The Benefits of Stakeholder Engagement

Is your organisation utilising the power of your internal and external Stakeholders? Now is the time to refresh the way you work with your stakeholders and unlock the benefits of effective stakeholder engagement.

stakeholder engagement benefits

Old frameworks guided Project Managers to understand the “management” of stakeholders, as if they are something that needs to be regulated and controlled. New frameworks, like those in our Change Management and Stakeholder courses, focus on engagement. When we engage with our stakeholders’ we become aware of their diverse range of opinions, wants, and needs. Similarly, once we have a better understanding of those we work with and for, we will naturally become stronger leaders that deliver stronger projects.

 

Here are 7 benefits you can expect from increasing your stakeholder engagement:

1. Create a shared vision for your organisation. 

Collaborating with your stakeholders to develop projects will motivate their investment into your organisations shared vision.

2. Identify opportunities for improvement. 

The further you involve your stakeholders, the more you will learn. This is a key principle of identifying areas that require growth.

3. Build more effective risk management.

The better your relationship is with your stakeholders, the more likely they will feel comfortable coming to you to share the potential risks they may have noticed.

4. Gain an edge. 

Many organisations make the mistake of underestimating the benefits of stakeholder engagement. In other words, stay ahead by valuing every voice internally and externally that affects your organisation.

5. Better recognise the varying needs within your organisation. 

Communication is key to happy, productive teams. For instance, different levels and areas of expertise within your organisation will have different wants and needs. Learn to adapt and build trust with a diverse range of people.

6. Develop informed decision making.

Have a strong rationale for your plans, by supporting your decision with a wide range of stakeholder feedback.

7. Make use of your stakeholders varying experience, expertise, and knowledge.

Just like the old saying “two minds are better than one”, the more diverse minds you have working on a project, the better.

APMG International Stakeholder Engagement™ is a trademark of the APMG Group. All rights reserved.

Are you or your organisation is looking to learn fresh, new ways to engage with your stakeholders?

Take a look at the dates we have available for the full APMG International Stakeholder Engagement™ course.

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