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Identifying and retaining all the stakeholders in a business

An often overlooked aspect of a business is the stakeholders. Many organizations have a problem in identifying their real stakeholders. Many stakeholders are pretty obvious since they are visible. But many businesses have a problem in getting to understand who the real stakeholders are because there are the invisible ones who are difficult to identify.

Internal and external stakeholders make up a strong and potent force that has the ability to either make or break an organization. Often, the special benefits they provide are overlooked or ignored, leading to missed opportunities. Organizations stand to gain a lot from stakeholders through a stakeholder engagement process that helps to prevent problems. Proper planning needs to go into it, as it has to take the present situation and anticipate the future ones. The goal of this engagement process is to motivate other stakeholders to stay engaged too, which will be of immense use to the organization.

Identifying the real stakeholder is of utmost importance

Many a time, an organization could be short of its goal when it comes to recognizing the importance of the obvious and the abstruse stakeholder. It needs to understand if it omitted stakeholder from a key discussion or decision. It should also asses the loss caused to it by the stakeholder who causes it problems. These situations keep repeating often in corporate circles, leading to delays, bad feelings, or much more. The answer to this problem is to identify all the stakeholders and understand the role and importance each brings to the business. A wise business comes up with a plan to prevent a stakeholder from causing issues for the management.

Recognizing and retaining the right stakeholder involves more than just communication. Ideally, if the organization has to retain them, they have to do a lot, like:

  • Creating alliances with stakeholder leaders, which involves creating leaders where they don't exist
  • Engaging with stakeholders by profiling their interests, opinions, values, risk tolerance, etc. and matching them with opportunities
  • Identifying what the organization may or may not negotiate with, and if it can be negotiated, the level and extent to which it can be done
  • Supporting and lauding and rewarding stakeholder efforts

These are some of the processes and actions an organization can take to derive the best out of its stakeholders.

Learn to understand the ways of identifying stakeholders and using them better

The ways of doing all this will be taught at a webinar that TrainHR, a leading provider of professional trainings for the human resources industry, will be organizing.

Jan Triplett, Ph.D., CEO of the internationally recognized Business Success Center, who is an entrepreneur, author, speaker and small business activist, will be the speaker at this webinar. She brings the experience of being a frequent keynote speaker on business growth models, funding and pricing strategies, alliance building, personnel management, and sales processes into this session.

To gain the knowledge of how to optimize the important resources of stakeholders and derive the best out of their experience and knowledge, please enroll for this webinar by visiting TrainHR

This webinar has been approved for 1 HR (General) recertification credit hours toward aPHR, PHR, PHRca, SPHR, GPHR, PHRi and SPHRi recertification through HR Certification Institute (HRCI).

Everyone who wants to cultivate stakeholders and build up a fruitful relationship with them and make the best use of it, such as owners of businesses, top management staff (C- Level), Department Heads, Marketing & Sales Directors with inside or outside Sales Teams, Operations Manager, Vendors to larger Businesses and Non-profit Presidents or CEO's will gain from this session.

At this hour-long session, Jan will cover the following areas:

  • Identifying and profiling all the relevant stakeholders and how to keep that current as plans and situations change
  • Creating a plan and process to communicate and work with stakeholders and other influencers who are relevant to stakeholders
  • Creating an early warning system to identify problems before they happen or grow
  • Implementing the Plan - timeline, expected results, budget management
  • Getting “buy in” for the plan from the top to the bottom of the organization and the stakeholders
  • Tracking and Evaluating the Plan
  • Adjusting the Plan
  • Celebrating success with stakeholders to encourage future participation and cooperation.

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