Question

Explain how to develop a plan to leverage Stakeholder diversity, Provide Real world examples

Answer 1

Stakeholder engagement is a broad topic and it is a part of the strategic planning process in an organization. The process of stakeholder engagement includes but not limited to collecting and sharing information, dealing with concerns and grievances of the stakeholders, keeping a track of the impact of different stakeholder groups and so on.

The steps to leverage stakeholder diversity would include the following:

• First identify the diverse stakeholder group and the people involved
• Identify the representative of the diverse stakeholder groups and engage with them
• Create a process to take the feedback of the representative of the diverse stakeholder group
• Take their feedback and put it in the strategic planning process
• After the feedbacks are incorporated the stakeholders should be informed about it and show them the points that have been incorporated in the strategic planning process

For example in case of an environmental issue such as putting up a factory near a cultivated land of the farmers the representative of the farmers body should be involved in it along with the non profit environmental organization and the farmers and the environmental groups are here the stakeholders and consulting them and making them understand the process and the benfits that would come to them in the form of employment in the factory and different practices and measures that the organization would take to not harm the environment.

Stakeholder diversity helps an organization to take the right decisions and even research have proved that the decision quality increases if a diverse group of stakeholders are involved.