Stakeholders

Developing your stakeholder management strategy

Setting up a Stakeholder Strategy through effective identification and management

To illustrate the general approach to stakeholder management, this portal provides for interaction with some key tools and techiniques to develop a stakeholder management strategy. It is for illustration purposes and should be treated as such. Some of the stages embedded in our approach are not available on the portal - get in touch if you want to find out more.

Step 1: Understand your Stakeholder Context

It is important to understand the organisational environment, business model, mission, and external factors that shape stakeholder priorities. This will draw largely on the organisational context developed as part of the Double Materiality process, though through a "stakeholder" lens.

Go to Stakeholder Context

Step 2: Stakeholder Mapping

Identify key stakeholders, analyse their influence and interest, and segment them into strategic groups for focused engagement.

Go to Stakeholder Mapping

Step 3: Engage Stakeholders

Plan and execute tailored engagement activities, gather stakeholder feedback, and integrate insights into your strategy..

Stakeholder engagement generally involves (i) Planning the approach (ii) Engaging the stakeholders (iii) Capturing the feedback and (iv) Integrating the feedback into your strategy and tactics.

Go to Stakeholder Engagement Matrix page

Step 4: Review & Improve

A final key part of the process is to evaluate the effectiveness of your stakeholder engagement efforts and refine your approach for ongoing improvement. This is an ongoing process an will require different systems and tools to get right.

Stakeholder identification and engagement are the most important one to effective stakeholder management. When key stakeholders are not identified and engaged incorrectly, the rest of the process becomes flawed, and that is definitely not where you want to be. If you want to get it right first time, get in touch to see how we can help you.

As part of the ESG strategy development process, it’s important to distinguish between two levels of context:

Materiality / Business Strategy Context	Stakeholder Strategy Context
Focuses on the organisation's mission, vision, values, industry, and external operating environment.	Focuses on understanding stakeholder roles, needs, expectations, and how they influence or are affected by the organisation.
Informs the "what" of strategy: What are the key issues for our business and sector?	Informs the "who" and "how" of engagement: Who are our stakeholders, and how do we work with them?
Uses tools like PESTLE, TOWS, competitor and risk analysis.	Uses tools like the Stakeholder Engagement Matrix, interest/influence/impact mapping, and alignment strategies.
Captured under: View Materiality Context	This is the current page we are on.