Engaging Stakeholders During Transition
Nov 26, 2024
- by Sophie Pinkoski
A CEO's work goes beyond their internal relationship with your board and team. It requires responding to your external audience as well. Your organization’s stakeholders cover a wide range of different groups, with their own interests and priorities. Part of the job of a CEO is to get to know them well, while identifying who takes highest priority within your transition. Your internal stakeholders may be more accessible to you, but external stakeholders will offer insightful perspectives on the organization’s biggest challenges that require addressing during the early part of your tenure. These groups can include the community, government, funders, and sponsors. Each will have their own, sometimes conflicting, priorities. With your limited time and resources, it’s important to remember you can’t make everyone happy. You will have to decide who has the biggest influence on the organization and who is most invested.
If you are an external hire with no prior knowledge of the organization, it will take time and careful work to get to know your organization’s stakeholders.
Your board chair, executives, or other team members will be your point of contact, who knows your stakeholders well.
They will have the appropriate context you need to go into meetings with the highest priority stakeholders. Having this crucial information in hand will ensure you know the exact talking points needed to keep these stakeholders invested throughout your organization’s transition. In such a period of uncertainty, your stakeholders want to be reassured that the organization is in capable hands during its state of flux and that their interests are top of mind. You can do so by engaging regularly with your various stakeholders.
Here are ways to maintain long-term stakeholder engagement:
Get to know your stakeholders––It’s tempting to jump right into communication with your stakeholders, but like any leadership communication strategy, it requires careful thought and research to get it right. First, you must identify your highest priority stakeholders. Who are they? What are their interests and preferences, and how has their history with the organization shaped them? You can map out this information by creating stakeholder profiles, where they can be ranked according to importance.
Don’t try to take on multiple projects to please everyone– this is a quick way to burn yourself out.
Pick three to five projects that align with your biggest stakeholder priorities that align with the organization's strategy and operating needs. This way, you can focus on realistic and achievable initiatives that align.
Meet your stakeholders where they’re at––Each of your stakeholders will have different preferences when it comes to communication. By tailoring your communications strategy to each group, you’re able to meet them where they’re at. That means using their language and preferred communication methods. Alongside this, each stakeholder group requires different levels of transparency. Some need regular updates, while others may be on a need-to-know basis. It’s important to consider what information is appropriate to share when and with whom.
The key is to stay consistent with your communications with each group.
If you send out regular, reliable updates in ways that are accessible to each specific stakeholder group, they will see that you are dependable and authentic. Over time, you can adjust your communications strategy according to what they’ve responded to best.
Build trust within the community––The community your organization serves is going to be one of the most significant stakeholder groups to tap into when it comes to building transition strategy. Going out into the community and taking the time to listen to key members can help shape strategy to best reflect your end-users' needs. Speaking to community members directly can dispel any miscommunication and aid in understanding of your organization’s purpose. Addressing their concerns shows that you’re paying attention, and that their opinions matter. You ensure that they feel heard.
Your external stakeholders know what they want and can offer valuable insights into necessary change for your organization. The relationship you build with your stakeholders will provide transferable knowledge to help inform the next CEO’s strategy. Maintaining your stakeholders’ trust protects your organization’s bottom line and sets your successor up for success.
Further Reading
How to Manage Your Key Stakeholders as an Interim Manager, Oakwood Resources
8 Stakeholder Engagement Techniques For Successful Interim Management, Alium Partners
Mastering Stakeholder Engagement To Drive Business Success, Forbes
Executives, Let Stakeholders Drive Your Strategy, Harvard Business Review
How CEOs Can Better Keep Stakeholders In The Loop, Forbes
How To Align Your Stakeholders To Make Your Organization More Agile, Forbes
Strategy and Leadership: Maximizing Corporate Value Through Proactive Stakeholder Management, Borealis