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Business & Management

7 Essential Stakeholder Management Skills for the Future

Every organisation needs a capable leader to guide its team to success.



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Leaders must engage, innovate, collaborate and reflect to be a strong asset in their workplace. 

Let's explore the evolving role of a manager and the teachable skills that modern leaders need to achieve better outcomes for themselves, their teams and the organisations they work for.

How the role of a manager is changing

As we usher in the era of artificial intelligence (AI), machine learning and remote workspaces, many aspects of the managerial role are changing.

Where a leader once directed, they must now instruct, and where they once controlled, they must now collaborate instead. The responsibilities that machines are unable to fulfil – such as inspiring, leading and creating – remain in the hands of capable leaders.

Management theorist and mining executive Henri Fayol once suggested five key management functions: planning, staffing, organising, directing and controlling. Although accurate when it was theorised, the traits we would consider management material today are pretty different.

Tanya Abbey is the CEO of the full-service recruitment agency Recruitment Corp and understands that management and leadership roles are constantly evolving.

“Managers need to be more mindful today,” she says. “The role of a manager has changed so much. It’s now a more collaborative and inclusive role rather than just being in control.”

Others share her sentiments. In Delivering for Tomorrow: APS Workforce Strategy 2025, the APS identifies leadership qualities as inspiring and energising employees. They invite their leaders to encourage staff to innovate and collaborate to reach future goals. As the Australian skills shortage shows, our demand for competent leaders like these has never been greater.

What skills should a manager have? The 7 key abilities

Learning how to be a people manager has evolved from a position of control and direction to inclusion, collaboration and innovation.

Effective managers in the future will have long-term leadership competencies like conflict management skills and strategic planning. But they’ll also have modern ones that focus on interpersonal skills and leadership. With an MBA, you’ll become proficient in both areas.

So, what skills should a manager have, and how can they elevate their existing capabilities? Below, we look at the seven key traits that leaders must possess to make it in both today's and tomorrow’s world of work.

1. Building diverse relationships

As one of the most critical stakeholder management skills, a leader must know how to develop and nurture relationships in order to be proficient. Not just with external clients and customers but with employees as well.

“Management is about understanding how to manage people differently, learning what drives them and being an effective communicator,” Tanya explains. Interpersonal skills like these are a common feature in jobs that won’t be automated in the future.

2. Overcoming imposter syndrome

The belief that you’re not worthy of or even suitable for the position you’re in can manifest with symptoms of stress, anxiety and depression. According to the American Psychological Association, up to 82 per cent of people have experienced imposter syndrome, and it’s more common in underrepresented minorities.

If you’re struggling with imposter syndrome, you need to challenge the narrative you’re buying into. When these thoughts arrive, make sure you stick to the facts and reflect on the expectations you have set for yourself. Sharing how you feel and seeking out a mentor can also help you gain perspective and reframing these thoughts.

However, imposter syndrome is not all bad. Acknowledging that you don’t know everything can lead to further learning opportunities and growth. The key is having a healthy dose of self-doubt that won’t negatively affect your mental wellbeing.

3. Fostering inclusivity and open communication

The role of a manager is changing, and it’s no longer about being in a dominant position and controlling what your employees do. Collaboration, idea sharing, equality and open communication are necessary if your goal is to become a better manager.

“Never overlook the importance of cohesiveness and inclusivity with your team,” Tanya says. “Spend time engaging with your staff to get everyone on board with your vision.”

4. Developing self-awareness through feedback

A good manager must be as aware of their own performance and behaviours as they are of their employees. A critical management skill in the future of work is asking for and implementing feedback from the people you work with. This objective view of your strengths and weaknesses can increase your self-awareness and push you towards improvement.

5. Being able to weather change

According to the World Economic Forum’s Future of Jobs 2025 Report, crucial human-centred skills today include flexibility, resilience and agility. Thanks to your leadership, change management skills will ensure that your organisation stays ahead of the trends and is able to deal with change and crises when they occur.

6. Demonstrating vulnerability

Showing vulnerability has not always been an admirable leadership trait. But today, it’s an asset. Vulnerable leaders can admit to their mistakes, share emotions and thoughts, ask for help and admit that they are not all-knowing.

A leader who demonstrates vulnerability will likely encourage employees to do the same, resulting in an organisation that takes risks, innovates, learns and grows.

7. Delivering bespoke management

Tanya uses the term ‘bespoke management’ to discuss a management style that looks at every employee as an individual.

“Managers need to understand that everyone is managed differently. You should never be assumptive with your management style.”

This focus on bespoke management can help propel teams to better outcomes by considering the needs of individuals and the whole organisation.

Becoming a better manager: How an MBA can help

As a leader, your stakeholder management skills need to continually expand. Discover how to be a better manager with an MBA and improve your leadership capabilities with these practical tips.

Immediately apply what you learn

Your development as a manager doesn’t end when you earn an MBA. “The MBA gives a good overview of how to manage, but you have to make an effort to apply the knowledge practically as well,” says Tanya. By applying the teachings immediately and consistently, they will be more effective.

Think like an entrepreneur

It’s vital for a modern leader to have an entrepreneurial spirit. It allows them to innovate, think outside the box and embrace learning and development opportunities – like studying an MBA. Don’t be afraid to take risks, experiment with new ideas and challenge your traditional thinking.

Build a network

Pursuing an MBA gives you a unique opportunity to connect with knowledgeable leaders and professionals from other industries. Use the learning experience to build a network and gain access to the insight and expertise that other managers can share.

Seize other learning opportunities

Tanya sees an MBA as a solid foundation for building management skills, but it’s not the only platform. “Good leaders aren’t born, but they lay dormant until they’re made. Look for ways to improve and evolve, like having a professional mentor, undertaking further studies or asking for feedback on your management style.”

Many MBA programs offer specific units that are relevant to stakeholder management. For example, The University of Sydney’s MBA contains the Influencing Skills for Stakeholder Engagement elective unit, which explores power dynamics, human behaviour and decision-making processes. You will learn various strategies and methods to exert influence in the business context.

The University of New England’s online MBA course offers the Communication for Professionals unit. In this unit, you will gain an understanding of theories and principles of effective communication within an organisation. You will also explore the ethical, emotional and relational facets of communication as well as the dynamics of organisational culture, which is highly relevant in the realm of stakeholder management.

One of the core units of the University of Newcastle’s online MBA program is Leadership in Contemporary Organisations. This unit examines diverse leadership styles and behaviours in the context of modern organisations. Some of the topics you will cover in this course include team dynamics, transformational approaches, ethical leadership, emotional intelligence and crisis management.

Below are a few examples of MBA programs with units related to stakeholder management.

Master of Business Administration
Master of Business Administration

The part-time Master of Business Administration (MBA) is purpose-built to unlock your personal and professional ambitions and refine your leadership skills.

This postgraduate coursework degree will develop your leadership, communication and critical thinking skills, and prepare you for applying these skills in the complex global business environment.

Master's 2.5 years 12 Units
Units
  • Leadership Practice and Development
  • Strategies for Growth
  • Financial Management
  • Critical Analysis and Thought Leadership
  • Managing People and Organisations
  • Managing in a Digital World
  • Business Transformation Through Analytics and AI
  • Design-led Strategy: MBA Capstone
  • Plus Electives
Master of Business Administration
Master of Business Administration

The Master of Business Administration (MBA) is an essential qualification that prepares leaders to perform at a high level in any industry. UNE's MBA will expand your professional skills and knowledge, building on your experience to allow you to achieve your career goals and add significant value to your organisation.

The university's MBA will challenge you to think in new ways and encourage you to apply that learning immediately. From day one, you will be testing your knowledge against the real world, integrating it into your thinking and becoming a more effective and adaptable manager.

Master's 24 months 12 Units
Units
  • Advanced Organisational Behaviour
  • Marketing Management
  • Management Practices in Responsible Organisations
  • Strategic Management Research Project
  • Navigating Organisational Complexity
  • Business Ethics, CSR and Sustainability
  • Management of Change
  • Plus Electives
Master of Business Administration (MBA)
Master of Business Administration (MBA)

The Master of Business Administration program is designed to provide students with a range of analytical, strategic, and leadership skills that will prepare them for increasingly competitive careers in business management in the corporate and public sectors.

The program offers a grounding in fundamental business areas such as accounting, organisational behaviour, marketing and management. Analytic and problem-solving skills are emphasised through an applied understanding of the theoretical framework within which today’s managers must operate, as well as the acquisition of practical skills in teamwork, writing, presentation and time management. The ability to cope with rapid organisational and technological change is developed through an understanding of organisational behaviour, information systems and organisational change and development.

Master's 18 months 12 Units
Units
  • Organisational Behaviour and Design
  • Marketing Management and Planning
  • Strategic Management
  • Financial and Management Accounting
  • Corporate Governance and Social Responsibility
  • Leadership in Contemporary Organisations
  • Plus Electives
Master of Business Administration
Master of Business Administration

Developed in line with global best practices, the Melbourne Business School Online Master of Business Administration (MBA) has a rigorous and comprehensive offering of subjects that will prepare you for important and demanding careers, both domestically and internationally.

Supported by the best in business and connected to a network of like-minded professionals, the online MBA program prepares you to ignite ideas, lead organisations and meet change head-on.

Master's 3 years 18 Units
Units
  • Business Foundation for Managers
  • Data Analytics for Decision Making
  • Leadership in a Changing World (half subject)
  • Ethics for Manager (half subject)
  • Financial Accounting
  • Managerial Economics
  • Finance
  • Marketing
  • Brand Management
  • Operations
  • Managing People
  • Strategic Management
  • Current Business Issues
  • Implementing Strategy
  • Managing in a Global Environment
  • Negotiations
  • Mergers and Acquisition
  • Analytical Decision Making and Optimisation
  • Capstone (half subject)
Master of Business Administration
Master of Business Administration

While completing an MBA at Griffith University, students study courses in sustainability, accounting and reporting, finance, people management, strategy and innovation and managing change through responsible leadership. Through study, you will be equipped with an understanding of the key functional areas within a business and the challenges facing businesses.

Master's 18 months 12 Units
Units
  • Sustainability and Systems Thinking
  • Marketing for a Better World
  • Finance for Responsible Value Creation
  • Accounting for Accountability
  • Economics for a Sustainable Future
  • Developing Values-based Leadership
  • Leading for Sustainable People Outcomes
  • Strategy for Purpose
  • Plus Electives

Become a better leader with an MBA

An MBA can teach the skills that will help you become an effective leader today and future-proof your career for tomorrow. The program covers the fundamentals of management and leadership in a flexible format so that you won’t have to sacrifice your career. As an aspiring or existing leader, you can explore various MBA courses in Australia to get started.