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.

エンゲージメント戦略も評価しましょう。常に改善が必要かもしれません。

関係者分析のためのツール

従業員など、特定しやすい関係者もいます。その一方で、特定が難しい関係者もいるでしょう。以下のツールを使って関係者の要望を適切に分析し、比較する方法を理解しましょう。

権力 - 関心グリッド

権力 - 関心グリッドは、関係者を権力のレベルと業務への関心度別に整理するものです。チームの注意のほとんどは、グリッドの最上位にいる関係者に向けられるべきです。上位の関係者は、チームの日常業務に深刻な混乱をもたらす可能性があります。

グリッドの最下層にいる関係者は、権力レベルが最も低いことを意味します。チームは、そういった関係者に対しては、より受動的に対応できます。

関係者のマッピング

関係者のマッピングは、各関係者のサポートと影響力に基づいて、各関係者を視覚的にマッピングする、関係者に関するフローチャートのようなものです。このドキュメントを使って、プロジェクトに対する関係者の反応を理解します。

SWOT 分析

SWOT 分析を行うことで、関係者に関する計画における強み、弱み、機会、脅威を評価できます。この分析によって、関係者が現在満足しているかどうか、また将来の結果をモデル化できます。対処されていない関係者の懸念事項や、関係者とのコミュニケーションを強化する方法を見つけられるかもしれません。

RACI マトリックス

RACI は、Responsible (実行責任者)、Accountable (説明責任者)、Consulted (相談先)、Informed (報告先) を表します。このチャートは、社内外を問わず、プロジェクトに関わるすべての人に役割を割り当てます。RACI マトリックスが完成すれば、誰が意思決定を行い、誰が定期的な更新を必要としているかがわかります。

関係者は、マトリックスで 1 つ以上の役割に当てはめることができます。

Confluence で関係者間のコミュニケーションを強化する

関係者を特定して理解することは、ビジネスの強化につながります。関係者をグループにまとめ、迅速に対応し、関係性を継続的にモニタリングすることは、プロジェクトの成功に不可欠です。

Confluence は、あらゆるタスクで関係者を連携させる一元化されたプラットフォームです。

Confluence を使えば、関係者グループごとにプライベート スペースやページを作成し、各グループの関心に合わせた情報を提供できます。リアルタイム編集やインライン コメントなど、会社と簡単に共有できる機能により、プロジェクトにおけるコラボレーションがより簡単になります。

AI を活用した検索機能により、チームの規模に関わらず、社内の知識やプロジェクトのページを簡単に検索し、最新の状態に保つことができます。Confluence では、メモを取ったり、ホワイトボードでブレーンストーミングしたり、ビデオを録画したりすることができます。

無料の Confluence 関係者のコミュニケーション テンプレートを使用すると、関係者エンゲージメントに対する取り組みについて一元的に追跡し、管理できます。テンプレートには、関係者を識別し、コミュニケーション頻度を選択するためのセクションが含まれています。

無料の Confluence 関係者コミュニケーショ ンテンプレートで始めてみましょう。