Abstract
Purpose
The purpose of this study is to develop a stakeholder management ecosystem, which is an improved concept of stakeholder management practices implemented in organizations. The approach is to strategically manage, monitor and assess stakeholders' involvement efficiently during the various stages of the project. The paper aims to structure and organize the stakeholder management ecosystem concept, which would enhance working standards by gaining support and healthy interest of stakeholders in the ever-changing and increasing complex business environment.
Design/methodology/approach
A theoretical framework study is incorporated on the secondary data of stakeholder management, engagement and assessment. The conceptual insights are drawn for the comprehensive framework of 4Ps (project, people, process and promoting participation) to establish a stakeholder management ecosystem.
Findings
The findings expand the understanding and importance of efficient stakeholder management practices through a stakeholder management ecosystem concept. The implementation of efficient practices can exert a significant effect on the project outcome and organizational goals. Thus, these practices should be assessed and altered according to changing situations and dynamics at the various stages of the project.
Practical implications
The paper contributes to the literature on stakeholder management. First, it holds organizational and managerial implications to efficiently channelize stakeholder resources to maximize the output of the project and the performance of an organization. Second, managing people associated with an organization formally or informally can not only draw their interest, trust and involvement but also can develop further scope and vision of growth and development.
Social implications
The philosophy behind the concept is social cooperation and value creation. The more the people are engaged with the organization, the more will be the organizational support and well-being in the community as it broadens the pool of people involved, both inside and outside the organization.
Originality/value
The paper advances the practices of stakeholder management and organization management by introducing the ecosystem concept, 4Ps framework and assessment matrix. The ecosystem concept can be used to develop value and explore the potential of each person associated with an organization and further develop a functional relationship. The 4Ps framework is a structured and flexible approach to ease the process of understanding, analyzing, evaluating and involving stakeholders. The assessment matrix supports the evaluation of the incorporated strategy and further decision-making for the project by gauging project performance and stakeholder involvement.
Keywords
Citation
Tarode, S. and Shrivastava, S. (2022), "A framework for stakeholder management ecosystem", American Journal of Business, Vol. 37 No. 2, pp. 76-88. https://doi.org/10.1108/AJB-01-2020-0003
Publisher
:Emerald Publishing Limited
Copyright © 2021, Emerald Publishing Limited
1. Introduction
The outcome of any project in an organization is affected by internal and external factors. These internal and external factors are mainly the stakeholders of the organization who have their interest in the project. To ensure success of the project, managing the interest of these stakeholders is crucial throughout the project management process (Sutterfield et al. 2006).
Having an appropriate understanding of the interest of its stakeholders is vital for an organization. Moreover, identifying the importance and legitimacy of the interest and efficiently handling it by responding to their interest and concern are crucial in the project management process (Post et al., 2002). An efficient management approach is required to balance and manage these interests.
To efficiently handle the project and ensure success of the project, stakeholder management is required at every level of the project. Continuous efforts should be expended to understand and engage stakeholders to gain their support for meeting the goals of the project as well as the organization. The stakeholder management process should be well-structured and planned; in addition, the organization should make continuous efforts to hold the interest of stakeholders even beyond the project period. Hence, this study addresses the need to develop an ecosystem in an organization for efficiently managing stakeholders and their interest and involvement in the project as well in the organization.
The concept of stakeholder management ecosystem proposes effective and efficient management of the stakeholder resource of an organization. The paper initially describes the term stakeholders and their types and characteristics. Furthermore, the process-based and success-focused concept of stakeholder management ecosystem is introduced. This concept has four defined P's that propose to build the ecosystem in an organization to manage stakeholders and their involvement with the aim to understand, plan, manage and connect. Building an active stakeholder management ecosystem and creating long-term benefits for the organization are the primary goals of the ecosystem. The secondary goal of the ecosystem is to build and engage various stakeholders in the organization.
2. Literature review
2.1 Stakeholders
In 1963, the Stanford Research Institute first introduced the term stakeholder and described stakeholders as groups or individuals who are crucial for the survival of an organization (Edward Freeman and McVea, 2001). Stakeholders can be any group or an individual who are affected by a corporation or its activities (Edward Freeman and McVea, 2001). Accordingly, a stakeholder may be an individual, group or an organization. Ultimately, stakeholders are people whose support, interest and involvement in an organization and its project can hinder or enhance the success of the project. The meaning of the term stakeholder developed from an intuitive idea to offer valuable help in decision-making (Philips, 2003).
2.2 Understanding various stakeholders in an organization
Customers, suppliers, employees, policymakers, regulators, other organizations, media, landowners, NGOs and even the general public can be the stakeholders of an organization. Understanding the types of stakeholders can facilitate the development of more suitable strategies for their management and engagement. Stakeholders can be divided into primary and secondary. Primary stakeholders are those who have a direct stake in an organization and its success, whereas secondary stakeholders are those who may influence an organization (David and Maria, 1997) (Partridge et al., 2005, pp. 11–12). In addition, secondary stakeholders can be surrogate representatives for the interest (i.e. for the natural environment or future generations) and do not represent themselves (Elkington, 1997) (Partridge et al., 2005, pp. 11–12). Furthermore, stakeholders can be categorized into internal and external. Internal stakeholders are those who are formally bonded with an organization to implement the project, and external stakeholders are those who are not the formal members of an organization (Biskupek, 2016).
Figure 1 showing the categories of stakeholders is derived from a figure that presents the primary and secondary stakeholder family (Partridge et al., 2005, p. 12) and the internal and external stakeholder diagram (Biskupek, 2016). The list of stakeholders provided in the figure should not be considered or assumed to be an exclusive or comprehensive.
2.3 Characteristics of stakeholders
Understanding the characteristics of stakeholders can facilitate the development of appropriate strategies for the management of stakeholders and the project in an organization. The three main characteristics of stakeholders are as follows: power, interest and attitude (Nguyen and Mohamed, 2018).
The ability of stakeholders to achieve the desired outcome of the project is indicated as the power of stakeholders (Salancik and Pfeffer, 1974). Stakeholders' powers can be further divided into coercive, utilitarian and normative (Rajablu et al., 2014). Coercive power refers to physical force, violence or threat; utilitarian power refers to financial or materialistic possession; and normative power refers to intangible symbolic resources. Thus, the power of stakeholders is a crucial aspect of stakeholder management because it helps in categorizing and planning strategies according to the power they hold.
Every stakeholder has different levels of interest in the different types of the project (Olander and Landin, 2005). Their interest depends on their perceptions and benefits of the project. Thus, the organization should develop strategies to hold the interest and motives of stakeholders throughout the project.
The attitude of stakeholders is their behavior and perception toward the project and is a critical factor affecting their involvement (Yang and Shen, 2014). The attitude of stakeholders can vary. Accordingly, stakeholders can be categorized as active supporters, passive supporters and nonsupporters (Biskupek, 2016).
2.4 Stakeholder management
Stakeholder management involves four steps: stakeholder identification, stakeholder classification, analysis and strategy development (Cleland, 1986). The main purpose of managing stakeholders in a project is to gain their support in project implementation and to make activities “issue driven rather than stakeholder driven” (Jergea et al., 2000). Stakeholder management in an organization involves the efficient management of stakeholders and their engagement and contributions toward optimum project output through appropriate planning and implementation. To successfully achieve a project's goals and attain stakeholder satisfaction, stakeholder management is crucial (Eyiah-Botwel et al., 2015). A formal and structured process of stakeholder and relationship management is not yet available (Karlsen, 2002). In addition, the success of a project cannot be ensured only through the implementation of the project as per the project plan if stakeholders are not efficiently managed (Eskerod and Jepsen, 2013). The probability of a project's success and the satisfaction of a project's outcomes can be decreased because of ineffective stakeholder management (Chinyio and Olomolaiye, 2010). Thus, only stakeholder management is not crucial; effective stakeholder management is equally essential to ensure the success of a project. This paper proposes a conceptual idea of the stakeholder management ecosystem for effective stakeholder management.
3. 4Ps in the stakeholder management ecosystem
The proposed concept of 4Ps is a process-based and success-focused approach used to establish a stakeholder management ecosystem in an organization. The concept focuses on the four most crucial elements to facilitate the management of stakeholders and ensure the success of a project: project, people, process and participation promotion. The ecosystem concept is developed on the basis of the aforementioned 4Ps (see Figure 2).
The philosophy behind the proposed concept for managing stakeholders is cooperative capitalism and ethics in creating social cooperation and value of the organization. Furthermore, the concept assists the organization in creating a structured system to manage and monitor stakeholders and ensure their effective engagement and contribution, extending collaborations and building an image value in the society.
3.1 Project
A project referred to in this paper is a temporary work undertaken to create a unique product, service or result (PMBOK Guide, 2008, p. 5). The project can be related to any task or goal related to any department of an organization or organizational goals. The project characteristics considered in this concept are a task or goal with defined objectives that are to be achieved with or without defined time (PMBOK Guide, 2008, pp. 5-16). Any organization has various projects that are to be completed on either a day-to-day basis or over a longer period. Successful completion of the project leads to the success of the organization.
To establish an efficient ecosystem of stakeholder management in an organization, the first step is identifying and defining projects at various levels in the organization along with their priority level and the characteristics of work and skills required. A well-defined project is the first step that helps in identifying potential stakeholders. A well-defined project is expected to define each stage of the project along with the duration and desired outcome at each stage. The project should also define required involvement in terms of time, skills and process for each stage. A well-defined project can be highly beneficial in identifying potential people and processes.
3.2 People
In the proposed concept, people refer to the various internal and external stakeholders of an organization. People in an organization are potential individuals or groups of individuals who can either affect or are affected by the success of an organization. The guarding and efficient deployment of the interest, supervision, efforts and involvement of these people can result in the success of the project and the organization. This would further create stakeholder value that can be further extended by the organization to collaborations. Stakeholders should be involved in a project from the beginning for efficient decision making and stakeholder analysis (Missonier and Loufrani Fedida, 2014).
3.3 Process
For the management of stakeholders in a project, strategies should be developed to completely involve stakeholders and to monitor and evaluate their involvement at various stages of the project to ensure optimum output.
The concept proposes various steps that are primarily defined in two stages. The first stage includes strategizing the involvement of stakeholders according to their skills, powers and interests. The second stage involves refining the phases of a project according to its output and progress in order to adapt it for the stakeholder system for the benefit of the organization.
3.4 Participation promotion
Involvement and engagement of stakeholders in an organization and its project can not only help gain their support and commitment but also bring out various ideas and suggestions from varied stakeholders for the project as well as the organization. Developing and promoting participation are continuous processes. Participation of stakeholders includes various elements that are not only to be followed during the project phase but also should be continued after the completion of the project. Stakeholder participation is the key to strengthen the complete ecosystem of stakeholder management.
4. Concept of stakeholder management ecosystem
Management ecosystem is the sustainable management of available resources to achieve a planned strategy or goal (Pavlikakis and Tsihrintzis, 2000). In this concept, stakeholders are resources that have to be sustainably managed to obtain the desired outcomes of a project. In addition, the ecosystem is a defined boundary in the area of interest in which available resources are identified and managed efficiently (Lackey, 1998). Every entity in the ecosystem is affected or can affect the other in the defined system (Lackey, 1998). Stakeholder management is not only a managerial process but also an ecosystem that involves defining and considering all available stakeholder resources in an organization and sustainably and efficiently managing them.
For its efficient growth and functioning, any organization plans various projects. These projects are accomplished by people working in the organization or are associated with it. These people are the stakeholders of the organization. Figure 3 is a generalized pictorial representation of various projects and stakeholders of an organization. Projects can be the various goals or tasks of different departments or even the management or organization. This study proposes an approach to efficiently manage and involve stakeholders in projects by developing a system that can be beneficial for the success of any project in an organization.
The stakeholder management ecosystem is a proposed metaphor wherein the ecosystem refers to the business ecosystem. The term stakeholder management ecosystem attempts to advance the concept of stakeholder management as a research perspective for studying the relationship between an organization and its stakeholders. The term ecosystem implies developing a continuous structured stakeholder engagement and support process in the organization (see Figure 4). The implementation of the developed process can result in the optimal success of projects and enhance management practices in the organization. In the stakeholder management ecosystem, every stakeholder is proposed to have a functional relationship with other stakeholders, and all stakeholders work to achieve organizational goals. In addition, this concept can help the organization to succeed where others have failed because it can help people within and outside the organization to work efficiently.
4.1 Identify
Identifying right and potential stakeholders along with their interests and requirements is crucial for a particular defined project.Tables
4.1.1 Recognizing potential stakeholders
Organizations have various internal and external stakeholders who can contribute to various aspects of the organization, and the potential of stakeholders can vary based on a project's fundamental requirements such as funding, planning, productivity, innovation, suggestions, feedback and consultancy. At every level of a project, stakeholders should be identified considering that stakeholders' interests and involvement keep shifting at different stages of the project. To ensure a project's success, internal and external stakeholders who can work and contribute in an appropriate manner to achieve organizational goals should be identified. The organization should recognize and define the fundamental requirements of stakeholders based on it should map the potential and interest of internal and external stakeholders.
4.1.2 Understanding and anticipating the interest
To maximize stakeholder engagement in a project, stakeholders' interests in and opinions regarding the project should be anticipated. Once potential stakeholders, including those who can influence the project, are identified, their interests in the project should be systematically determined. Every stakeholder will have their drive and motivation toward the organization's project and success. Therefore, it is crucial for the project head or organization to understand and predict each stakeholder's interest and accordingly plan their level of involvement. Moreover, the conflicts of interest that may arise among stakeholders or between a stakeholder and the organization should be anticipated in terms of criteria and principles to be followed (Edwin et al., 2014, p. 5). In addition, the interests of some stakeholders might not be favorable for the success of a project. Such stakeholders should have less access to project details; however, their involvement can be balanced by their participation through suggestions and feedback.
4.1.3 Satisfying their standards and requirements
Every stakeholder has different requirements from their contributions and has different working standards, set of rules and regulations, ethics and values. All stakeholders should be engaged in a discussion at an equal level, and their knowledge and contribution to the project should be valued. On the basis of the influence of stakeholders, their standards and requirements should be satisfied by the organization. Regulatory bodies, government and other stakeholders whose involvement is mandatory at some level should be identified, and their requirements and standards should be adopted or implemented by the organization.
4.1.4 Analyzing or assessing
Finding relevant stakeholders and assessing their influence and motives are crucial for the success of the project (Ward and Chapman, 2008). Stakeholders' interest keeps varying; thus, an organization should continually evaluate and assess their interest at various stages of the project. Analyzing the interest, power and influence of each stakeholder over a project is vital. Thus, an organization should interpret the interests and level of engagement of potential stakeholders in a project and accordingly develop strategies. The success of a project holds different values for different stakeholders at different stages of the project. Engaging in dialog with stakeholders by conveying project expectations and allowing stakeholders to convey their expectations and plan their engagement can facilitate the development of efficient strategies by an organization.
4.2 Strategize
4.2.1 Prioritize stakeholders
After identifying potential stakeholders and analyzing their interests, powers and requirements, understanding which stakeholders exert more influence on the project and how they should be managed at different levels is crucial. The stakeholder matrix (Tabbush and Ambrose-Oji, 2011, p. 12) shown in Figure 5 can be used as a tool to prioritize stakeholders. By mapping stakeholders using this matrix, the project head can easily assess and manage stakeholders.
4.2.1.1 Collaborate
Stakeholders with high power and interest are those who exert the most influence; thus, they must be managed closely and fully engaged to maximize their contribution to the success of a project. Efforts should be made to satisfy their requirements. Partnership in a relevant aspect of the project can ensure its success.
4.2.1.2 Involve
Stakeholders with high power and low interest are those who must be delicately but attentively managed. Their level of involvement should be closely monitored to maintain their interest. Their level of satisfaction can maintain their interest in the project.
4.2.1.3 Consult
Stakeholders with low power and high interest are those who should be regularly informed regarding the status of the project, and their feedback and suggestion can also be valuable for the project.
4.2.1.4 Inform
Stakeholders with low power and low interest should be monitored and evaluated at a moderate level. They should be informed regarding the major stages of the project; however, their involvement in the project should be kept minimal.
4.2.2 Strategize involvement for achieving optimal output
To ensure the success of a project, efficient governance and communication between the organization and stakeholders is required. Information regarding roles and responsibilities should be conveyed to stakeholders depending on their level of priority in the project. Furthermore, their engagement in the project should be strategized and tailored according to their level of power and interest in the project. The limit of involvement in the project can depend on the type of stakeholder. For example, in a project, an organization can involve external stakeholders for obtaining external view, suggestions and experiences regarding brand consciousness and financial and objective planning.
4.3 Refine
4.3.1 Monitoring their behavior and influences
A stakeholder's role and desire in the project vary from time to time and at different levels of a project. Because of the human tendency to change consistency, behaviors, perspectives, desires, personal agendas and motives, it is necessary to monitor the shift of stakeholders with regard to these factors. Regular and structured monitoring through communication can help maintain a productive relationship. This can further help in anticipating the upcoming conflicts or issues that can be addressed timely.
Behavioral shifts can be evaluated by obtaining structured feedback at various levels of the projects including the initial and completion level. The feedback should be comprehensive and open ended. Moreover, the questionnaire should allow stakeholders to express how they feel about their involvement, equitably and accountability as well as indicate their objectives in the project and organization. By using the approach, recommendations and suggestions for the management and working of the organization can also be obtained from stakeholders. Analyzing their answers can help in understanding their shift in behaviors or influence.
Stakeholder and project assessment matrix
In any project, the practice adopted should be flexible and balanced according to changes in situations, and the depth of stakeholder management and disengagement should be altered accordingly (Lehtinen et al., 2019). The proposed matrix for the assessment of stakeholder involvement and project outcomes can be used to monitor the stakeholder management ecosystem (see Figure 6). The matrix can assist in planning the further course of action for a project to which it is implemented. At any stage of the project, the matrix can be used to examine the performance and make necessary decisions in the project. The required elements in this matrix are project output and stakeholder involvement in measurable or quantifiable terms.
Project output: This concept initially indicated that any project should have predefined goals or outcomes. At every stage of the project, the project output should be considered in quantifiable terms wherein the positive region denotes the level of achievement of defined goals at a particular stage, and the level increases as it stretches away from the null. The null denotes no achievement of output. The negative region here denotes the level of preparation and initiation toward the project, and the level decreases as it stretches away from the null.
Stakeholder involvement: The degree of involvement of stakeholders is quantified considering the expected or desired efforts, involvement and approach and then compared with the actual involvement of the stakeholders. The involvement can be measured as time or task completed or by the level of support extended by stakeholders. The positive region here denotes the level of desired involvement shown considering the initially described terms.
The matrix further aids to decide the further course of action in the project. The four regions mentioned in the matrix are as follows: continue, assess and alter, reform, and retain and involve new. In this matrix, “continue” refers to continue the ongoing implemented strategy, process and stakeholders at that stage of the project as the project output and stakeholder involvement are positive. The positive results in both project output and stakeholder involvement do not indicate complete because the project's success can vary as the project progresses. Hence, the project should be reviewed at various stages. “Assess and Alter” refers to the stage in which project output is positive but stakeholder involvement is negative. In this stage, the matrix implies to evaluate the strategy and monitor actions and involvement for achieving efficient output. To increase project output, necessary strategies should be adopted by altering or changing the previously adopted strategies. “Reform” in this matrix refers to the stage when project output and stakeholder involvement are both negative, implying that stakeholders selected should be evaluated along with the whole strategy and their desired degree of support and involvement. This stage requires complete evaluation and revival in the whole project. “Retain and involve new” is the stage in which project output is positive but stakeholder involvement tends to be negative. In this stage, stakeholders do not exhibit the desired level of involvement and support; however, the project still tends to have a positive outcome. A positive project outcome justifies the strategy adopted and implemented; however, to increase stakeholder involvement, there is a need to involve more potential stakeholders through which the project can gain positive support. The newly involved stakeholders can also help increase the involvement of initially selected stakeholders.
4.3.2 Evaluation of decisions
The decisions and outcomes of engagement should be evaluated by the organization, and when necessary, improvements can be implemented. Proper measures and indicators should be defined for all stakeholders before evaluation because this can help in evaluating their performance or involvement. The project delivery by each stakeholder can vary according to their power and interest in the project. The organization should continually evaluate the decisions and activities of stakeholders and match with the project goals.
4.3.3 Implementing required strategies
After the evaluation of decisions and stakeholders' activities, the organization can refine requirements and implement them according to defined goals. Having clear desired outcomes can help in making efficient decisions for implementing new strategies and improving existing strategies.
4.4 Engage
Engagement from the 4P concept relates to promoting participation. Thus, the engagement of stakeholder resources in the stakeholder management ecosystem aims to gather stakeholders' contributions and inputs to ensure the success of the project.
4.4.1 Regular suggestions and feedback
Regular participation of stakeholders in providing suggestions and feedback to the organization instills a sense of belonging, the pride of ownership and a sincere approach toward achieving a better output of the project. When not engaging with stakeholders or in longer projects, it is important to maintain contact and provide necessary and required information according to their priority.
4.4.2 Consulting and negotiating
Regular consulting for solutions apart from the project can ensure their involvement in the organization. This can help to explore further scope, ideas or emerging issues. Negotiating for resources and trade with potential stakeholders can further strengthen business involvement by sponsoring, advising and regulating the needs of the organization.
4.4.3 Promoting collaborations
Stakeholders should be considered an influential resource because they have potential in risk and opportunity in the project. Their influence and power can either hamper or boost a project's success. Encouraging collaborations among potential and powerful stakeholders can galvanize external support and broaden benefits. Collaborations will also hold their interest and engagement toward success, thus helping in achieving faster project delivery.
4.4.4 Relationship building
Developing relationships can enhance trust among stakeholders. Trust is the key that binds the project and stakeholders together to achieve the same goal (de Oliveira et al., 2019). Gaining the trust factor in any organization can smoothen the working within the organization and among people in the organization. Trust also develops more sense of ownership and loyalty toward the project and organization and increases the speed of problem-solving and decision-making. This directly or indirectly increases the interest and confidence of stakeholders in the organization, thus minimizing the uncertainty. Maintaining proper communication, appreciating their efforts and presence, providing feedback and suggestions, promoting their requirement when needed and community activities can strengthen collaborative cooperation and corporate relationship bond.
The proposition of stakeholder management ecosystem is an effort to define and structure the existing practices of stakeholder management. The 4Ps define the base for the ecosystem and further elaborate the ecosystem concept. The concept not only rationalizes the stakeholder management process but also helps the organization in sustainably obtaining the best output from stakeholder resources. The ecosystem concept aims to increase the contributions and involvement of stakeholders. The paper also aims to enhance theory and content related to the stakeholder management process.
5. Organizational outcomes and implications
The proposed framework of the stakeholder management ecosystem can directly and indirectly benefit the organization in varied dimensions. It can help an organization maximize project output because project tasks can be efficiently handled by potential stakeholders. In addition, this framework can allow an organization to identify and categorize stakeholders in a project based on their level of interest and power and accordingly strategize their level of involvement in the project. This would help the organization in managing and prioritizing their needs effectively. The framework can be used to efficiently manage stakeholders, increase their interest and maximize their engagement toward the success of a project as well as to create an environment wherein all people associated with the organization directly or indirectly hold interest in the organization's success. The concept can used to systematically structure the complete management process of stakeholders and their interest, power and involvement. This would further help in developing a robust working system, resilience, flexibility and ultimately achieve sustainable performance. The model also proposes to maximize the network and systematically manage and build it in the favor of the organization. Furthermore, stakeholder engagement can identify new opportunities, perspective, ideas, best practices, risk awareness, innovations and expansions. This would build a competitive edge to sustain in the ever-changing and increasing complex business environment.
6. Conclusion
Stakeholder management can be immensely beneficial for an organization. The proposed framework is the initial step toward creating an ecosystem. The 4Ps mentioned, when implemented in a project, can help to organize and standardize the management process for stakeholders and their inputs in the project. This concept can further be radically advanced with the development of technical tools and support. The concept holds a progressive room for automatized processes through software. The software can contain defined and structured inputs for the process based on which the monitoring of the project and stakeholders can be possible for the management. Artificial intelligence can be used to eliminate biased inputs in stakeholder identification. In addition, it can anticipate and gauge the behavioral pattern and involvement and assist in relationship building. With the implementation of the proposed framework along with further technical advancement, the concept can build a competitive edge for the project as well as the organization.
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