Question

What are some ways to manage a stakeholder relationship closely? Give examples of how you might manage relationships differently based on the unique personalities of different people.

Answer 1

Stakeholders are those who affect or affected by the actions of the company or organization and their policies.

Managing the stakeholder relationship is one of the major tasks for the entire organization in order to keep a positive environment with the stakeholders so that the reputation of the company can reach the peaks with the stakeholder satisfaction.

In order to keep such a healthy relation, the following actions are to be ensured.

>Keep in touch with stakeholders: It is the most important thing that the stakeholders should feel that the company has a concern about the stakeholders and they are trying to satisfy them.

>Avoid surprises: The stakeholders should be informed about the current and future market trends as soon as possible to avoid surprises regardless of whether it is positive or negative.

>Choose a communication medium comfortable to stakeholder: It is important that the type of communication medium should be chosen after discussing with stakeholders easiness and understandability

>Provide regular updates: Maintaining a frequent pattern of updates to stakeholders about the regular updates and milestones can help in satisfying the stakeholders.

>Precise to the point and avoid the highest level of formal structure: The stakeholders may busy people so the organization shouldn't waste their time by the useless formal introduction in daily updates but keep only an abstract level of formality

Based on the unique personalities of different people we have to manage relationship differently.

Consider a stakeholder relationship with a long-term investor, He may need to inform about the updates only once in a month so we need not send daily updates to annoy him. But at the same time if it is a sharemarket company and the stakeholder is curious to know daily status we should send him updates more than once in a day.

Another example where the managers have to deal with different personalities.Mirroring the personality is a skill to adopt the other person's personality and behave accordingly.if the stakeholder is looking for a friendly and casual inquiry we shouldn't stick to the formal conversation that may annoy him.

There may be situations where the organization is some kind of issues and the managers have to keep the stakeholders calm. so we should understand the stakeholder's feelings on their loss and keep calm even if they get frustrated. and ask them to share their suggestions and solutions to overcome the issue.