Yale Introduces Program on Stakeholder Management

The Yale of School of Management has launched a program to advance stakeholder management research, education, and practice.

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A Focus on Implementation
Developed As a Result of CEO Interviews

The mission of the Yale School of Management Program on Stakeholder Innovation and Management is to “develop new thinking that helps leaders become expert in creating long-term value for the stakeholders who matter to the success of their organizations.”

Click here for a three-minute video with faculty about the program. The faculty clearly states that there is no need to prove the economics of stakeholder management. The focus now must be on implementation, they say.

A Focus on Implementation

According to the announcement, “New generations expect more from the companies they work for, buy from, invest in, and permit to operate in their

communities. In response, businesses are broadening their value creation for a range of stakeholders and for their own competitive differentiation. This shift in business purpose requires innovation—in products, processes, policies—that can enhance the long-term success of both business and society.” The program will help to identify what skills and tools are needed to navigate competing stakeholder agendas. The stated approach of the program is to:

Support “relevant academic research into how businesses manage and engage stakeholders.
Develop “a robust set of case studies to be used in business classes around the world.”
Infuse “principles and practices of stakeholder innovation and management into education for students, executives, and entrepreneurs.”
Convene “faculty, students, and leaders from all sectors to advance how business leaders can improve practice and increase the long-term value of their enterprises."

All intellectual capital developed by the program will be made freely available, according to the school. The new school is convening a meeting of stakeholder management scholars in an April meeting to map out the road ahead for the program.

Developed As a Result of CEO Interviews

Explaining the genesis of the program in an interview, Adria Boyle, Director of the program, explains that the idea arose around the time of social unrest in the late 2010s and the pandemic, following inquiries made to CEOs by Jon Iwata, a program Practice Leader.

The program is developing case studies that illustrate all aspects of stakeholder innovation and management, she says, suggesting that there is interest in understanding how different tactics and tools influence outcomes. Key points in the video:

*In the traditional world, the purpose of a corporation is to maximize shareholder returns. Stakeholder capitalists—and there are many words for it—smart capitalism, conscious capitalism for instance—the general idea is that you also have to create value for other stakeholders. These are employees, the environment, the communities, and of course, investors and customers.

*There’s no longer any need to prove the economic benefits of stakeholder capitalism.

*There's a strong demand for this type of program that looks at these issues in a disciplined way. The program brings together leaders from all different areas, from finance, marketing operations, to economics. What is missing? A roadmap.

The ultimate goal is to provide the changes in thinking, frameworks, and tools that leading companies end up using as a consequence of what the program is doing. That includes training leaders across all spheres and sectors. What is needed to be really good at it.

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