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Stakeholder Relationship Management


1.0 Introduction

Humans are social animal, who tend to thrive together with the help of meaningful relationships. These relationships help in the cultivation of goods, products and knowledge which helps in the efficient functioning of our society. To achieve this, companies need investments from individuals or groups and such people, called stakeholders, generally are liable for the failure or success rate of the project. Stakeholders tend to support actions that they perceive to be profitable and will withdraw support whenever threat is perceived. Hence, smooth flow of information between the stakeholders and marketers ensure that right decisions are taken by the stakeholders. Therefore, it is important to identify the stakeholders that are vital to the organization and ensure that they have the information that are relevant to make their decisions. Such streamlined approach to stakeholder management can help reduce the various difficulties related to communication and stakeholder engagement. Engaging stakeholders for collaboration involves constant vigilance in a constantly changing landscape of relationships with stakeholders whose support, interests and influence fluctuates unpredictably (Bourne, 2016).

A project is not just the delivery of a product, service or result; projects help to create a sense of change in the organization. The main challenge faced by organizers to propose effective projects in an environment of constant change is to ensure that all groups affected by change and the stakeholders are properly engaged to further influence their collaboration. Effective communication between all the groups is the key to achieving proper stakeholder management. Therefore, there are two methods to approach stakeholder theory - the company stresses on the stakeholders to enact effective managerial techniques and the stakeholder’s rights towards the organization. It is a symbiotic relationship where the company depends on the stakeholders for effective management strategies and the stakeholders’ liability towards the organization. This article shall strive to highlight the various communication structures present in the hierarchy of the organization and how these factors affect the various decisions taken by the stakeholders and their liability towards the same. According to Gomes (2006), the main assumption of the stakeholder theory is that an organization’s effectiveness is measured by its ability to satisfy not only the shareholders, but also those agents who have a stake in the organization. In addition to the stakeholder theory, managers tend to use other models like resource dependence, transaction cost analysis and agency theory to compensate for the shortcomings presented by the stakeholder theory.

2.0 Discussion

2.1 Poor relationship management

The failure of projects results in strategic objectives not being met as planned, wastage of valuable resources and inability to meet the expectations of stakeholders. Stakeholder relationship management involves ensuring that all potential stakeholder interests are taken into account while a project planning and execution is made. The process of stakeholder relationship management is considered good, when it achieves the objectives of the business and exceeds the expectations of the interest of the stakeholders. However below is illustrated the case of Construction of Heathrow Airport Terminal 5, which proved to be a famous example of poor stakeholder relationship management.

Heathrow’s Terminal 5 construction was considered a case of poor stakeholder relationship management. The terminal 5-project construction was a huge investment involving technology, human processes and technological systems. The construction started in 2002, was completed March 2008, it involved modern and innovative practices of project management (Airportsinternational.keypublishing.com 2018).  The project completion happened in time, within budgetary limits and extremely good risk management was in place as there was only cost of two human fatalities (accidents). However, what ensued was that the many areas proved to be disastrous. The baggage handling area due to 12 breaks led to full confusion. The airport was opened by HM Queen Elizabeth and on beginning, operation there was major chaos, passengers were stranded, baggage was lost, there was complete IT failure in calculation of flight timings. There were huge issues with car parking; the non-familiarity with the new building also caused major panic. The House of Commons had to put an enquiry into this resulting in the report being generated that it was a case of poor planning and lack of training (Mosaicprojects.com.au.2018).

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