Following are the six steps of stakeholder management.
Identifying stakeholders: the process of management of stakeholders is initiated by identifying the stakeholders. Developing the relationship between the organization and the stakeholders is beneficial to both the organization and the public. These relationships are established before any crisis.
Description of stakes: describing the stakes or claims of the stakeholders in the organization is the next step of the procedure. A stake is a share in the performance of the organization. Values of the organization influence the legitimacy of the stake or claims.
Considering significance: the third step of the process includes considering the stake or claim of the stakeholder. Strength and priority are two essential elements of a stakeholder’s credibility that should be considered when determining the primary importance of stakeholders.
Evaluating opportunities: challenges and opportunities presented by the stakeholders to the organization- are evaluated in the fourth step. Challenges and opportunities are considered as potential for cooperation as well as threat.
Considering responsibility to Stakeholders-the responsibilities should be considered by the organization for its stakeholders. It implies obligations held by the organization concerning the decision-making, disclosure, and maintaining a relationship that builds trust.
In enhancing the relationship, strategies and actions must be considered and taken by the organization for enhancing the relationship with the stakeholders.
Characteristic of the stakeholder approach
In the stakeholder, approach responsibility is emphasized over profit-making, and the organization’s success is measured by the stakeholders’ satisfaction instead of one stakeholder -shareholder. Following are the five important stakeholders in an organization. Customer stale: quality as well as the value of product or service
Employee stakeholder: employment income as well as safety
Investor stakeholder: financial returns
Suppliers and vendors stakeholder: revenue and safety
Communities’ stakeholders: health, safety, economic development
Government stakeholder: taxes as well as GDP.
As the organization or is controlled by the shareholder, therefore they are important stakeholders of the organization. The stakeholders have the right to take out money or bring in and are considered large investors. The entity’s economic performance is determined by the decisions that its stakeholders’ make. Management can be pressurized by the stakeholders concerning reports of finance or change tactics required for the organization.
Categories of Stakeholder Approach
Claims of the stakeholder are significant in an organization. These claims vary for different organizations. Donaldson and Preston lay down three theoretical approaches for considering the claims of stakeholders. The three approaches are,
Descriptive approach: in this approach, the organization is considered to comprise several stakeholder groups where each stakeholder has its interest. The organization is affected more or less by these interests. Therefore, the descriptive approach aims to develop an accurate model and act on it so that interest is weighed and balanced fairly.
Instrumental approach: financial outcomes and stakeholder management is connected in this approach. In this approach, it is proposed that proper stakeholder management interest is important for an organization. There it contributes and serves useful to a positive bottom line.
Normative approach: stakeholders are considered as ends within themselves instead of means for achieving better financial results. The interests of the stakeholders are considered to have intrinsic value, according to Donaldson and Preston.
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