Organisations need to interact regularly with important stakeholder groups. Many tend to communicate rather than really engage with stakeholders about their strategic plans and operational issues. However, it is increasingly important for organisations to regularly interact with their various stakeholders, especially given their power of influence both in any future crisis situation, as well as aiding ability to exploit strategic opportunities.
A robust stakeholder engagement model is vital for organisations to be able to understand and respond to legitimate stakeholder concerns.
In facilitating stakeholder discussions, it is important to:
- Know who your wider stakeholders are and their level of influence on your organisation
- Understand what they want and knowing what they don’t want
- Knowing what drives and motivates stakeholder decision-making
- Understanding the differences in style and knowing how to adapt to them
- Skillfully manage the individual agendas , whilst also maintaining an overall coherent stakeholder group
Stakeholder engagement in Further Education, is more important than ever before. Given the pace of change demanded by the Government, sector reforms, funding cuts and the change in lender appetite, effective stakeholder engagement should be top of the FE priority list. Our strong links with the ESFA, the Transaction Unit and the Banks, together with our restructuring expertise puts De Novo in a unique position to add value in this area.
If you have any concerns about the financial health of your business, college or organisation; please contact us for a no obligation conversation.
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