Companies carry out stakeholder analysis and encourage employee risk-taking initiatives, which lead to innovation. To make your project stakeholders happy, one must first identify the stakeholders, and who needs to know what, and when. It is essential to identify and analyze and then map your stakeholders according to their involvement, emotional and financial investment, and other criteria related to your project. Change initiatives are also essential considerations when carrying out a stakeholder analysis. A stakeholder analysis should begin with a brainstorming session with the project group, including the senior leadership of your company if desired. One can whiteboard all the people who may be affected by the project while the project manager is working on it. Once one identifies the larger pool of stakeholders, he can begin to align them to their level of interest and involvement. Stakeholder analysis and employee risk-taking initiatives allow a company to become successful.
EMPLOYEE RISK-TAKING INITIATIVES AND PROMOTING INNOVATION
We often hear that while the risk-taking value in innovation exists, it’s challenging to change people’s behaviors to embrace risk-taking and change initiatives. We consider innovation as a journey of change over time, and like any change, it’s essential to bring people along the journey. There is the consideration that the journey has three parts: gain trust, demonstrate change, and sustain change. One of the biggest reasons for risk avoidance is uncertainty. Stakeholder analysis and employee risk-taking initiatives are necessary for innovation to take place. Managers can help employees see past uncertainty by creating a series of proof points. One can create the prototype, engage employees in crowdsourcing, or co-create a concept with a single customer. Making innovation visible and tangible removes the unknown, and therefore the perception of too much risk. Employee risk-taking initiatives promote innovation for many companies.
CHANGE INITIATIVES AND AGILE WORKPLACES
Stakeholder analysis and employee risk-taking initiatives are essential in changing an organization’s culture. Change is a fact of life in businesses today. It can be difficult, and people often resist it. But to develop an agile workplace culture, organizations should follow a systematic approach to managing significant change. Organizational leaders must identify and respond quickly to market changes and unexpected challenges, but most are not in a position to create an agile culture. A stakeholder analysis can assist in developing an agile workplace culture. Companies that consistently outperform competitors in profitability, market share, revenue growth, and customer satisfaction reported much higher agility than lower performers. Significant changes can affect organizations across all levels. Many corporate leaders have concluded that failing to manage employees through change can be costly. As change initiatives have become more frequent and widespread, the importance of managing individuals through change has gained credence.