Stakeholders are individuals or groups that have an interest, influence, or stake in an organization. Beyond traditional shareholders, organization stakeholders in today’s workplace represent an array of parties who share in the achievement of successful ethical business practices. It isn’t enough to provide a good or service alone, stakeholders deserve respect and consideration for a continued relationship.
Don’t underestimate this group’s power as a vocal force for transparency and change. Over the past few years, household-name companies…Learn More
Even a small business can have many stakeholders -- people and organizations that have an interest in what the business does. A small car mechanic shop has owners, customers, and employers, but its neighbors are interested in site management and the larger community wants to be sure that oil and other waste is disposed of properly. The neighbors and the community do not have a financial interest in the business, but they have a "stake" in what it does. When making a business decision (especially when applying the Four Avenues model), it's important to consider stakeholders. Disgruntled stakeholders can negatively…Learn More
Consumers help businesses remain strong, and businesses help the community remain vibrant as well. Q: Should organizations use their profits for socially responsible causes? A: Your inquiry is aimed at the heart of understanding — and potentially upending — the ultimate purpose of business itself. First, consider what do you think is the purpose of business? Generally, there are two mind-sets regarding the purpose of business: 1) to make a profit, and 2) to profit and help society as an organizational citizen. Many business leaders, corporate boards and company shareholders will posit that businesses exist solely to make money. Of…Learn More