A Matter of Trust by Paul Kofman & Clare Payne

Author:Paul Kofman & Clare Payne
Language: eng
Format: epub
ISBN: 9780522871715
Publisher: Melbourne University Publishing
Published: 2017-03-14T04:00:00+00:00

THE LANGUAGE OF STAKEHOLDER ENGAGEMENT

As stakeholder engagement becomes an expected, routine business practice across the finance sector, it is important for individuals with such a responsibility to consider how to effectively communicate with different individuals and groups. Customers, for example, as one of these stakeholder groups, will invariably come from different parts of the community, and have differing levels of competency in English and varying levels of financial literacy. So the approach and language regarded as appropriate to communicate with these different groups will vary. In particular, those managing the process should be aware of the impact of language selection on the ability to effectively engage and thus determine and understand the wants, interests and needs of the stakeholders.

According to an article by Raymond MacKenzie, professor of English at the University of Saint Thomas in Minnesota, the language chosen to communicate with stakeholders either helps to forge bonds of community or it erodes community, infecting it with a generalised distrust that can even metastasise into open conflict.37

Dr Mark Shaw, a radiation oncologist with the Peter MacCallum Cancer Centre in Melbourne, attended a community engagement forum held so he and other residents could respond to a building proposal for the area. As the developer talked of ‘meeting minimum regulations’ and ‘not breaching any standards’, Dr Shaw felt compelled to stand up when given the opportunity to speak. He said, ‘I’m a cancer doctor, and if you became a patient of mine tomorrow and came to my room at the hospital for an appointment and I said to you, “I will provide you with the minimum care I am required to”, would you think that was enough?’ The developer’s choice of language to explain their decision-making might have been appropriate for a report to an internal audit department or peers in the industry. However, communicated to a group of concerned members of the community, it only served to isolate rather than engage this important group of stakeholders.

Businesses, particularly those in the finance sector, have become increasingly aware of the ease with which customers can voice their concerns and dissatisfaction through the use of social media. Consumers, activists and even employees can take immediate, direct action when they believe decisions are unfair or unethical. This development places even more importance on having a considered process for stakeholder engagement.

Effective stakeholder engagement can lead to higher-quality decision-making; improve risk-management practices by allowing risks to be identified and considered earlier, thereby reducing future costs; and, importantly, ensure that products and services actually meet customer needs. Therefore, the attention being given to each aspect of the process, including the language used, should be monitored to ensure that trust is built rather than jeopardised.

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