Stakeholder Wheel
Introduction
Stakeholder Wheel is used to identify the stakeholders that are internal to the organisations as well as external. It helps as a check list to identify and categorise the stakeholders under eight generic categories.
- Owners - Internal stakeholders(eg., founders, chairpersons, directors)
- Managers - Internal stakeholders(eg., CXOs, executives and managers)
- Employees - Internal stakeholders(eg., staff, teams, departments, groups)
- Competitors - External stakeholders(eg., in the same or other industry/market)
- Customers - External stakeholders(eg., buyers and users of products/services)
- Partners - External stakeholders(eg., alliances and partner organisations)
- Suppliers - External stakeholders(eg., vendors who supply raw materials,parts)
- Regulators - External stakeholders (eg., regulating and governing bodies)
By using the stakeholder wheel, we can identify and define the roles of most of the key stakeholders for the initiative/project/program. To identify the stakeholders, use the definition of stakeholder as a yardstick - "anyone who has an interest in, or may be affected by, the issue under consideration".
Identify and define the roles of key stakeholders who/which has an interest with the initiative/project/program.
Senior management, Executives, Board of directors, Strategy consultants, Analysts
Stakeholder identification paves the path for further analysis to help with planning of effective stakeholder engagement.
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