Assignment: The “issue” of Stakeholder Management and Corporate Performance. You

Question

Assignment: The “issue” of Stakeholder Management and Corporate Performance.

You are to write a minimum, 2 page essay, on this week’s subject matter per below. Also, please cite at least two (2) outside sources.

Sociologist Erving Goffman has pointed out that all social groups, including professionals, develop a protective attitude toward members of their group, even when what some of the members do is seen as morally wrong. A sense of loyalty to the group often overrides what they would otherwise deem immoral.

Consider the arguments for and against exposing Stakeholders with whom you are personally close or with whom you have close professional ties. Develop a position on this issue that could serve as a guide for anyone in such a position with regard to Corporate Performance.

Explanation / Answer

Stakeholders are companys backbone in terms of providing support during contingencies and to ensure long run for the company.

First of all there should be classifcation for stakeholders like

This classificagtion will help in managing the stakeholders more better and to identify the areas of improvement and how to have a healthy relationship with them .

Key principles for stakeholder management are:

Communication: Effective communication will reduce the ambiguity and helps in maintaining co-ordination.

Planning: Oraganising the things, document the discussions and followup is necessary

Managing the risks: Some stakeholders can be threat to organisation as they can even propogate or defame the organisation, such risk has to be analysed properly

Compromise: Sometimes stakeholders can be too demanding and in that aspect needs to compromise on certain areas to get them on track

Take responsbility:Team should take additional respoinbilities to get in touch with stakeholders and take the necessary help from them

Against:Exposing stakeholder sometimes will be more risky to organisation as they will deviate the companys focuss and they work against the organisation goals. In strategy based functions sometimes stakeholder can be hindrance as their thought process will be very personal perspectiveness and it will distrub the whole harmony of the system.There shpould be some limitation for such stakeholders to involve in such critical decision making area.

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