Magic in the Room #35 – Balancing Stakeholders

Who are our stakeholders? Why do they matter? In this episode, Luke, Chris, and Hannah explore these and other questions about facilitating change. Transformational change often requires a coalition of stakeholders that are united by a common good or shared purpose. Forming and sustaining an effective coalition requires a courageous leader capable of earning the trust and respect of a diverse group of stakeholders.

What is the first thing that comes to mind when asked who or what is the stakeholder? Luke immediately thinks of someone who has a stake in something that’s happening or impacted by a change. When leading a project, Luke focuses on making the lives of those affected by the changes he implements to be better, not worse. Thinking about unintended consequences and identifying the stakeholders who will be impacted is crucial to its success.

Behaving in an unintentional way will produce unintentional results. This is just one of many reasons why Chris is intentional with anyone that could be influenced by his behavior. Whether it be the environment, the business ecosystem, or somebody on his team, he would qualify anyone as a stakeholder if they are affected by his actions and behaviors.

When Hannah thinks about stakeholders, she focuses on the relationship with everybody interested in something. Hannah relates the success of the Magic In The Room podcast to a collective group of stakeholders. She classes each of the hosts as a stakeholder in the show. But Hannah also explains why all of the listeners are essential stakeholders.

On the subject of recognition and its role in balancing stakeholders, Hannah also reflects on Brené Brown’s book Dare to Lead, which features a quote from Teddy Roosevelt’s man in the arena speech.

“It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at best knows, in the end, the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly.”

Hannah explores our relationship with power and asks how we balance profit shareholder value and creating meaning for the people in our teams? Ultimately, it’s about focusing on our purpose, which has to be something greater than creating shareholder value. Chris also speaks about the importance of learning how to have an inclusive relationship and engaging with stakeholders in a meaningful way.

Finally, Luke speaks of the importance of being inclusive and accepting different perspectives. Balancing stakeholders is just one area of the EQ spectrum that your hosts have explored. If you would like to learn more about earning the trust and respect of a diverse group of stakeholders or any of our recent conversations, send us a message and share your story with Hannah, Luke, and Chris.

Watch the full episode on YouTube!

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