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business and its environment so managers changed the way they received the
firm and its multilateral relationship with constituent or stakeholder groups
- Stakeholder map: Charts out a firm’s stakeholders
- Management must perceive the stakeholders not only as those groups
that the management thinks have some stake in the firm but also those
individuals and groups that themselves think or perceive they have a
stake in a firm
- Direct stake in the organization and its - Stake in the organization is more indirect
success; most influential or derived, represent legitimate public
- Shareholders and investors concerns or wield significant power
- Employees and managers - Government and regulators
- Customers - Civic institutions
- Local communities - Social pressure/activist groups
- Suppliers and other business - Media and academic commentator
partners - Trade bodies
- Competitors
- Include the natural environment, future - Include those who represent or speak
generations, and nonhuman species for the primary nonsocial stakeholders
- Natural environment - Include environmental interest
- Future generations groups or animal welfare
- Nonhuman species organizations
- Also been termed non market
players (NMPs) and may include
activists, environmentals, and
NGOs
- Ex: Friends of the Earth,
Greenpeace, Rainforest Alliance,
PETA, ASPCA, Mercy for Animals
claim to a stake
- Owners, employees, and customers represent a high degree of legitimacy due to
their explicit, formal, and direct relationships with a company
Power: Refers to the ability or capacity of the stakeholders to produce an effect - to
get something done that otherwise may not be done
- Power means stakeholder could affect the business
- “Pressure” in implementing CSR in companies
- The ability and capacity of stakeholders to affect an organization by
influencing its organizational decisions
Urgency: Refers to the degree to which the stakeholder’s claim on the business calls
for the business’s immediate attention or response
- May imply that something is critical or needs to be done immediately
Proximity: The spatial distance between the organization and its stakeholders
- Relevant consideration in evaluating stakeholders’ importance and priority
- May affect or be affected by the organization more than those further away
Stakeholder Thinking:
- Undergirds stakeholder management and is the process of always reasoning in
stakeholder terms throughout the management process, and especially when
organizations’ decisions and actions have important implications for others
- Aligned with a stakeholder mindset whereby managers look at the world
if they start with a stakeholder “script” to create value for a wide array of
stakeholders within their value chain
Developing a Stakeholder Culture:
- A major factor supporting successful stakeholder management
- Embraces the beliefs, values, and practices that organizations have
developed for addressing stakeholder issues and relationships
- Five categories:
- Agency culture: not concerned with others
- Corporate efforts and instrumentalist: focus mostly on firm’s
shareholders as the important stakeholders
- Moralist and altruistic: morally based and provide the broadest concern
for stakeholders
- Morally based and provide the broadest concern for stakeholders
Stakeholder Management Capability (SMC):
- Describes an organization's integration of stakeholder thinking into its
processes and it may reside at one of three levels of increasing sophistication:
- Rational: entails the company identifying who their stakeholders are and
what their stakes happen to be
- Enable management to create a basic stakeholder map
- Process: Developed and implemented processes - approached,
procedures, policies, and practices - by which the firm may scan the
environment and father pertinent information about stakeholders, which
is then used for decision-making process
- Planning integrativeness
- Transactional; highest and most developed; extent to which managers
actually engage in transactions (relationships) with stakeholders
- Transformation of the business and society relationships occurs
- Management must take initiative in meeting stakeholders
- Communication level: communication probativeness,
interactiveness, genuineness, frequency, satisfaction, and
resource adequacy
Stakeholder Engagement:
- Approach by which companies successfully implement the transactional level of
strategic management capacity. ability
- Ladder of Stakeholder Engagement:
- Lower level: informing and explaining
- Middle level: communicating byu way of formats such as conferences,
social media, mass emails, newsletters, or surveys
- Higher level: active or responsible attempts to involve stakeholders in
company decisions manager
- Involvement, collaboration, partnership, or joint venture
- Transparency:
- “Environmental engagement” and “stakeholder engagement”
- Calls for an open operating environment: sustainable ecosystem,
peace, order, and good public governance
- Open enterprises to put resources and effort into reviewing,
managing, recasting, and strengthening relationships with
stakeholders
- Engaging on Sustainability:
- Involve stakeholders such as social media, consumers, NGOs, and
communities as early as possible on sustainability developments and
initiatives
- Ex: Coca-Cola
- Bottle partners: Day-to-day interactions with business partners,
joint projects, participation in Global Environment Council
- Consumers: hotlines, consumer Websites, plant tours, surveys,
focus groups
- Communities: Meetings, plant visits, partnerships on common
issues, sponsorships
- Employees: surveys, meetings, individual development plans,
employees well-being plans
- Stakeholder Dialogue:
- Focused on exchanging communication with stakeholder groups and
thus it is one form of engagement
- The Stakeholder Corporation
- Ultimate form or goal of the stakeholder approach or stakeholder
management
- Stakeholder inclusiveness
- Stakeholder symbiosis: recognizes that all stakeholders depend on each
other for their success and financial well-being
- Principles of Stakeholder Management
- Known as Clarkson Principles
- Intended to provide managers with guiding precepts regarding
how stakeholders should be treated
- Acknowledge, monitor, listenm, communicate, adopt,
recognize, work, avoid, and acknowledge potential conflicts
- Strategic Steps toward Global Stakeholder Management
- 1. Governing Philosophy: Integrating stakeholder management into the
firm’s governing philosophy
- 2. Values Statement: Create a stakeholder-include “values statement”
- 3. Measurement System: implement a stakeholder performance
measurement system
- Ex: Walmart and worldwide sustainability index