Overview

Managers of multinational organizations are struggling to win the strategic competition for the hearts and minds of external stakeholders. These stakeholders differ fundamentally in their worldview, their understanding of the market economy and their aspirations and fears for the future. Their collective opinions of managers and corporations will shape the competitive landscape of the global economy and have serious consequences for businesses that fail to meet their expectations. This important new book argues that the strategic management of relationships with external stakeholders - what the author calls Corporate Diplomacy - is not just canny PR, but creates real and lasting business value. Using a mix of colourful examples, practically relevant tools and considered perspectives, the book hones in on a fundamental challenge that managers of multinational corporations face as they strive to compete in the 21st century. As falling communication costs shrink, the distance between external stakeholders, shareholder value is increasingly created and protected through a strategic integration of the external-stakeholder-facing functions. These include government affairs, stakeholder relations, sustainability, enterprise risk management, community relations and corporate communications. Through such integration, the place where business, politics and society intersect need not be a source of nasty surprises or unexpected expenses. Most of the firms profiled in the book are now at the frontier of corporate diplomacy. But they didn't start there. Many of them were motivated by past failings. They fell into conflicts with critical stakeholders - politicians, communities, NGO staffers, or activists - and they suffered. They experienced delays or disruptions to their operations, higher costs, angry customers, or thwarted attempts at expansion. Eventually, the managers of these companies developed smarter strategies for stakeholder engagement. They became corporate diplomats. The book draws on their experiences to take the reader to the forefront of stakeholder engagement and to highlight the six elements of corprate diplomacy.

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9781783530564

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Reviews

A masterful template for how to run a successful corporate affairs department in pursuit of a 'social licence to operate'. -- Adrian Henriques In a world of viral digital media, external stakeholders can dramatically influence corporate reputations, dramatically impacting shareholder value. In his informative new book, Corporate Diplomacy, author Witold Henisz - Deloitte & Touche Professor of Management at The University of Pennsylvania's Wharton School - outlines the competitive need for a strategic integration of stakeholder-facing functions, to create value for society as well as shareholders. In the book, Henisz highlights six elements of corporate diplomacy. He uses a series of case studies to illustrate the challenges facing corporate stakeholder-engagement practitioners, whose value is often underappreciated, and offers helpful tools and guidance for how practitioners can bolster their influence and better communicate their value in bottom-line numbers. The world needs corporate diplomats now, more than ever, to build the bridges needed to harness market forces that can drive systemic, positive change. Relationships do matter. Companies that excel in prioritizing the right strategic relationships and nurturing them well, will more likely win in a competitive marketplace At Future 500 - where we practice stakeholder engagement between corporations and NGOs and the right and the left - Henisz's book captures immense wisdom, balancing a scientific, analytical approach with an understanding of the importance of behavioral dynamics. -- Erik Wohlgemuth, COO of Future 500 Sustainable Brands The author Witold J. Henisz has included myriad perspectives and experiences of industry practitioners in this book. It is a useful guide on how to manage the collective opinion of external stakeholders in a business and will be of interest to senior and middle management professionals interested in influencing the opinions of stakeholders and looking to learn from shared experiences. The book provides a practical approach to managing stakeholders' opinions in an organisation. The introductory chapter has an interesting case study of an American firm that decides to enter Georgia- a country grappling with multiple issues. The author has used this case to epitomize the challenges faced by high profile multinational companies. With this background, he has given his interpretation of how to assimilate different stakeholder engagement in an organisation in order to minimize failures and lead a company to sustained growth. The corporate diplomacy framework in the book integrates various management functions and gives corporate diplomats tools to increase their effectiveness and status within their companies. It describes the how to of winning hearts and minds of a mostly detached set of stakeholders, proactive reputation building and reactive reputation management and repair. The captivating stories of corporate success and failures make the book an interesting read. It concludes with the author's own list of twelve common traps that hinder the development of desired level of capability. In short, Witold J. Henisz has given a fascinating and fresh insight into smart stakeholder engagement by managing the analytical and behavioural elements of diplomacy. -- Sasmita Maurya CSR International Book Review Digest A useful guide on how to manage the collective opinion of external stakeholders in a business... In short, Witold J. Henisz has given a fascinating and fresh insight into smart stakeholder engagement by managing the analytical and behavioural elements of diplomacy. -- Sasmita Maurya CSR International Book Review Digest

A useful guide on how to manage the collective opinion of external stakeholders in a business... In short, Witold J. Henisz has given a fascinating and fresh insight into smart stakeholder engagement by managing the analytical and behavioural elements of diplomacy. -- Sasmita Maurya CSR International Book Review Digest A masterful template for how to run a successful corporate affairs department in pursuit of a 'social licence to operate'. -- Adrian Henriques

Author Information

WITOLD J. HENISZ is the Deloitte & Touche Professor of Management in Honor of Russell E. Palmer, former Managing Director at The Wharton School of The University of Pennsylvania.

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