The problem with stakeholder management
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I’m not a fan of the term stakeholder management. Before we get into that, let’s clarify who these holders of stakes are.
Stakeholders are people or groups with a legitimate interest in a situation or activity.
I work in IT at a bank. There are many business people who rely on the technology in our area. If they’re doing a good job, they will take a keen interest in that technology. These people are stakeholders.
I struggle with the idea of “managing” these people. Working with stakeholders is not a “bad situation” that you need to “manage”. This can quickly result in an “us and them” culture.
Of course we do need to manage expectations, communicate and practice 360 degree leadership. But we could easily call this stakeholder partnership or collaboration.
Isn’t this just semantics? Maybe. But words mean things and meanings matter. Speaking of which...
Originally, a stakeholder was the person holding the stakes of bettors. Their job was to deliver the pot to the winner. Notice they didn’t have an interest in the outcome. So it actually has two opposing meanings!
How will your actions define it? Will you manage them like they are outsiders waiting to see who wins? Or will you partner with them, knowing they have a vested interest in your outcomes?
I work in IT at a bank. There are many business people who rely on the technology in our area. If they’re doing a good job, they will take a keen interest in that technology. These people are stakeholders.
I struggle with the idea of “managing” these people. Working with stakeholders is not a “bad situation” that you need to “manage”. This can quickly result in an “us and them” culture.
Of course we do need to manage expectations, communicate and practice 360 degree leadership. But we could easily call this stakeholder partnership or collaboration.
Isn’t this just semantics? Maybe. But words mean things and meanings matter. Speaking of which...
Originally, a stakeholder was the person holding the stakes of bettors. Their job was to deliver the pot to the winner. Notice they didn’t have an interest in the outcome. So it actually has two opposing meanings!
How will your actions define it? Will you manage them like they are outsiders waiting to see who wins? Or will you partner with them, knowing they have a vested interest in your outcomes?