A framework for stakeholder management ecosystem

• Published in: American journal of business Vol. 37; no. 2; pp. 76 - 88
• Main Authors: Tarode, Sanchal, Shrivastava, Sanjeev
• Format: Journal Article
• Language: English
• Published: Bingley Emerald Publishing Limited 02.05.2022; Emerald Group Publishing Limited
• Subjects: Project management; Stakeholder management; Stakeholders; Success; Strategic management; Organization management; Business strategy; Stakeholder management; Project management; Stakeholder engagement
• ISSN: 1935-5181; 1935-519X; 1935-5181
• DOI: 10.1108/AJB-01-2020-0003

PurposeThe 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/approachA 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.FindingsThe 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 implicationsThe 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 implicationsThe 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/valueThe 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.