THE ROLE OF STAKEHOLDERS

Any project planning by an organization includes identifying the aim of the project, the resources required to undertake the project and the way they will be allocated, the operations needed to implement the plan and deliver the final products. Also, there is need to respond to significant issues and evaluate the results.

Stakeholder’s involvement in the project planning is a critical problem in that, the trust on the project is heightened, there is a high commitment to the project goals and operations, and the project’s results are highly credited ( Manetti & Toccafondi, 2012).

The key role of stakeholders is to provide capital to carry out the project. They sometimes also provide the way forward, or they are consulted (Newcombe, 2003). In public organizations, they can be present in meetings, and they may need to know the decision reached and the progress of the company from the top officials.

Some internal stakeholders may be held accountable for anything in the process, and they play a significant role in the success of the project, and the external stakeholders who provide advice but are not held accountable for anything

For a company to successfully involve stakeholders in their operations, it is important the follow some steps which include; identifying the stakeholders, developing an issue map and creating an engagement plan.

A company needs to know its areas of interest, what speakers are suitable for this areas and how much vital they are in your operation. Knowing the areas of interest helps you to use less time, and maximize the value of your production. After successfully identifying the stakeholders, it is important to come up with a list of key issues and analyze the list with the stakeholders and also take note of the areas of influence. The company also has to measure its progress about its goals by use of an engagement plan. The program help realizes how effective your efforts are.

The success of you engaging the stakeholders can be determined by how the stakeholder has impacted on your business and the way the business has affected the stakeholder. This marks the sustainability strategy.

References

Manetti, G., & Toccafondi, S. (2012). The role of stakeholders in sustainability reporting assurance. Journal of Business Ethics, 107(3), 363-377. https://link.springer.com/article/10.1007/s10551-011-1044-1

Newcombe, R. (2003). From client to project stakeholders: a stakeholder mapping approach. Construction Management and Economics, 21(8), 841-848.

THE ROLE OF STAKEHOLDERS