How would you, as an organizational leader, apply and use the stakeholder management approach as a means for planning and implementing collaborative relationships to achieve win-win outcomes among stakeholders?
As an organizational leader, I would use the stakeholder management approach as a resource for planning and implementing united relationships between the company and the stakeholders to achieve a win-win outcome for all. A stakeholder management approach centers on a six-step process:
Once these steps have been accomplished, opportunities and challenges must be evaluated, to determine the organization’s responsibility to the stakeholder, and creating relationship strategies. To be effective, my organization must be aware of the internal and external stakeholders. In the case study those demanding stakeholders were the customers who bought the trucks and the agency which regulated the engine . After identifying the stakeholders, we must note that establishing relationships is often advantageous for both the organization and the stakeholders.
The legitimacy of the stakeholders’ stake or claim must also be considered. The legitimacy of the stake or claim will be influenced by what the organization values. When management gives profits highest priority, then the interests of the owners, including shareholders, is paramount. The difficult part of stakeholder management is being able to manage the potential conflicts of interests among the stakeholders and achieve a balance of stakeholder interests.
I would then consider the significance of the stakeholders’ stake or claim, i.e.., whether the stakeholder has a legal, moral, or presumed claim that can influence the organization’s behavior, direction, process, or outcome. Knowing that stakeholders can either help or hinder the efforts of an organization each group within the organization should be analyzed according to what it brings to the table in each situation.
Most importantly to me is considering the responsibilities an organization has to its stakeholders, meaning the ethical obligations that are held with regard to decision making, disclosure, and maintaining long-term relationships that engender trust.Determining the organizational values can help to articulate the various responsibilities that decisions should seek to fill.
Finally, we must consider the strategies and actions an organization should take to enhance its relationships with key stakeholders. Using stakeholder management allows the professional to accurately assess the situation, prioritize resources, and make decisions that are the most strategic, helping to build long-term relationships with the most important stakeholders and enhancing organizational effectiveness.
How would you, as an organizational leader, apply and use the stakeholder management approach as a...
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