The Group Managing Director of Dangote Industries Limited, Olakunle Alake, has hinged success of business organisations on the adoption and implementation of effective stakeholders’ management strategies.
Speaking on ‘Stakeholder Management: The CEO’s Role’, at the Global CEO-Africa Programme, a collaboration by the Lagos Business school, IESE Business School, Barcelona and Strathmore University, Nairobi on Friday, Alake identified effective management of all stakeholders as a critical factor to achieving an organisation’s aims on the global business landscape.
READ ALSO: UPDATED: Seven confirmed dead as military plane crashes in Abuja
He urged CEOs who are determined to succeed to as a matter of urgency identify stakeholders who are critical to the success of the organisation and start engaging them.
Alake listed these stakeholders to include: owners/investors, government officials, regulatory bodies, consumers, staff, distributors, and host communities.
The Dangote Group helmsman, while tasking the CEOs, said, “Put together a team to handle stakeholder relations; the team should include people with adequate international exposure and people with local exposure. Also, determine and know what the critical stakeholders want; and, more importantly, know what they do not want.
“Most importantly, you must be seen to align with local policies, and the country’s aspirations. This builds a healthy relationship as well as provides a feedback mechanism. It also provides market intelligence. Also, constantly interact with your stakeholders.”
-Advertisement-
He defined stakeholder management as the process of organising, monitoring, managing and improving relationships with people who have vested interest in the business or organisation.
“Stakeholders have vested interest in the organisations as they depend on them to fulfill their personal goals. Staff depend on business organisations for their wages; suppliers for businesses and contracts; communities for life-changing projects, and government agencies for taxes and revenues”, he added.
Speaking on how the Dangote Group has been able to manage both internal and external stakeholders across Africa, Alake explained that the company consistently interfaces with stakeholders across diverse cultural backgrounds in all its areas of operation.
He advised CEOs to expect diversity in regulations in their efforts to manage stakeholders.
We do everything possible to supply quality news and information to all our valuable readers day in, day out and we are committed to keep doing this.
Your kind donation will help our continuous research efforts.
-Advertisement-
-Want to get the news as it breaks?-
