Account Director
When it comes to corporate communications, stakeholders are the diverse groups or individuals who are affected by, or can influence, an organisation’s activities and outcomes. This includes internal groups like employees and executives, as well as external parties such as customers, investors, suppliers, regulators, local communities, and advocacy groups. When it comes to stakeholder management, every stakeholder group is vital. Your internal stakeholders should be considered as carefully and diligently as your external stakeholders.
Knowing who your stakeholders are is fundamental because it shapes how a company engages and communicates. Stakeholders have different interests, levels of influence, and expectations. A clear understanding helps organisations tailor their messages and engagement efforts, aligned with the interests of the stakeholder group and ideally, intersected with the needs and brand values of the organisation.
Identifying and strategically engaging stakeholders builds trust, transparency, and alignment, reducing the risk of misunderstandings, or resistance to initiatives. It also enables organisations to tap into valuable insights, fostering better decision-making and stronger business outcomes. At the very heart of it, holistically, stakeholder management allows us to see the world through their lens, enriching our understanding of how best to meet and navigate their needs.
While mapping out stakeholders is critical, engaging them is just as important. In November 2024, McKinsey reported 58% of CEOs globally prioritise external affairs including stakeholder engagement, but only 12% report success in managing it effectively.
A stakeholder engagement plan is a structured blueprint that identifies stakeholders, analyses their interests, motivations and influence, and details how and when to engage with them.
Stakeholder engagement plans are used when engaging new communities or stakeholders, understanding evolving stakeholder organisations or to strengthen existing relationships among your organisation’s ecosystem.
Engagement plans ensure communication is not only timely and relevant but enables two-way communications between the organisation and the stakeholder. The plan typically outlines:
In practice, stakeholder engagement should leverage an organisation’s channels and be tailored to the stakeholder. An example of this engagement can take many forms:
Driving effective stakeholder engagement is vital in corporate communications. It moves organisations from broadcasting messages to building meaningful, trust-based relationships that create value for all parties involved. By knowing your stakeholders well and implementing a robust engagement plan, organisations can improve transparency, reduce risk, enhance decision-making, and foster mutual understanding. This strategic focus not only supports successful communications but also strengthens organisational reputation and social license to operate.
Stakeholder engagement, when done thoughtfully and inclusively, becomes a transformative tool that advances both corporate goals and community well-being.
Stakeholder management can be applied to any sector, and any size organisation, however it requires commitment and regular assessment of the evolving needs for your stakeholders. Engagement is activated in multiple instances such as major policy announcements, engaging First Nation communities and working with government organisations for grants, to name a few.
Nothing is ever static, least of all stakeholder management, so doing this regularly, across campaigns or new initiatives, is a highly informing and insightful process.
Are you in need of a stakeholder engagement plan? We would welcome you to speak to our corporate team.
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