5 Stakeholders You Need to Engage with When Applying Change Within a Company

Change within a company won’t succeed if the only people involved are members of the leadership team. Instead, when you’re preparing to apply change within a company, engaging with the right stakeholders is essential to ensure success. Through stakeholder engagement, you gain powerful insights. Plus, it creates opportunities to address concerns early, leading to faster buy-in. If you’re not sure where to begin, here’s a look at five stakeholders to start with, as well as how to engage with them.

When Managing Change – These are 5 Stakeholders You Need to Engage

In many cases, a change potentially impacts more than five stakeholders. However, certain ones are almost universally affected. As a result, engaging with those stakeholders is essential, ensuring you can gather needed information and secure high-value buy-in.

Here is a list of the five stakeholders you need to engage when applying change within a company:

1. Employees

2. Customers

3. Shareholders

4. Regulatory Agencies

5. Community Members

Each of those stakeholders has a unique perspective on the organization. They may have varying opinions regarding what success looks like for the company, and taking them into consideration is wise. Additionally, each group will feel the effects of the change differently. By accounting for that, you can ensure that you address the varying impacts properly with every group, giving them a chance to prepare and adapt with greater ease.   Ideally, you want to engage with those groups as early as possible, preferably during the planning process. That way, they’re involved from the beginning, ensuring you can incorporate their insights before moving forward.

How to Engage with Stakeholders

As you prepare to implement a change, engaging with stakeholders is vital to your success. Often, your first step is to communicate openly, honestly, and frequently. Let the stakeholders know about your broader vision and how the change supports critical company goals. Additionally, reach out for input, ensuring you can address questions and concerns as they arise, as well as limit the spread of rumors or inaccuracies. It’s also wise to get key stakeholders involved in the change process. Request representatives from each stakeholder group. Not only does that give everyone a clear point of contact for their thoughts and ideas, but it also creates a source for information that understands the unique perspective of every group of stakeholders. By involving employees specifically, you can give them a sense of ownership over the change. Make sure your impacted workforce all understand how they fit into the new picture and how their efforts will further company goals. Additionally, let them know how they’re positively affecting business outcomes, giving them feedback that makes them feel seen and appreciated. By doing so, you can increase buy-in, as well as generate positive word-of-mouth among your staff. Throughout the process, keep your core message consistent. Additionally, make sure stakeholders understand how their input plays a role in any decisions and the impact they’re having on the company’s success. That way, they’re more likely to feel heard and valued, increasing buy-in and outside support.

Will You Need New Training to Support Organizational Change?

At Clarity, we have nearly 30 years of experience in L&D, giving us the knowledge and expertise to update your coursework efficiently. Plus, if you’re trying to expand your internal L&D team, Clarity can be your candidate search ally, connecting you with top talent right when you need them. If you want to partner with leading L&D professionals, Clarity Consultants is here. Contact us today.