Navigating Your Career: The Importance of Stakeholder Management

Written by May Busch

About the Author

A former COO of Morgan Stanley Europe, May Busch now serves as an executive coach, speaker, advisor, and is an executive-in-residence in ASU’s Office of the President. This article is reprinted with permission from her book “VISIBLE: How to Advance Your Career Without Playing Politics, Selling Your Soul, or Working Yourself into the Ground,” specifically from Chapter 2: Managing Your Stakeholders: Winning Support Without Playing Politics.

Understanding Stakeholders

Stakeholders are the individuals or groups who hold influence over your work and trajectory within your organization. They are instrumental in your career advancement, making it crucial to cultivate their support. However, identifying the right stakeholders may be more complex than it appears. Even the most well-intentioned individuals sometimes overlook key players who can significantly impact their success.

When I was tasked with establishing a new business unit in London for Morgan Stanley, I quickly learned the importance of recognizing and engaging all relevant stakeholders. My initial focus was solely on European bankers, whom I deemed essential for gaining access to corporate clients. Little did I know, I had overlooked other influential groups who would later play a critical role in my success.

Assessing Your Stakeholder Landscape

Armed with a list comprised mainly of bankers, I worked closely with my colleagues in the U.S. to prioritize our targets based on their influence and existing relationships. This method guided my outreach to the 20% of stakeholders likely to yield 80% of the business opportunities. Within 90 days of my arrival in London, I had met with these bankers, feeling confident about the direction of my efforts. It was only later that I realized I had neglected a crucial set of stakeholders: the leadership in sales and trading.

The Crucial Wake-Up Call

One afternoon, my boss called me into his office for a serious conversation. Complaints had surfaced from my counterparts in the sales and trading departments about my lack of engagement. They expressed frustration over my apparent absence from their discussions, leading to rumbles about my contributions. This wake-up call made me realize that while I had been investing my efforts into relationship banking, I hadn’t extended that same courtesy to the sales team.

I was reminded of the 13th fairy in the “Sleeping Beauty” tale. Just like that slighted fairy who cursed the princess for being overlooked, I understood that neglecting this vital group could jeopardize my position within the company. The lesson was clear: having strong connections with relationship bankers was not enough if I ignored other influential stakeholders.

Re-evaluating Your Focus

Take this as a moment to step back and examine your own stakeholder list. Regularly revisiting this list is essential, particularly as projects and roles evolve. Who are the key players you might have missed? Prioritize them based on the present context of your work.

Step 1: Make a List of Key Stakeholders

Start by compiling a list of the top 5–10 individuals who have a vested interest in your work or have the capacity to influence its outcome. These stakeholders can be both internal and external, and their endorsement is vital for your success. Key considerations include:

• Who can approve or halt your project?
• Who can expedite your progress?
• Who could potentially hold you back?
• Who can increase your visibility or recommend you to others?
• Who’s responsible for your compensation and recognition?

Step 2: Map Them Out

Once you have identified your key stakeholders, take a moment to evaluate their significance. It’s crucial to recognize that not all stakeholders are equal. Mapping them out visually can clarify where to allocate your time and resources effectively. This approach allows you to focus your networking efforts strategically.

Building Your Career Toolkit

As you assess your stakeholders, remember this method for future endeavors. It will serve you well whenever you find yourself uncertain about whom you should engage. For a more detailed mapping exercise and additional strategies, refer to Chapter 2 of “VISIBLE: How to Advance Your Career Without Playing Politics, Selling Your Soul, or Working Yourself into the Ground.”

To explore more, you can purchase a copy at thevisiblebook.com.