D.4 Stakeholder engagement Flashcards
Develop strategies for stakeholder engagement, applying relationship management principles.
What is the importance of stakeholder engagement?
It is widely accepted that stakeholder engagement is crucial for the success of projects, programs, and initiatives.
What did a recent systematic review conclude about stakeholder relationships?
There is weak evidence that stakeholder relationships are important for corporate social performance and improved shareholder value.
What are some benefits associated with effective stakeholder engagement?
- Discovery of important relationships
- Opportunities to validate needs
- Overall cost and time savings
- Improved risk identification and mitigation
- Improved expectation management
- Long-term relationship building
- Enhanced reputation/brand
Define stakeholders as per the guide.
Stakeholders are individuals, groups, or organizations that affect and/or could be affected by an organization’s activities, products, or services.
How is stakeholder engagement defined?
Stakeholder engagement is the process used by an organization to engage relevant stakeholders for a clear purpose to achieve agreed outcomes.
What does stakeholder relationship management involve?
Influencing stakeholder attitudes, decisions, and actions for mutual benefit.
What is the first principle for stakeholder engagement?
Purpose – every stakeholder engagement process begins with a clear understanding of the achievements desired.
What does inclusiveness in stakeholder engagement imply?
Relevant stakeholders are identified and strategies are implemented to facilitate their engagement.
Why is diversity of stakeholders valued in engagement?
It acknowledges the variety of views and perspectives among stakeholders.
What does timeliness refer to in stakeholder engagement?
Engaging stakeholders from the beginning and obtaining their input within timeframes that allow for due consideration.
What is meant by transparency in stakeholder engagement?
Stakeholder engagement is open and honest, with clear expectations for all concerned.
What does integrity in stakeholder relationships entail?
Consistency in decision-making and action-taking.
What is the significance of respect in stakeholder engagement?
Acknowledging, clarifying, and validating stakeholders’ expertise, perspectives, and needs.
What is reciprocity in the context of stakeholder relationships?
It requires that time, effort, and risks committed by one party are reciprocated by others.
What does autonomy mean in stakeholder relationships?
Parties make their own decisions, free of coercion.
What is the recommended four-stage process for stakeholder engagement?
- Planning
- Preparing
- Implementing
- Acting, reviewing, and improving
What activities are involved in planning for stakeholder engagement?
- Identifying, profiling, and mapping stakeholders
- Determining important stakeholders to engage
- Deciding the desired level of engagement
- Developing an engagement plan
What does preparing for stakeholder engagement involve?
- Mobilizing resources
- Undertaking risk analysis
- Setting realistic expectations
- Ensuring meaningful engagement
What are the key actions in implementing the stakeholder engagement plan?
- Inviting stakeholders
- Communicating rules of engagement
- Obtaining stakeholder input
- Documenting and communicating outputs
What does acting, reviewing, and improving in stakeholder engagement include?
- Actioning agreed plans
- Monitoring implementation
- Evaluating engagement and communicating lessons learned
What are some barriers to effective stakeholder engagement?
- Poor allocation of resources
- Lack of flexibility in processes
- Failure to secure appropriate representation
- Inappropriate engagement processes
