By Anayo Okolie and Ayodele Opiah
The Central Bank of Nigeria (CBN) has stated that effective stakeholder and manpower involvement in business would boost both the public and private sectors in Nigeria.
Speaking during the 18th Annual Trainers Clinic of Tom Associates, the bank’s Director, Human Resources Department, Chizoba Mojekwu, said stakeholder involvement was essential in public and private sectors, “because it is a process through which an organisation involves people who may be affected by decisions it makes or can influence the implementation of its decision.”
According to him, “it is particularly important in the context of running an organisation responsibly with a view to being effective, efficient and in meeting the mission of the institution. Our engagement with internal and external stakeholders will determine our effectiveness. It justifies our being accepted as business partner to our various organisations”.
Mojekwu, however, discarded the subtle undertone that employee or stakeholder engagement in the public sector is an ideal that is not strategic enough for one to think through before embarking on it.
Explaining further, he posited that stakeholder engagement was crucially different to stakeholder management, saying that “stakeholder engagement implies a willingness to listen; to discuss issues of interest to stakeholders of the organisation; and the organisation has to be prepared to consider changing what it aims to achieve and how it operates.”
Mojekwu advised organisations to identify those with a legitimate interest in its work and ensure that there is regular and effective communication with them about the organization because it is a distinct and unique construct that consist of cognitive, emotional and behavioural components that are associated with individual role performance.
He added that the key element of sustaining and embedding any innovation is to communicate with stakeholders effectively and engage them as early as possible.
In her brief speech, Chief Operating Officer, Tom Associates, Miss O. Osibogun, identified peoples’ management as the major challenge facing the public and private sectors in Nigeria.
Osibogun said: “People drive the business and if you don’t have the right people, you cannot grow your business. The clinic will give people both in private and public sectors the opportunity to see how other businesses are been run to enable them improve in their service.”