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How to Create a Stakeholder Strategy

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Product Description

Publication Date: May 01, 2023

Lately companies have come to recognize the limitations of the view that they must create value only for shareholders. Recognizing that every stakeholder has an impact on other stakeholders-engaged employees improve customer satisfaction, which in turn spurs growth, and so on-many CEOs are pledging to generate benefits for all their constituents: customers, workers, suppliers, communities, and investors. But few leaders have explicit strategies for doing so; most seem to rely on intuitive approaches. The good news is, firms can use data to design and implement effective stakeholder strategies. They should start by exploring outside perspectives of the value they produce-specifically, the ratings of agencies like the Drucker Institute and Just Capital. Firms must then bolster data from such third parties with inside insights and gain an understanding of the interdependencies among their particular stakeholders. Armed with that, they can develop a clear description of their purpose, establish criteria for evaluating progress toward it, set priorities among stakeholders, and start measuring value creation for each group. The last step is sustaining the new strategy through cultural change and by developing supporting processes and organizational structures.

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