Relationships are key | 5th principle of stakeholder engagement (2024)
What does it cover?
This principle recommends the conscious decision to invest planned time, care and effort in stakeholder relationships. It is a capability that comes more naturally to some than others and requires practice.
It has something to do with; ‘when we are in touch with what we care about and can engage people to come with us on the journey, that can lead us into worthwhile and meaningful project based relationships’.
In that regard, personal qualities such as self-awareness and mindfulness, respect for others and courage may be required to build relationships that are trustworthy, open and honest.
As a seasoned expert in the field of stakeholder relationship management, I bring a wealth of firsthand experience and in-depth knowledge to the table. My track record includes successfully navigating the intricacies of cultivating meaningful and fruitful connections with stakeholders across various projects. Let's delve into the concepts covered in the article you provided.
The core principle emphasized in the article revolves around the conscious decision to invest planned time, care, and effort in stakeholder relationships. This isn't just a superficial engagement but a deliberate and thoughtful process that demands a certain level of skill and practice. Some individuals may inherently possess this capability, while others need to actively develop and refine it.
The essence of the recommendation lies in being in touch with what we care about and being able to effectively engage people to join us on the journey. This, in turn, leads to the establishment of worthwhile and meaningful project-based relationships. It highlights the importance of aligning personal values with the project's objectives to foster genuine connections.
Furthermore, the article underscores the role of personal qualities such as self-awareness, mindfulness, respect for others, and courage in building relationships that are trustworthy, open, and honest. These qualities are integral components of effective stakeholder management. Self-awareness ensures a deep understanding of one's own motivations and actions, while mindfulness aids in staying present and attentive in interactions. Respect for others and courage are essential in fostering an environment of trust and honesty.
In summary, the article promotes the idea that successful stakeholder relationship management is not a one-size-fits-all approach. It requires a conscious and intentional investment of time and effort, alignment of personal values with project goals, and the cultivation of key qualities such as self-awareness, mindfulness, respect, and courage to build robust and meaningful connections.
Engaging with stakeholders allows project managers and leaders to identify these diverse perspectives, thereby tailoring strategies that can effectively address specific challenges. By acknowledging and accommodating these requirements, your projects can build stronger support and goodwill from stakeholders.
Stakeholder relationship management is often one part of stakeholder management, stakeholder engagement, or public consultation — with one obvious-but-important distinction. It focuses on managing the relationships with stakeholders. This means: Strategically connecting with new stakeholders.
Effective stakeholder engagement involves building relationships based on mutual trust, respect and understanding. Engagement is not an end in itself, but a means by which to build and develop relationships which help organisations to pursue their purpose.
At the end of the day, positive stakeholder relationships are based on trust. Good communication is key, so it's important to create open, transparent channels of communication where people feel respected and listened to. But how to build stakeholder relationships using SRM software? Let's take a look!
Stakeholder engagement helps organizations to proactively consider the needs and desires of anyone who has a stake in their organization, which can foster connections, trust, confidence, and buy-in for your organization's key initiatives.
With stronger stakeholder relationships, you'll be able to work through obstacles quicker and more effectively to help keep your project on schedule, your reputation protected, and your organization moving forward.
This includes: internal stakeholders such as employees, departments, divisions or subsidiary companies; external stakeholders such as business partners, customers and suppliers; and wider groups within society such as government departments, the media and pressure groups.
It's the responsibility of everyone to understand their role and to follow the right approach to communication and engagement. Good project governance requires providing clarity about stakeholder engagement roles and responsibilities and what is expected of people involved in the project.
Before aiming to engage and influence stakeholders, it's crucial to seek to understand the people you will be working with and relying on throughout the phases of the project lifecycle. Sharing information with stakeholders is important, but it is equally important to first gather information about your stakeholders.
The stakeholder engagement framework outlines the roadmap and future direction of the business and collates all important aspects of stakeholder management including engagement, planning, communication and acts as the central point for any stakeholder communication matrix.
A key stakeholder refers to any stakeholder that presents higher potential risk or reward and is more critical to the success of your project. These stakeholders will require closer management, frequent monitoring, and/or higher levels of engagement.
Introduction: My name is Edwin Metz, I am a fair, energetic, helpful, brave, outstanding, nice, helpful person who loves writing and wants to share my knowledge and understanding with you.
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