High power, interested people: these are the people you must fully engage and make the greatest efforts to satisfy.
143:
Low power, less interested people: again, monitor these people, but do not bore them with excessive communication.
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Practical
Project Stakeholder Management: Methods, Tools and Templates for Comprehensive Stakeholder Management
39:
168:
649:
254:
172:
153:
803:
Roloff, Julia (2007). "Learning from Multi-Stakeholder
Networks: Issue-Focussed Stakeholder Management".
640:
Bourne, Lynda; Walker, Derek H.T (2008). "Project relationship management and the
Stakeholder Circle™".
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Creating the Corporate Soul: The Rise of Public Relations and Corporate Imagery in American Big Business
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Plan it: time investment, and careful planning for how time is used, have a significant payoff.
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Preston, Lee E; Sapienza, Harry J (1990). "Stakeholder management and corporate performance".
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26:) is a critical component in the successful delivery of any project, programme or activity. A
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215:: stakeholders can be treated as risks and opportunities that have probabilities and impact.
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should take into consideration the rights and expectations of their different supporters.
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Communicate: to ensure intended message is understood and the desired response achieved.
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The origin of stakeholder engagement can be traced back to the 1930s. In 1963, the
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Redefining the corporation : stakeholder management and organizational wealth
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Understand what is success: explore the value of the project to the stakeholder.
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Consult, early and often, to obtain useful information and ideas, ask questions.
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Business & Society Ethics, Sustainability & Stakeholder Management
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members may have high interest, but are unlikely to have power over them.
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plan and influencing stakeholders through engagement. Within the field of
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Some organizations use stakeholder engagement software to analyze their
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Take responsibility: project governance is the key to project success
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500:"Stakeholder Management, Reciprocity and Stakeholder Responsibility"
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Simple but not easy: show you care, and listen to the stakeholders.
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Compromise across a set of stakeholders' diverging priorities.
711:
Cleland, David I. (1997). "Project Stakeholder Management".
79:, developed at four conferences held between 1993 and 1998.
715:. Hoboken, NJ: John Wiley & Sons. pp. 275–301.
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International Journal of Managing Projects in Business
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Relationship: engender trust with the stakeholders.
62:first defined the concept of stakeholder. In 1984,
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288:. Cabinet Office (Stationery Office). p. 59.
473:The Normative Approach to Stakeholder Management
200:, operate with an awareness of human feelings.
475:, updated 25 March 2008, accessed 28 May 2023
8:
767:. Stanford, Calif: Stanford Business Books.
373:Strategic Management: A Stakeholder Approach
68:Strategic Management: A Stakeholder Approach
740:International Journal of Project Management
183:and to ensure compliance with regulations.
545:Association for Project Management (APM).
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322:Association for Project Management (APM).
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605:Learn how and when to remove this message
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186:Aims of stakeholder engagement include:
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130:Position on the grid may show actions:
400:7 Principles of Stakeholder Management
324:"APM Knowledge Stakeholder management"
179:about the interactions they have with
159:organizations, or projects prepares a
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119:Stakeholders may be mapped out on a
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338:Journal of Management Studies, 34
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245:Responsibility assignment matrix
784:Journal of Behavioral Economics
696:. Mason, OH: Cengage Learning.
284:Sowden, Rod (August 30, 2011).
752:10.1016/j.ijproman.2006.07.009
360:. California University Press.
286:Managing successful programmes
171:, to create communication and
24:project stakeholder management
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621:Academy of Management Journal
589:and help improve the section.
446:Academy of Management Journal
196:Remember, they are human: be
796:10.1016/0090-5720(90)90023-Z
673:Strategic Management Journal
498:Fassin, Yves (August 2012).
486:Academy of Management Review
471:Value Based Management.net,
713:Project Management Handbook
106:Organizational stakeholders
77:Rotman School of Management
60:Stanford Research Institute
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805:Journal of Business Ethics
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504:Journal of Business Ethics
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121:power-interest map or grid
115:Stakeholder prioritization
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817:10.1007/s10551-007-9573-3
664:10.1108/17538370810846450
516:10.1007/s10551-012-1381-8
402:, accessed 2 January 2023
692:Carroll, Archie (2017).
547:"Stakeholder engagement"
371:Freeman, Edward (1984).
40:communication management
308:Emanuela Giangregorio,
462:, accessed 28 May 2023
413:Are you a stakeholder?
255:Stakeholder engagement
154:Stakeholder engagement
148:Stakeholder engagement
46:, it is believed that
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759:Post, James (2002).
398:Stakeholdermap.com,
260:Stakeholder register
250:Stakeholder analysis
73:stakeholder analysis
240:Project stakeholder
265:Stakeholder theory
235:Project management
842:Business planning
774:978-0-8047-4310-5
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595:August 2024
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836:Categories
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746:(7): 595.
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579:" section
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340:, 259–284.
271:References
198:empathetic
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100:empirical
92:normative
48:customers
44:marketing
825:73618108
417:Strategy
356:(1998).
229:See also
161:strategy
84:Strategy
66:’s book
54:History
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