Unit 2 b (OBJ 1: Critically discuss stakeholder engagement and…
Unit 2 b
OBJ 1: Critically discuss stakeholder engagement and collaboration as considerations for developing an inclusive corporate comm strategy
1b) Stakeholder engagement and collaboration from a business perspective.
- Stakeholder engagement from a management perspective
- Stakeholder engagement & the systems theory
- Framework for quality stakeholder engagement
Before stakeholders can become involved, orgs need to identify & assess their current levels of stakeholder engagement.
3 ways to identify & assess stakeholder engagement:
Purpose of SE=
- The level of commitment to stakeholders
- The number of stakeholder engagement activities
- The focus on performance outcomes
To drive strategic direction & operational excellence, which ultimately leads to sustainable development.
Long-term value creation is achieved through relationships with key stakeholders. This can be done through cooperative planning & design. Drivers of financial value =
CommunityA framework for quality stakeholder engagement has been developed
Stakeholder engagement on management level:
- As seen above engagement is not just communicating with stakeholders - it involves collaboration, learning & innovation.
- Relationships with stakeholders are becoming more inclusive - SE form part of central business process in transforming org.
- Leaders & management must be committed to stakeholder inclusion
- Leaders can consider:
- Reviewing & adoption policies which prescribe the orgs intentions to its stakeholders
- Agreeing on benchmarks & performance indicators
- Running stakeholder consultation surveys
SE & Systems theory
- Org is a system that operates in an unpredictable environment * Building & maintaining relationships through bottom-up grassroots participation, connectivity & dialogue - making collaboration, learning & innovation possible.
- Stakeholders may be part of different stakeholder groups at same time e.g. local community, customers & employees
:star: Individual relationships can only be managed effectively if the wider system is taken into account
- This complexity is dynamic
- A change in one part of the system thus affects other parts.
OBJ 2: Framework for quality stakeholder engagement.
The framework provides a platform for continuous stakeholder engagement. According to the framework:
SE is based on 3 principles:
- Materiality - knowing SH & org's material concerns
- Completeness - understanding SH concerns, expectations & perceptions related to above material issues
- Responsiveness - responding to SH & org concerns
SE has 3 elements:
- Thinking & planning
- Preparing & engaging
- Responding & measuring
Org needs to meet 10 requirements for the elements to function effectively and the principles to be addressed.
1c) Stakeholder engagement from communication perspective
- Characteristics of old & new approaches to org-stakeholder relationships
CCPs have recently realized stakeholder engagement NB to:
Nature of relationship can be changed from:
- Better understand specific issues
- Strengthen goodwill & reputation of org
- Build more long-term & lasting relationships
Thus, shift in thinking of stakeholders being managed by & for benefit of org (SH management) to developing mutually supportive & lasting relationships (SH engagement)Engagement implies:
- Management to collaboration &
- from Exchange to engagement
TABLE 3.2 pp 55
- 2-way symmetrical model of dialogue & consultation through which CCPs
-> Build reciprocal, evolving & mutually defined relationships that are source of opportunity & competitive advantage
Characteristics of old & new approaches of org-SH relationships
Stakeholder management (OLD):
- Fragmented among various departments
- Focus on managing relationships
- Emphasis on buffering the org from stakeholders interfering with internal operations & instead trying to influence their attitudes & opinions
- Linked to short-term business goals
- Idiosyncratic implementation dependent on dep's interests & personal style of manager
Stakeholder engagement (NEW):
- Integrated management approach
- Focus on building relationships
- Emphasis on bridging and creating opportunities & mutual benefits. Org seek to adapt activities to conform with external expectations & claims
- Linked to long-term business goals
- Coherent approach driven by mission, values & corporate strategies
Activity: Discuss the role of stakeholder engagement and collaboration within an inclusive corporate communication strategyGuidelines:
- Discuss stakeholder engagement
- Discuss collaboration
- Discuss inclusiveness
- Broadly define corporate com strategy
- Identifying the role of engagement & collaboration in an inclusive com strategy
Focus: Designing & implementing org comm strategy in such a way that it is always inclusive
-The stakeholder inclusive approach -> the legitimate interests & expectations of stakeholders are considered when making decisions about the best interests of business-After all, all comm strategies are geared towards comm messages to identified strategic stakeholders. We will thus be looking at:
- This unit will use what we have learned of comm strategy & help focus all steps to ensure the relevant stakeholders feel included
- a stakeholder inclusive approach from a business point of view (as a strategic decision-making imperative); and
- a stakeholder inclusive approach from a communication perspective
Groups & individuals who are affected by org & affects org behaviour, policies & actions. They are interested & involved in org. Org needs their support for its survival therefore it is NB to build proactive mutual beneficial relationships with them
Stakeholder inclusive approach =
- In practice, the legitimate interests & expectations of stakeholders are considered when making decisions about the best interests of the business
- Keywords: stakeholder, management, governance, value creation, ethics, long-term relationships, engagement, diverse, mutual benefit, 2-way, collaboration, sustainable, innovation, development.
Stakeholder management =
- Managing interactions with stakeholders, 2-way imbalanced
Stakeholder engagement =
- The endeavours that the org undertakes to involve strategic stakeholders in decision-making, and to encourage participation in org activities
- The process of involving and interacting with stakeholders to further org aims
- The purpose of SE is to drive strategic direction & operational excellence, which ultimately leads to sustainable development
- Working together with others to create something. In this instance moving away from strictly managerial approach to one of collaboration throughout org, but also with stakeholders.