Kim Rader ROI of Stakeholder Engagement
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How Can We Optimize the ROI of Stakeholder Engagement? [Greeting] Stakeholder engagement is sometimes viewed as a time-consuming and difficult-to-execute endeavor. But a meta-analysis of hundreds of corporate responsibility studies finds firms that prioritize stakeholder engagement can increase their market valuation up to 80% compared to those with weak relationships. Engaged teams are also 21% more productive, working harder, faster, and with more enthusiasm. Through our work with clients —and within our own team—we have experienced first-hand the power of stakeholder engagement to improve relationships, uncover hidden opportunities, and facilitate creative problemsolving. Our approach is centered on a three-step process of mapping the stakeholder landscape, prioritizing key stakeholders based on levels of commitment and influence, and engaging them to build a web of advocacy and knowledge. Through this highly interactive and collaborative process, we help our clients avoid planning delays, reduce project risks, capture social needs, and build consensus around an inspiring project vision. In addition to myriad project-related benefits, stakeholder engagement facilitates mutual respect and trust — the fuel that powers project success, community happiness, and higher profits. As organizations confront unprecedented change, stakeholder engagement can be a key determinant of competitiveness and long-term success. Read on to find out more information on how to best maximize the Return on Investment (ROI) of your stakeholder engagement efforts. Best, [SENDER NAME] 1
Adapted from: Stakeholder Engagement: A Road Map to Meaningful Engagement (2009) by Doughty Centre, Cranfield School of Management (Neil Jeffery) Crisis and stakeholder management fall under the category of change-averse approaches to team relationships—largely characterized by retroactively responding to stakeholder demands or simply preventing conflict. Stakeholder engagement, on the other hand, is an interactive approach that facilitates ownership, invites new ideas, and anticipates challenges.
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Source: Informed by IAP2 Federation - The P2 Pillars Utilizing effective engagement tools can help to improve the quality of design, provide a deeper understanding of the project’s context and constraints, and uncover hidden assets. To ensure equitable representation, consider potential barriers to engagement, such as the language and accessibility of information, transportation requirements, childcare needs, and location of venues.
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