Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Importance of stakeholder engagement
Importance of stakeholder engagement
Importance of stakeholder engagement
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Importance of stakeholder engagement
Strategies ensure continuous stakeholder involvement and commitment Stakeholder, plays an important role in decision making progress whom can provide the new information, some extra solution, the benefit in other degree, and make the outcome. Indeed, stakeholder’s joining can bring a lot advantage to the company, but before we discuss the strategies to make sure their continuous involvement and commitment, let me explain the reason why they not want to join in or why they lost the passion to have the commitment. In the first place, there are different kind of decisions which vary from how huge they are and how urgency they are. It not means each kind of decision need the same amount of stakeholder. Take autocratic decision making for example, …show more content…
First, the company could show how important they are. The more company values the stakeholder, the more importance the stakeholder will attach to the decision making environment. Second, let them know if they involve, what will they get, and will receive what kind of benefit. No one would do the useless work but everyone is interested in what would make them profitably. The enterprise can make a plan about if the stakeholder joins in, how many benefit can be created by the end of the period. It is a win-win situation by tying the interests of the company to the interests of the Stakeholder. Maybe the company would have less benefit in right now, but in a long term, the follow-up profits will increase. Third, set up a feedback system if any stakeholder come up a new idea, whatever the company adopted or not, there should be a reason. If the enterprise can point out whether the direction is wrong or should the stakeholder focus on other parts of problem, it would have a great progress in decision making period because this behavior can help stakeholder understand what to make the effort, also, can promise the stakeholder’s continuous joining in most degree. In this way, stakeholder will have a feeling that they are the essential part of the group, and they have the responsibility and desire to help making a better
There are many stakeholders in this case and each stakeholder could be affected in various situations.
Stakeholder is anyone with an interest in a business; stakeholders are individual, groups or businesses. They are affected by the activity of the business. There are two types on stakeholders who are internal and external. Internal stakeholder involves employees, managers/directors and shareholders/owners. External stakeholder involves suppliers, customers, government, trade unions, pressure groups and local and national communities.
Within my organization there are many different stakeholders. It is crucial to first understand what a stakeholder means. A stakeholder is a person who has something to gain or lose through the outcome of planning process. Within healthcare there are three types of stakeholders, those who receive health care, those who give health care, and those who manage the financial aspects of health care. Health care organizations do not face just one or a few stakeholders they hold many. Healthcare executives must learn to manage a portfolio of stakeholder relationships.
Stakeholder analysis is important for successful implementation of projects and/or strategic activities within any organisation. It is used to analyse the stakeholders in order to understand them and classify them according to their power, influence and interest. Stakeholders are people who have an interest in a commercial entity including those within the organisation and outside. These include the boss, senior executives, customers, suppliers, government, your co-workers, the team and others. All these people are important in the implementation and success of strategy.
It was after 1980, the stakeholder theory emerge and interpret as a challenge and debates either to be injected into company operation and responsible to meet the demands of both shareholders and society (Carroll, 1999). The debates continue but after 2008 financial crisis, the stakeholder theory evolve as a core concern to every firm and it discipline are known as Corporate Social Responsibility (CSR) (Leeson, 2015).
Stakeholder is a person or a group of persons who is directly or indirectly involved in a project. The decision of the stakeholders can affect the project positively or negatively. So, the identification of stakeholder is very essential and crucial step.
To well define what a stakeholder is becomes a difficult subject mainly because there many controversial and confusing factors to first address (Friedman & Miles, 2006). First, in a typical organization or if you need, a company, there emerge various types of stakeholders who occur in different levels and playing quite distinct roles (Savage et al, 1991). Secondly, the meaning of the term stakeholder when it comes to a particular point of view is bleached such that it considers only the major parties. A good example is the most governments’ view of the companies that thrive under their respective roofs where only the shareholders or well put, the owners, are considered as stakeholders regardless of whether or not there are other key participants in the overall management of these companies. Here, a stakeholder is considered as a person who has invested in the company or the (Friedman &Miles, 2006) organization in question by either contributing monetary support or as a co-founder of the organization. Such a person is involved in the making of major decisions for the organization. However, it is important to note that there are other role players of importance. Such include those people who are indirectly affected by the presence of an organization, for example, the end users or the receivers of the impacts of any decisions made.
Hence, the stakeholders which are described as those who are affected by the organisation performance ,actions and duties and those actions includes employees, clients, local community and investors as well. The theory of stakeholders also suggests that it is the responsibility of firm to make sure no rights of stakeholders are dishonoured and make decisions in the interest of stakeholders which is also the purpose of stakeholder theory to make more profit and balancing it while considering its stakeholders (Freeman 2008 pp. 162-165). In the other words organisation must also operates in a more socially accountable approach by carrying out corporate social responsibility as (CSR) activities.
Regarding to organizational stakeholders, there are three main groups of stakeholders: customers, employees and investors. The company attempts to link stakeholders’ needs and expectations to the company’s goals. For customers, the company must treat them fairly and honestly. For employees, the company needs to treat them fairly, make them a part of the company and respect their needs. For investor, managers should comply with the accounting procedure, do not manip...
There is no doubt that the ultimate factor that defines success for any company is the bottom line—creating profit for their shareholders. However, this is not to say that in the process of creating that profit, leadership should not focus on their employees and ensure that their processes enables stakeholder success. Too easily leadership can get preoccupied with focusing on bottom line and forget that it is through their people that profits are made; the irony in this is as your people begin to lose faith in their leadership their motivation declines. In order to ensure success (profits for the shareholders), leadership must provide for their employees and create an environment of trust and pride. This will ensure a workforce dedicated to
A stakeholder is a person or organisation that has an interest or a concern with in a business. Stakeholders can both influence and be influenced by the actions of the business, its objectives and policies. Examples of both internal and external stakeholders are shown below.
Stakeholder is the different types of clients that you have as an organisation/ business. Primary clients are the clients that Havering or an organisation/business do main business with. For example, at Havering our primary clients are the residents that ones that we provide to services that we offer to. Our secondary clients would be the contractors, they are the ones that we speak to on a daily basis and help the organisation be able to provide its services, we chase work up with them that they are completing for the residents on behalf of Havering. The key client at Havering would be Havering Residents in Housing Service in other departments the key clients would also be Newham Council Residents as we are in partnership with them. External
Once all stakeholders are identified, managing their engagement is necessary to ensure continual support and interaction. Management of stakeholders keeps the
Stakeholders’ analysis is the analysis which tells that how the company is dealing with the people which are directly or indirectly related with the company’s operations. These are called stakeholder and they include the employee, society, suppliers, buyers, shareholders, got and other tax related companies.
Management must ensure that strategic decisions are reached after taking into account the possible impact on the stakeholders. Stakeholders are suppliers, customers, societies and anybody who is affected by the activities of the business. A socially responsible company treats stakeholders equally. Wider perspectives also have to be considered in terms of environmental and social impact of planned activities.