JOURNAL ARTICLE

How to Create a Stakeholder Strategy.

  • Published In: Harvard Business Review, 2023, v. 101, n. 3. P. 62 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Rigby, Darrell; First, Zach; O'Keeffe, Dunigan 3 of 3

Abstract

The article focuses on how companies can use data-driven approaches to develop, measure, and implement stakeholder strategies that create long-term value for all stakeholders—including customers, employees, suppliers, communities, and shareholders—rather than prioritizing shareholders alone. It highlights that improved data availability and standardized metrics from organizations like the Drucker Institute and Just Capital demonstrate that companies excelling in stakeholder value creation also achieve strong shareholder returns. Using a composite example of a medical equipment firm, the article outlines a three-step process: understanding external ratings, creating a tailored stakeholder strategy based on interdependencies and company priorities, and building organizational systems to sustain the strategy over time. The article concludes that stakeholder-focused strategies, supported by rigorous data and integrated into company culture and processes, can enhance business resilience and long-term success.

Additional Information

  • Source:Harvard Business Review. 2023/05, Vol. 101, Issue 3, p62
  • Document Type:Article
  • Subject Area:Social Sciences and Humanities
  • Publication Date:2023
  • ISSN:0017-8012
  • Accession Number:162966650
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