Essay in Stakeholders

Stakeholders

SUPPOSE YOU WORK FOR A BANKING COMPANY. WHO WILL BE YOUR STAKEHOLDERS? WHAT ARE YOUR RESPONSIBILITIES TOWARDS EACH ONE OF THE STAKEHOLDERS? Organizations / individuals who are affected by and have an interest in the operations and objectives from the business Many businesses possess a variety of stakeholder groups which may be broadly classified as follows:

Stakeholder organizations vary both in terms with their interest in the business enterprise activities and in addition their power to influence business decisions. Here is a useful overview:

StakeholderMain InterestsPower and affect

ShareholdersProfit progress, Share price growth, dividendsElection of directors Banks & other LendersInterest and primary to be repaid, maintain credit ratingCan impose loan covenants Can pull away banking features

Directors and managersSalary, discuss options, work satisfaction, statusMake decisions, include detailed data EmployeesSalaries & wages, job security, work satisfaction & motivationStaff yield, industrial action, service quality SuppliersLong term contracts, quick payment, regarding purchasingPricing, quality, product availability CustomersReliable quality, value for money, product availability, client serviceRevenue / repeat organization Word of mouth recommendation

CommunityEnvironment, community jobs, community impactIndirect through local planning and opinion leaders GovernmentOperate legally, duty receipts, jobsRegulation, subsidies, taxation, planning Stakeholder power is an important factor to consider if you are asked to write regarding the relationship among a business and its particular stakeholders. Inside the context of strategy, what is important is thepower and influence that a stakeholder offers over the business objectives To get stakeholders to have power and influence, their desire to put in influence should be combined with their very own ability to apply influence for the business. The energy a stakeholder can put in will reflect the level to which: •The stakeholder may disrupt the business'...