[MUSIC] We've begun to think about stakeholders and stakeholder management. And we're going to look at the framework offered by Mendelow, who forwarded a series of techniques in how to manage the expectations of your key stakeholders, of which we've already discovered that there are many. And what reality says, is that you can't spend all of your time on all of your stakeholders, at the same time, simply because it's impossible. So, therefore, there needs to be an element of prioritization. And what Mendelow suggested is that you could actually plot on a grid all your stakeholders as determined by, at that moment in time, their level of power and their level of interest. What that then enables you to do is to compartmentalize all your key stakeholders in terms of whether, at that moment in time, you see them as stakeholders where you would give minimum effort. Where you would look to keep satisfied, whether you look to keep them informed, or whether they are key players. Now remember, as we've just said, this is a snapshot at a moment in time, which means the whole grid is always going to be dynamic. But, quite clearly, those stakeholders which you plot in as being your key stakeholders, are the ones with which you need to give the most attention to at that moment in time. How that then works is you would need to be on an ongoing basis aware of all of your key stakeholders' expectations, their priorities and their agendas relative to their degree of power and relative to their degree of interest in an organization. So examples of key players could be if you're an organization that is just about to undergo an external audit, then quite clearly those auditors are going to be key players because everybody will have a vested interest in making sure that audit goes to plan. If for example you are on your organization is on a recruitment drive, then key players could be recruitment consultancies. It could be the local community if the local community is a big provider of employees for your organization. If, for example, either good news or perhaps not so good news has gone out into the media, and that needs to be managed. Then the media would become a key player. So, Mendelow's framework gives you the opportunity to pause to think about who your key stakeholders are, external, internal or a combination of both. And relative to their amount of power at that moment in time and their perceived level of interest in your organization's performance, you can categorize them into those four areas. So minimal effort, keep informed, keep satisfied, or being key players. And it's on the key players part that most attention would normally be given, why? Because in that moment in time, that's where you've identified those key stakeholders who have that priority level of interest and also have that greatest degree of power at that particular moment. As we have said though, like all frameworks they are snapshots at a particular moment. Change is inevitable, change is relentless, so a Mendelow stakeholder grid completed this morning, by lunchtime could very well be in a different place. [MUSIC]