The convergence to the European Higher Education Area (henceforth, EHEA) has encouraged universities to design and implement the strategic management as a crucial process for competitiveness and academic excellence. In this sense, most of Spanish universities have traditionally adopted a classical product-service orientation when designing their strategic plans, pivoting on common pillars such as TEACHING, RESEARCH, INTERNATIONALIZATION and CORPORATE SOCIAL RESPONSIBILITY (CSR), among others. In this paper, we propose an innovative approach for the strategic plans design based on the stakeholder's orientation instead of the traditional product-service approach. Thus, we emphasize the greatest intangible asset of higher education institutions, i.e., the human capital (henceforth, PEOPLE), which consists of students, academicians and the administrative staff. From a methodological point of view, the analysis and detection of needs of these four primary stakeholder categories is the first stage of the strategic planning process, although, in a second stage, other secondary stakeholders could be also identified such as Alumni, University Managers, Employers, etc. In the aftermath of the economic crisis and deep budget cuttings, it is needed more than ever focusing on PEOPLE to ensure the achievement of the strategic objectives of any organization. The sequential process for designing and developing strategic plans under this approach, consists of: (1) To identify the university stakeholders, (2) To assess their importance and influence within the institution, (3) To analyze the interests and needs of such groups, (4) To define strategic lines and actions to meet the strategic goals tied to the targeted groups. This methodological sequence allows us to know the features, characteristics and expectations of such stakeholders while determining how and when to participate in the design process. Moreover, it promotes internal communication and participation of PEOPLE, enhancing the commitment to fulfill the strategic goals. The stakeholder approach promotes the competitiveness of the university's human capital (PEOPLE) and the leadership of the exchange process with the university's ENVIRONMENT by defining value-creating STRATEGIC PROJECTS for PEOPLE and ENVIRONMENT, ensuring the CORPORATE SUSTAINABILITY in the long term. Thus, PEOPLE-ENVIRONMENT-CORPORATE SUSTAINABILITY AND STRATEGIC PROJECTS constitute the proposed pillars on which our strategic plan is structured. Within the first strategic pillar, efforts are directed to four main stakeholders: Future Students, Students and Alumni, Teachers and Researchers, Administrative staff and University Managers (deans, vice-deans, vice-chancellors, general directors, etc). In the second pillar, the main objectives are aimed to lead and strengthen relationships with the environment, trying to transform it and taking advantage of opportunities and strengthening the strategic positioning of the University. In the third strategic pillar, and due to the financial crisis, strategic lines are targeted to ensure the university financial stability (diversifying financial resources, reducing costs and smoothing financial budgets). Finally, in the fourth pillar we shortlist the main value-creating PROJECTS for PEOPLE and the ENVIRONMENT.
