509 Managing Stakeholder Relationships

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Dec 04, 2022
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509 Managing Stakeholder Relationships

Stakeholders are people who have an influence or can be affected by an organisation’s decisions, business products and services. Stakeholders can be either customers, employees, suppliers, investors and other business partners. For an organisation to be successful, the management has to maintain a good relationship with the stakeholders. To be able to achieve a long lasting and sustainable relationship, managers have to have a clear developed plan on how to meet stakeholder needs and attain organisation’s competitive advantage. Benefits of working with different stakeholders include:

Enhanced communication that gives room to learn organisation’s weaknesses and new insights essential for an organisation to remain competitive in the market.
It makes it easy for managers to manage risks and conflicts
It enhances trust and accountability in an organisation
It helps the manager to make effective decisions

Challenges associated with working with different stakeholders include;

It becomes extremely expensive when an organisation decides to satisfy every stakeholder needs
Different people have different opinions that might bring conflict of interest
Different stakeholders have competing priorities with different objectives that they expect an organisation to met
Data standardization can be difficult because different stakeholders have different ideas and opinions.

An organisation is most likely to fail if it does not maintain a good relationship with stakeholders. The managers need to understand different stakeholders needs, prioritize them and incorporate them in organisational plans. To achieve this, managers are required to outline their key stakeholders, their interest, their opinions and ideas, effects and contribution towards meeting organisational goals. It is very important for managers to work with different stakeholders to enhance innovation and minimize resistance to change among employees. However, different stakeholders have different levels of interest and power in an organisation, which can be conflicting. Therefore, the managers need to use the right methodologies to achieve an effective stakeholder relationships management.

What will you learn in this unit?

In this unit, learners should be able to understand various types of stakeholder’s relationships and explore its purpose. The unit discusses essential skills in effective management of challenges and issues faced. In this unit, learners will be able to differentiate between internal and external stakeholders. Internal stakeholders are those people whose interest in an organisation comes from a direct relationship e.g. Employees and managers. External stakeholders are people who do not directly work with an organisation but its actions affect them e.g. Customers and suppliers. Learners will also learn the difference between primary and secondary stakeholders and their roles in an organisation. Primary stakeholders are those people who defines the wellbeing of an organisation e.g. employees, suppliers, customers and investors. Secondary stakeholders are those that affects an organisation’s relationship with the primary stakeholders e.g. government either local or central bodies, legal authorities, social groups whether community or consumers, commercial organisations, which could be either business partners or competitors and media whether online, broadcasters, press or print.

What is the aim of this unit?

The aim of this unit is help learners have a wide knowledge of leadership and management skills. It helps learners develop a good relationship with the stakeholders, as they understand it plays a crucial role in organisational development. This unit equips learners with knowledge and skills essential in effective management of stakeholders’ relationships. Effective management of stakeholder relationships is essential is building trust and stimulating collaborative efforts in an organisation. This unit aims at helping learners to do a stakeholder analysis essential in giving information about people who are most likely to affect organisational goals. It also aims at helping learners know various ways to working with different stakeholders and contractual frameworks. It ensures that learners are able to effectively engage and manage stakeholders. The unit aims at equipping learners with necessary skills essential in conflict management. It also aims at ensuring that learners are able to measure the impact of stakeholders’ engagement effectively.

What are the outcomes of this unit?

At the end of this unit, learners will have acquired wide knowledge on;

The various types and values of stakeholder relationships within an organisation
The framework for stakeholder management
Challenges of working with different stakeholders and ways of effectively managing them
Methods used to measure the impact of stakeholders’ relationships engagement and performance

This course is suitable for professionals and learners who are looking forward to maintain a good relationship with stakeholders and enhance their management skills.

What are the requirements?

The minimum requirement for CMI 509 learners is 18 years of age. Learners who enrol in this course are required to complete all the outlined activities as it is designed to help them develop themselves as managers. The training centres are required to provide learners with frequent feedback to confirm they have successfully completed an activity before moving to the next. Learners are supposed to master the provided procedure and in case learners are faced with challenges and need support, they are encouraged to contact the centre as soon as possible. To be able to achieve the best results, learners should ensure:

They decide on how much time they want to spend on each activity
Effectively plan their work that is essential in reflecting on what they are doing and identify ways of improving their work.
Prepare well for CMI 509 assignments

Conclusion

This course is designed to help a wide range of professionals such as;-

Managers i.e. professional managers, line managers and junior managers
Supervisors
Directors i.e. project directors, program directors PMO personnel
People professionals
Employees
Learners looking forward to understand stakeholders’ relationship management and engagement
People involved in transforming change initiatives in an organisation

This course is designed to help professionals and learners to;-

Highlight the principles of managing stakeholder relationships in organisations
Focus on developing communication strategies and plans essential for effective stakeholder engagement.
Outline the impact of organisational culture, nationality and region that influences stakeholders’ behaviours
Focus on the process involved in stakeholder relationships management and planning
Highlight the key interpersonal skills, behaviours and personalities essential in managing stakeholder relationships