Stakeholder relations are as old as human civilisation. From early trade to modern business, success has always hinged on our ability to engage, manage, and sustain relationships with those who matter most. Yet, despite its importance, stakeholder relations management remains an underappreciated discipline in corporate South Africa. While some business courses offer stakeholder engagement as a module, very few institutions provide a standalone degree or diploma in this field. This gap poses a significant risk for businesses and professionals alike.

Training is the cornerstone of competency in any profession. Lawyers study law, doctors undergo rigorous medical training, and accountants master financial principles. Similarly, stakeholder relations management requires specialised training to equip professionals with the skills needed to foster trust, manage conflicts, and build sustainable partnerships. Without structured training, stakeholder engagement becomes an ad hoc activity, leading to inconsistencies, reputational risks, and missed opportunities. Organisations must recognise that effective stakeholder relations are not merely about public relations or corporate social responsibility; they are about understanding the expectations, motivations, and concerns of key stakeholders to drive mutual success.

Investing in stakeholder relations training -rises more effectively, builds goodwill, and maintains a strong corporate image. Engaging stakeholders proactively leads to better-informed decisions, reducing resistance to change. Poorly managed stakeholder relationships can result in legal challenges, regulatory backlash, or even operational disruptions. Proper training equips professionals with the skills to pre-emptively address these risks. Companies that invest in stakeholder engagement foster better relationships with employees, communities, and regulators, leading to a more harmonious business environment. Organisations that prioritise stakeholder engagement outperform their peers in sustainability, profitability, and long-term success.

Neglecting stakeholder relations training comes with significant risks. Companies that fail to manage stakeholders properly often find themselves in media scandals, public protests, or regulatory scrutiny. Poor stakeholder engagement can lead to a loss of community and governmental support, negatively affecting operations. Mismanaged stakeholder relations can result in lawsuits, compliance violations, and regulatory fines. Without proper engagement strategies, businesses struggle to expand, secure investments, or enter new markets.

Some companies have successfully integrated stakeholder relations training, seeing remarkable results. Nedbank has a well-structured stakeholder engagement strategy that ensures sustainable business practices. By training staff in stakeholder relations, the bank has built strong partnerships with regulators, communities, and clients, allowing it to lead in financial inclusion and sustainability initiatives in South Africa. Unilever has invested heavily in training its employees on sustainable stakeholder engagement. This approach has helped the company align its business objectives with global sustainability goals, enhancing brand loyalty and securing long-term market leadership.

On the other hand, some companies have suffered due to poor stakeholder engagement. The lack of proper stakeholder engagement contributed to the violent conflict between Lonmin Mines, workers, and law enforcement during the Marikana tragedy in 2012. The situation could have been mitigated with proactive and well-trained stakeholder managers facilitating dialogue. Eskom’s failure to effectively engage with stakeholders, including government regulators and the public, has led to persistent trust deficits, widespread criticism, and operational inefficiencies that continue to plague the company.

Corporate South Africa must recognise that stakeholder relations management is a critical competency, not an optional skill. Organisations need to invest in formal training programs to build expertise in this field. Universities and training institutions must also step up by offering dedicated courses and certifications in stakeholder relations management. Companies that ignore this need do so at their peril. In an era where trust and transparency define corporate success, training in stakeholder relations management is no longer a luxury—it is a necessity.