What is stakeholder theory?

Definition of stakeholder theory

Stakeholder theory, introduced by R. Edward Freedman in 1984, is a conceptual framework merging business ethics and operations. It argues that companies should not focus entirely on shareholders but instead balance the needs of all stakeholders affected by their work.

These stakeholders may include shareholders, employees, customers, suppliers, and the community. Stakeholder-focused environments are focused on sustainability, employee satisfaction, customer relationships, and community engagement.

In contrast, followers of economist Milton Friedman might say that a company’s sole purpose is to satisfy its shareholders. Actions that create shareholder value are good, and those that don't are outside the project scope. Friedman’s shareholder theory, also known as the Friedman Doctrine, was once popular, but in 1984, R. Edward Freeman published the book “Strategic Management: A Stakeholder Approach,” which contradicted that theory.

This book emphasized the idea of a stakeholder ecosystem and the importance of balancing the needs and interests of various groups, including employees, customers, and the broader community, in decision-making processes. The idea spread to influential business leaders and continues to resonate.

How does stakeholder theory apply to project management?

A business owner who believes in stakeholder theory must consider stakeholders' wants during project planning.

Here’s how stakeholder interests might affect the following project management stages, using the example of a grocery store:

• Project initiation: Who are the stakeholders? What are their concerns? Project managers who believe in stakeholder primacy should know the answers to these questions before outlining the project roadmap. For instance, local traffic worries might influence the design of the grocery store’s parking lot.
• Communication strategies: Explaining stakeholder theory requires good communication. For example, the grocery store should create communication strategies that invite all stakeholders to give feedback, regardless of whether those stakeholders care about the price of groceries or the latest stock options.
• Risk management: When all stakeholders matter, risks multiply. For example, the grocery store might have to consider risks to the neighborhood's health, such as noise pollution or heavy foot traffic.

Benefits of utilizing stakeholder theory

Reorienting the focus of your business to include a broader set of stakeholders may not seem profitable at first. It may seem like you’re moving away from ideologies prioritizing profits and putting shareholders above everything else.

But letting stakeholder-first principles guide your actions can improve productivity in many ways, including:

• Enhanced project success rates: Focusing exclusively on shareholders might prevent you from recognizing potential risks unrelated to profit. Widening your perspective lets you anticipate problems and take corrective action early, leading to greater project success rates.
• Improved decision-making: Sticking to stakeholder theory leads to a more thorough vetting process, offering diverse perspectives. This may affect the project timeline, but the company will likely make better decisions overall.
• Better trust and more long-term relationships: Business relationships thrive or fail based on trust. Do stakeholders believe that you’re taking their interests into account? If so, you have the foundation for long-term relationships. Considering all stakeholders naturally leads to a more trusting environment.

How to implement stakeholder theory

Here’s a breakdown of how to take a stakeholder-first approach to project management:

Stakeholder identification

There is no standard set of stakeholders. The first step in implementation is to identify each group with a stake in your business. Using the grocery store example from above, stakeholders may include:

• Shareholders
• Hourly and salaried employees
• Food suppliers
• Residents and community groups
• Government agencies

Rank stakeholders according to impact. For example, shareholders and employees might be the most influential voices in a publicly traded company.

Stakeholder analysis

Analyze your stakeholders’ primary interests and concerns. What motivates their actions? Can you meet their expectations?

The answers will vary for each stakeholder group. Grocery store customers care about food quality and costs, while government agencies want to maintain order and uphold regulations.

Developing an engagement strategy

Continuously engage with your stakeholders. Establish clear and constant communication and use a variety of channels to keep them in the loop. This will also boost your brand’s reputation for transparency.

Create tailored engagement plans for each stakeholder category. Utilize emails, store notices, and community meetings.

Establish regular feedback loops

Stakeholder interests can change quickly. Customers who complain about high prices one week might have concerns about the store’s cleanliness the next. Stay informed with regular feedback loops.

Ensure stakeholders have a simple way to connect with you and share their thoughts. You can use surveys, meetings, and forums. Even a Gantt chart could help you map stakeholder requests to project timelines.

Continuously monitor stakeholder relationships

Stakeholder management doesn’t end with feedback. Your business needs to monitor stakeholder relationships as well.

Pay attention to what your stakeholders express, and act immediately if you sense unhappiness. Are shareholders complaining about declining profits? If so, your accounting team might need to prepare a new outlook. Are shoppers worried about security at night? Hire a guard and let people know about the change.

Évaluez également vos stratégies d'engagement. Vous devrez peut-être apporter des améliorations constantes.

Outils d'analyse des parties prenantes

Certaines parties prenantes, comme les employés, sont faciles à repérer. D'autres peuvent être plus difficiles à identifier. Sachez comment analyser et comparer les souhaits des parties prenantes à l'aide de ces outils :

Grille de pouvoir et d'intérêt

Une grille pouvoir-intérêt organise les parties prenantes en fonction de leur niveau de pouvoir et d'intérêt pour votre entreprise. La majeure partie de votre attention doit se porter sur les parties prenantes situées en haut de la grille. Ce sont les parties prenantes qui peuvent sérieusement perturber vos activités quotidiennes.

Les parties prenantes situées en bas de la grille ont le moins de pouvoir. Vous pouvez les surveiller de manière plus passive.

Cartographie des parties prenantes

La cartographie des parties prenantes représente chaque partie prenante sur une carte visuelle en fonction de son soutien et de son influence. C'est comme un diagramme de flux pour les parties prenantes. Utilisez ce document pour comprendre comment vos parties prenantes réagissent à votre projet.

Analyse SWOT

Réaliser une analyse SWOT vous permet d'évaluer les forces, les faiblesses, les opportunités et les menaces de votre plan des parties prenantes. Cette analyse montre si les parties prenantes sont satisfaites en ce moment et modélise les résultats futurs. Vous découvrirez peut-être des préoccupations non traitées par les parties prenantes ou des moyens d'améliorer la communication.

Matrice RACI

RACI signifie Responsible (réalisateur), Accountable (approbateur), Consulted (consulté) et Informed (informé). Ce tableau attribue un rôle à toutes les personnes impliquées dans un projet, à la fois en interne et en externe. Lorsque votre matrice RACI sera complète, vous saurez qui prend les décisions et qui a besoin de mises à jour régulières.

Les parties prenantes peuvent occuper un ou plusieurs rôles dans la matrice.

Améliorer la communication avec les parties prenantes grâce à Confluence

Identifier et comprendre vos parties prenantes, c'est donner du pouvoir à votre entreprise. L'organisation des groupes de parties prenantes, la réactivité et le suivi continu des relations sont des facteurs essentiels de réussite.

Confluence est une plateforme centralisée qui permet d'aligner les parties prenantes sur chaque tâche.

Avec Confluence, vous pouvez créer des espaces et des pages privés pour chaque groupe de parties prenantes, en adaptant les informations à leurs intérêts. La collaboration sur les projets devient plus simple grâce à des fonctionnalités telles que l'édition en temps réel et les commentaires contextuels, que vous pouvez facilement partager avec l'entreprise.

Quelle que soit la taille de votre équipe, les connaissances de l'entreprise et les pages de projet sont trouvables et à jour, grâce à la recherche optimisée par l'IA. Prenez des notes, brainstormez sur un tableau blanc ou enregistrez des vidéos avec Confluence.

Le modèle gratuit de communication avec les parties prenantes de Confluence vous permet de suivre et de gérer vos efforts d'engagement des parties prenantes en un seul endroit. Le modèle comprend des sections pour l'identification des parties prenantes et le choix de la fréquence de communication.

Lancez-vous avec un modèle gratuit de communication avec les parties prenantes de Confluence.