identify the Responsibilities of stakeholders in company performance?
The company basically performs after being influenced by all
Stakeholders. Stakeholders is a Broader term as it does not involve
only shareholders but others who effect the performance of the
company as well in various ways. Example of stakeholders as well as
their responsibilities towards company's performance are as
follows:
INTERNAL
STAKEHOLDERS:
Investors-
Investors are what give the company it's powers to perform by
contributing to it's funds. A company irrespective of what business
it is in needs funds to carry on, which it can raise from those
investors or shareholders who invest their money in the company in
exchange of ownership shares in it giving them voting rights and
allowing company to perform its activities in order to achieve it's
pre-determined objectives
Board of
Directors- Even though investors invest in the company,
they cannot be involved in each and every activity of it's
functioning so they themselves appoint a group of individuals also
known as Board of Directors who operate the company's performance
and take necessary decisions. Board of directors is answerable to
shareholders but is responsible for steering the company and making
sure the company performs as it was intended to do so to achieve
it's objectives.
Employees-
Employees are life blood of business and the performance of
employees is directly linked to performance of company as a whole.
So therefore employees should themselves work with goals of company
in mind and accept them as their own goals because company's
accomplishment of it's objectives will ensure accomplishments of
employee's individual goals as well.
EXTERNAL
STAKEHOLDERS
Competitors- The performance of business is very closely
linked to performance of it's competitors . Company closely watches
it's competitors and studies it's activities and decisions because
that gives company incentive to perform with the goal of acquiring
larger market share and overcoming any competitive pressure in the
market.
Creditors-
Company needs to maintain good relationship with suppliers so that
it can perform it's activities smoothly without any interruptions.
Credit given by suppliers helps company by reducing it's burden of
making immediate payment for inputs giving it time to recover
necessary funds and pay them off within the time of credit period.
Performance of company is stable because of credit policy of
suppliers and creditors.
Environment-
Society is responsible for providing inputs to company needed for
production purpose as well as purchasing it's output so that it can
maintain smooth and profitable level of performance. Society gives
company the right to exist and company's better performance ensures
betterment of society as well
From above we see that company cannot perform in isolation and needs to interact with it's stakeholders to ensure it's smooth performance. Company is as much responsible to Stakeholders as stakeholders themselves are to company performance.
(If you have any questions. Kindly let me know in comments)
identify the Responsibilities of stakeholders in company performance?
What are the Responsibilities of stakeholders in company performance?
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