Question

Explain how to develop a plan to leverage Stakeholder diversity, Provide Real world examples

Answer 1

Successful implementation or completion of any project depends on various teams or people who are key contributors or key resources to achieve the common goal i.e. project completion which can fetch good commercial gains to the organization. All the important members who are directly or indirectly associated with the project are called as stakeholder and their management and protection of interest becomes of paramount importance.

There could be multiple ways to leverage the stakeholder’s diversity which can ensure their multidimensional professional growth-

1. Promoting collaboration- Stakeholders should be promoted to have a cross functional team interaction which will give them appropriate exposure and experience in fostering their individual growth.

2. Ensuring work life balance- Sometimes stakeholders are too much stressed, hence ensuring work life balance could be the way to leverage stakeholder’s interest.

3. Ensuring better reward and personal growth- Sometimes, rewarding the deserving stakeholders and personal growth can fetch in good reward for the organization.

There are lots of pharmaceutical companies, where each project involves multiple stakeholders. Sometimes stakeholders start feeling quite monotonous in job profile hence its best to utilize the above promotional tricks which can keep the stakeholders interested in their job profile and can also ensure the growth sustainability. Top pharma companies like Amgen, Pfizer and Biocon are having a structured plan to leverage the potential of stakeholders.