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Stakeholder Relationships

razali mohammad

LEARNING OUTCOMES

By the end of this topic, you should be able to:


1. Identify stakeholders, primary stakeholders and secondary
stakeholders;
2. Discuss why organisations should subscribe to stakeholders view
based on normative, instrumental and descriptive arguments;
3. Discuss the concept of stakeholder management;
4. dentify a firms relevant stakeholders based on three elements; and
5. Explain an organisations responsibilities towards its stakeholders.

STAKEHOLDER MANAGEMENT

THE CONCEPT OF STAKEHOLDER


Classification of Stakeholders
Support for the Concept of Stakeholder

STAKEHOLDER MANAGEMENT

Identifying a Firms Relevant Stakeholders


Stakeholder Power
Stakeholder Urgency

RESPONSIBILITIES OF A FIRM TOWARDS ITS STAKEHOLDERS

What are my firms responsibilities to these stakeholders?

MANAGING STAKEHOLDER RELATIONSHIPS

(a) Integrate stakeholder management into the firms philosophy, values and
vision
Identify your organisations missions, values and norms. Then, specify
which stakeholder groups and issues are relevant to your organisation.
(b) Create vision statements or value statements that include stakeholders
Reinforce your organisations commitment to its stakeholders in a public
statement.
(c) Implement a stakeholder performance measurement system
Such a system should be auditable, integrated and monitored as stakeholder
relations are improved. Measurement indicates that there is serious intent to
achieve results and the presence of such a system will ensure the
stakeholders sustainable commitment to the organisation.
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SUMMARY
" Stakeholders are individuals or groups who can affect or be affected by the
actions, decisions, policies, practices or goals of an organisation.
" Stakeholders can be categorised into market and non-market stakeholders.
" Organisations should follow the stakeholder concept based on three
stakeholder theory arguments: descriptive, normative and instrumental.
" Managers have to be on good terms with their organisations stakeholders.
Failure in meeting the needs of stakeholders can damage a firms reputation
and ultimately affect its bottom line.

" An organisation must clearly identify its relevant stakeholders in order to


ensure the continuity of the organisation.
" A manager may identify a firms relevant stakeholders based on stakeholder
power, legitimacy and urgency.
" An organisation has economic, legal, ethical and philanthropy responsibilities
towards its stakeholders.
" The strategic steps that can lead organisations to manage their stakeholder
relationships successfully are: