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Stakeholders in Corporate Responsibility

Organization's responsibilities towards the stakeholders are - to provide professional management, disclose relevant information, protect shareholders assets, fair returns on their investment etc. The organizations responsibility towards employees are improving working conditions, maintaining open and honest communications, welcoming suggestions/complaints, providing equal opportunity etc. Management plays a key role in balancing the multiple claims of stakeholders.

Therefore the responsibility of management involves maintaining healthy relationships among the stakeholders. The organizations responsibilities towards consumers include offering quality goods, providing prompt services, treating customers fairly etc. Good relations with suppliers will determine the profitability of the company. The company must treat its suppliers with respect. Suppliers /creditors must be paid promptly. Companies must also follow ethical competitive practices. Finally, the responsibilities of the organization are, respecting human rights, improving workplace safety and economic well being etc.

In the field of corporate governance and corporate responsibility, a major debate is ongoing about whether the firm or company should be managed for stakeholders, stockholders (shareholders), or customers. Proponents in favour of stakeholders may base their arguments on the following four key assertions:


Polls
  1. Value can best be created by trying to maximize joint outcomes. For example, according to this thinking, programs that satisfy both employees' needs and stockholders' wants are doubly valuable because they address two legitimate sets of stakeholders at the same time. There is even evidence that the combined effects of such a policy are not only additive but even multiplicative. For instance, by simultaneously addressing customer wishes in addition to employee and stockholder interests, both of the latter two groups also benefit from increased sales.
  2. Supporters also take issue with the preeminent role given to stockholders by many business thinkers, especially in the past. The argument is that debt holders, employees, and suppliers also make contributions and take risks in creating a successful firm.
  3. These normative arguments would matter little if stockholders (shareholders) had complete control in guiding the firm. However, many believe that due to certain kinds of board of directors structures, top managers like CEOs are mostly in control of the firm.
  4. The greatest value of a company is its image and brand. By attempting to fulfill the needs and wants of many different people ranging from the local population and customers to their own employees and owners, companies can prevent damage to their image and brand, prevent losing large amounts of sales and disgruntled customers, and prevent costly legal expenses. While the stakeholder view has an increased cost, many firms have decided that the concept improves their image, increases sales, reduces the risks of liability for corporate negligence, and makes them less likely to be targeted by pressure groups, campaigning groups and NGOs.

Vision and Mission Statements

Stakeholder Analysis

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  1. What is a Stakeholder?
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Strategic planning

SWOT and PEST analysis

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