Stakeholder engagement is the process by which an organisation involves people who may be affected by the decision it makes or can influence the implementation of its decisions. In reference to stakeholder's engagement,

CS Professional · Governance, Risk Management, Compliances and Ethics · PYQS · June 2022
Stakeholder engagement is the process by which an organisation involves people who may be affected by the decision it makes or can influence the implementation of its decisions. In reference to stakeholder's engagement, explain the three key principles of stakeholder's engagement.

Answer & Explanation:

Following are the key principles of stakeholder engagement: Communicate: Interactions from the various stakeholders should be promoted. Example: for customers there should be dedicated customer care center. The communication may be made through the print media elaborating about the progress of the company, which is also a part of the principle of transparency and disclosure. Ensure intended message is understood and the desired response achieved. Consult, early and often: Always ask the right questions to get the useful information and ideas. To engage their support ask them for advice and listen how they feel. Remember, they are human: Operate with an awareness of human feelings. Plan it: Time investment and careful planning against it, has a significant payoff. Relationship: Try to engender trust with the stakeholders. Seek out networking opportunity. Simple but not easy: Show your care. Be empathetic. Listen to the stakeholders. Managing risk: Stakeholders can be treated as risk and opportunities that have probabilities and impact. Compromise: Compromise across a set of stakeholders' diverging priorities. Understand what success is: Explore the value of the project to the stakeholder. Take responsibility: Project governance is the key of project success. It's always the responsibility of everyone to maintain an ongoing dialogue with stakeholders.

Topics: Stakeholder Management

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