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The assignment is the explanation of Sector Stakeholders: Identifying and Cultivating Alliances

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Sector Stakeholders: Identifying and Cultivating Alliances

INTRODUCTION:

Thesis Statement:

In the current scenario of the business environment, there are many challenges that are being faced by the business organization irrespective of their legal forms, businesses and other factors and so the fact that the different needs of the stakeholders needs to be addressed in a different manner wherein a standard ways along with flexibility should be identified and executed for smoothening the wants and goals of the stakeholders.

 Purpose of Paper:

The purpose of the paper is the analysis of the various aspects of the sector stakeholders alliances wherein the statements of various students have been analyzed and feedback has been given. Moreover the various ways of demonstration of the importance of the stakeholders have been discussed.

Overview of paper:

The paper is basically the analysis of the fact that mere development of policies for protecting the stakeholder cannot help in achieving its goals and therefore there is a need to reassess the policies and to come to a point of the fact that employment of what kind of leadership style will help in meeting the needs that are different for different situations.

 

PROFESSIONAL FEEDBACK ON THE AGREEMENT OR DISAGREEMENT WITH THE STATEMENTS OF STUDENTS:

MERYALT E.

The student have very well explained the fact that the initial base for identifying stakeholders so as to create and develop relationship is by knowing them in depth. The fact that there needs to have a smooth communication so as to fulfill loop holders if any is the best mode for improvisation of relationship with stakeholders. The fact that the shareholders have a very major impact on the decision making cannot be denied. Therefore, there arises a need of stakeholder analysis which is well explained. However, mere using communication tools like social networking and LinkedIn does not always gives us result positively for all the stakeholders. The feedback is must from them but there should be a proper mode which is identified as being convenient for all. Exchanging the ultimate goals by way of different ways of accomplishment helps in improvisation. One thing than can be added during communication with stakeholders is the fact that their suggestions along with the feedback should also be welcomed.

With regards to differentiation of stakeholders in terms of their importance, the fact that the interrelation of the goals and objectives is must which needs to be streamlined for smoothening the functions of the company. However, the differentiation of the importance of the shareholders should be an internal matter of the company which they should not share or communicate with the stakeholders. The example of staff i.e. employees along with the suppliers for the accomplishment of objectives is very well explained which will help us to gain and earn confidence of the stakeholders.

Sonia H.

The stakeholders do not have a common interest as because stakeholders are all the people that are interested in the organization with different goals and objectives. Although the fact that if the company grows all the stakeholders will have advantage of the same. Building good relationship with the stakeholders is just not only for the purpose of credible business talks and services but for the purpose of gaining their confidence and interest towards the organization. Competitors cannot directly be identified by building relationship with the all stakeholders. Open talks for clarification is not a very easy task and requires efficient mode of communication in place for the same. Mere importance to customers and employees have been given importance. However, the fact that the needs of all the stakeholders are different which have to be analyzed and fulfilled for smoothening the business functions is not at all considered. Good reputation does not pours finance as because failing commitments will loosen the reputation of the company thereby affecting all its stakeholders.

There arises no question of left out of the other stakeholders other than customer and employee because just through employment and by customers the company cannot run effectively. All the stakeholders viz. the creditors, debtors, shareholders, society, management, environment, suppliers, etc. needs to be effectively coordinated and their needs and wants should be fulfilled for the accomplishment of the goals (Clarkson, 1998). The fact that the importance of the stakeholders are practically not same but the same cannot be communicated to the stakeholders. It should appear to all the stakeholders that they are equally important as others.

Chelsea S.

The fact that trust is a most important factor in between the organization and the stakeholders. There are many literatures wherein the fact that importance should be paid so as to strengthen the relationship of the stakeholders with the company. Stakeholder satisfaction is must for a company to succeed. However, the fact of honesty is must to enhance the trust of the stakeholders and to build strong relationships with them. Communication as discussed and pointed is also among the major forces that drives the relationship in to the next level. The fact given attention by the student is the one that every stakeholder’s treatment should be same, which is practically not possible as because the importance of stakeholders are ranked differently as per their functions and as per the organizations (Freeman, 1984). The importance of the relationship with the stakeholders have been identified by Porter in the year 1980 which is popularly known as the “Five Forces Model” wherein a model for competition was formulated so as to include all the effects of the strong relation with the stakeholders.

The fact that from the perspective of the organization all the stakeholders does not hold same importance but this fact should be purely internal for the organization and should not be disclosed to the other stakeholders as because disclosure of the same becomes very demeaning on part of the stakeholders and they have a negative impression of the same (Donaldson and Preston, 1995). Therefore, a balanced relationship is required to be maintained along with effective management system so that the interests of the stakeholders can be identified and taken care of.

WAYS TO DEMONSTRATE THE IMPORTANCE OF STAKEHOLDERS

There are many ways which have been identified during course of time so as to build a smooth relationship with the stakeholders since they are very important for planning participatory in nature. The planning part smoothens and is dependent upon the stakeholders as because they vast pool of information wherein the different views and ideas that may prove to be beneficial for the organization can be analyzed. The stakeholders can be assessed as workable, efficient and sustainable solutions can be provided by them in due course of operations of the organization. The participation of the stakeholders helps the prospective buyers in making business and *investment decisions as because cases where there participation is high leads to building confidence and innovations can help in the optimization of use of resources so as to reach at the ultimate business goal which is the profit maximization.

The stakeholders are important because of the following reasons:

•             They take up special initiatives to meet and protect their interest in the organization

•             Creating a working relationship with them smoothen the business process

•             The risk to which the organization is exposed can be minimized or mitigated if the stakeholders come together as network

Identification along with Laying down the importance of the stakeholders helps the organization in having a positive influence and helps the planners in the different aspects of the different stakeholders thereby working towards best in achieving the goals of the stakeholders ultimately helping in moving towards the overall goal of the business organization.

USING ASSERTIVE, AGGRESSIVE OR PASSIVE COMMUNICATION STYLES FOR CEMENTING PROFESSIONAL RELATIONSHIPS WITH MANAGERS OR EXECUTIVES HIGHER IN THE ORGANISATIONAL CHART

The communication is the most important mode to build a healthy professional relationship with all the stakeholders across the business (Parsons, A.L. 2001). However, the mode of communication or the style differs for higher executives that are placed at the top or higher levels while preparation of the organization chart. There are basically five styles of communication used by the business organizations which are discussed below and also discussed in context with enhancing relationships with higher executives and managers:

•             Assertive Communication Style: This style of communication is concerned and focused on maintaining respectful relationship with the stakeholders. This is considered to be the most effective and the healthiest form of communication that can prevail in a business sector. This style focuses on achieving the goals of the company without hurting anyone and the behavior in this style is very social and emotional.

•             The Passive-Aggressive Style: This style of communication is concerned and focused on being passive at first instance with the stakeholders but are very winning at the expense of hurting someone’s emotions. This is considered to be the better effective than Aggressive Style. This style focuses on achieving the goals of the company by being aggressive indirectly, including being sarcastic, complaining and getting into Gossips.

EMPLOYING FIXED OR FLEXIBLE LEADERSHIP STYLE FOR MEETING PARTICULAR NEEDS OF VARIOUS SITUATIONS

The choice of the leadership style is the most important aspect so that the leaders are able to attain their objectives with ease. The transformation of team from being ordinary to extra ordinary and extracting the best out of them is the best way that describes the efforts of the leaders. Therefore, it becomes extreme important on part of the leaders to have a proper leadership style in place so as to meet the business goals. Employment of just fixed or flexible leadership style sometimes becomes a failure.

The particular needs of the various situations differs in all the cases. Therefore, the needs of the situations have to be analyzed before employing any style of leadership. The best way of doing this is employing certain styles that should be fixed in nature along with the flexible styles that can be changed as per the requirements of the situations. The best example of this is laying principles in the form of ethics fixed in nature and framing flexible principles depending upon the situation of the business.

CONCLUSION:

Therefore, we see that effective management of the stakeholders vests in the hands of the business goals as because building an efficient network of stakeholders helps in attaining the goals of the business smoothly. This includes choosing efficient style of communication along with employment of leadership styles effectively.

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