Stakeholder identification and communication are major examples of stakeholder engagement. Stakeholder identification involves the process of identifying anyone who has a stake in the company. This includes anyone who will be impacted due to the operations of the company. The objective of this is to ensure that the right stakeholders are effectively consulted and informed about a project prior to its commencement. Stakeholder identification helps in identifying people who should be provided with information relating to a project.
Communication in stakeholder engagement relates to identification of the right channels that a company can use to share information relating to a project. Good communication plan ensures that every stakeholder has adequate information relevant to the project. This leads to success of a project since it encourages stakeholders to align their effort towards a common objective.