Business Stakeholders And Their Interests PdfBy Ade M. In and pdf 19.01.2021 at 11:52 9 min read
File Name: business stakeholders and their interests .zip
- Identifying and managing internal and external stakeholder interests
- Stakeholder (corporate)
- Engaging with stakeholders
- Who are Project Stakeholders and Why are they Important for a Project?
Identifying and managing internal and external stakeholder interests
When it comes to any organizational project, all of the internal people and teams who the project will involve or affect are called its stakeholders. A stakeholder analysis is a process of identifying these people before the project begins; grouping them according to their levels of participation, interest, and influence in the project; and determining how best to involve and communicate each of these stakeholder groups throughout. Project managers, program managers, and product managers alike may conduct a stakeholder analysis for several strategic reasons, including:. Watch this video for an in-depth explanation of stakeholder analysis and to learn how to efficiently conduct a stakeholder analysis. Conducting a stakeholder analysis can be strategically valuable when kicking off any type of complex company undertaking. The more stakeholders you can identify early on and the more you can tailor your communication to win approval and support from the various types of stakeholders, the more likely your project is to succeed. But if you consider how much of an organization is either involved in or affected by the development of a product—engineering, design, procurement, sales, marketing, product, finance, accounting, customer success, etc.
A stakeholder is an individual, group, or organization who may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project. It includes normally the members of a project team: project managers, project sponsors, executives, customers, or users. If a project is small in size, the number of stakeholders can be small. However, if it is large and expanded to a large area, one may have a huge number of stakeholders, including communities or the general public. Also, all stakeholders are not alike.
In a corporation , a stakeholder is a member of "groups without whose support the organization would cease to exist",  as defined in the first usage of the word in a internal memorandum at the Stanford Research Institute. The theory was later developed and championed by R. Edward Freeman in the s. Since then it has gained wide acceptance in business practice and in theorizing relating to strategic management , corporate governance , business purpose and corporate social responsibility CSR. The definition of corporate responsibilities through a classification of stakeholders to consider has been criticized as creating a false dichotomy between the "shareholder model" and the "stakeholders model"  or a false analogy of the obligations towards shareholders and other interested parties. Any action taken by any organization or any group might affect those people who are linked with them in the private sector.
Every organization works in a social framework with a definite purpose, and thus, it has to relate to a number of stakeholders. These stakeholders have various interests in the organization, and similarly the organization also has varying degree of interest in the different stakeholders. Ordinarily, the purpose of the organization defines its relationship with a stakeholder and such relationships are the reflections of its interests. Most organizations attach importance to its stakeholders based on the amount of gain the organization derives from the respective stakeholder or the liability the organization has to a particular stakeholder. Thus, business organizations attach utmost importance to stockholders, or the owners since these people are the investors in the firm and the company bears a liability of returning the profits to these people.
Engaging with stakeholders
Stakeholder engagement is essential to grow our business and to reach the ambitious targets set out in the Unilever Sustainable Living Plan. To succeed in our purpose of making sustainable living commonplace, we need to engage and work in partnership with a wide range of stakeholders. These include NGOs, investors, customers, consumers, suppliers, governments and regulators, and other businesses through trade associations. Our biennial materiality assessment helps us to understand which issues are important to the business and our stakeholders, and therefore where and how to focus our engagement. By defining the needs and interests of our stakeholders, we can also evolve our strategy to better meet their expectations and focus our reporting on the issues that they care about.
Who are Project Stakeholders and Why are they Important for a Project?
Stakeholder is a person who has something to gain or lose through the outcomes of a planning process, programme or project Dialogue by Design, S takeholder Analysis is a technique used to identify and assess the influence and importance of key people, groups of people, or organisations that may significantly impact the success of your activity or project Friedman and Miles Stakeholder Management is essentially stakeholder relationship management as it is the relationship and not the actual stakeholder groups that are managed Friedman and Miles, As public participation becomes increasingly embedded in national and international public health policy, it becomes ever more crucial for decision-makers to understand who is affected by the decisions and actions they take, and who has the power to influence their outcome: the stakeholders. The stakeholder concept has achieved widespread popularity among academics, policy-makers, the media and corporate managers. Within the field of strategic management the stakeholder concept has become firmly embedded.
Stakeholders can affect or be affected by the actions or inactions of a business, and they can exist both within and outside of a business. Internal stakeholders are groups or people who work directly within the business, such as managers, employees, and owners. Managers and employees want to earn high wages and keep their jobs, so they have a vested interest in the financial health and success of the business. Figure 1. The picture shows the typical stakeholders of a company. The stakeholders are divided into internal and external stakeholders. Customers want the business to produce quality products at reasonable prices.
Internal stakeholders, primarily employees, owners and managers, are directly involved in the operations and strategy of the organization. Organizational management is largely influenced by the opinions and perspectives of internal and external stakeholders. A stakeholder is any group, individual, or community that is impacted by the operations of the organization, and therefore must be granted a voice in how the organization functions. This includes employees, owners, and managers. Each of these groups is potentially rewarded directly for the success of the firm. Employees are primary internal stakeholders.
PDF | The company strategy is in fact, the result of the interaction of the for a business to balance the interest of its various stakeholders.