Approaches to Managing Stakeholders in Organizations
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For this Performance Task Assessment, you will explore the concept of stakeholder theory and how it differs from managing for shareholders. You will also examine ways that stakeholders can influence business results and apply your understanding of stakeholder management practices to a case study organization.
Professional Skills: Written Communication and Critical Thinking and Problem Solving are assessed in this competency. You are strongly encouraged to use the Academic Writing Expectations Checklist when completing this Assessment.
Your response to this Assessment should:
• Reflect the criteria provided in the Rubric.
• Adhere to the required assignment length.
• Conform to APA style guidelines.
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Instructions
Before submitting your Assessment, carefully review the rubric. This is the same rubric the assessor will use to evaluate your submission and it provides detailed criteria describing how to achieve or master the Competency. Many students find that understanding the requirements of the Assessment and the rubric criteria help them direct their focus and use their time most productively.
Rubric
Access the following to complete this Assessment:
• Stakeholder Analysis Template
• Article: Case: Aetna Inc.: Managing Inherent Enterprise Risks Through Stakeholder Management (A)
• Article: Lessons Learned from Managing the Design of the 'Water Cube' National Swimming Centre for the Beijing 2008 Olympic Games
Strategic Stakeholder Management
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Strategic Stakeholder Management
Approaches to Managing Stakeholders in Organizations
Shareholder Theory
The shareholder theory demonstrates that it is the core responsibility of the organization to generate high revenue and increase its profitability ratio resulting from the stakeholders. According to the shareholder theory, the management works in collaboration with all the stakeholders to maximize the returns. The received value can be in the shape of increased dividends or share price. The line manager's role is essential in generating sufficient value from all the stakeholders. It is not appropriate for the organization to involve itself in philanthropy (Freeman, 2010). The organization management can ensure that significant dividends are delivered to the shareholders who can then opt to donate the available funds for philanthropy. The total number of shares determines the ownership of the organization. When an entity purchases shares, they become the company's shareholder and own some part of the business. The percentage of total shares determines the influence of the shareholder on the overall decision making of the organization. If the organization goes into debt, the shareholder is held responsible for the company's performance. Their total investment in the business determines the liability of the shareholder in the loss. Shareholders influence the future policy plan and setting organizational objectives. Sometimes it can impact the company negatively when the desired goals are not met.
Stakeholder Theory
The stakeholder theory describes that shareholders can be considered as a stakeholder of the company. Anyone who is involved and invested in the organization, whether it is an employee, government agencies or vendors, they are a significant part of the company's business. The organization management's main goal is to satisfy and fulfil the needs of all the stakeholders (Schibi, 2013). Stakeholder theory is all about business ethics and organizational management, which focuses on analyzing how the business operations impact the stakeholders with a shared interest. The creditors, suppliers, employees and local communities all play a role in the success and development of the organization.
Stakeholder Salience
Salience of a stakeholder is the degree to which all the stakeholders associated with the organization are essential, vocal and visible for the success of the project. It is one of the essential components of stakeholder management, which is a common practice in identifying the requirements of vocal stakeholders (Eskerod & Jepsen, 2013). The organization's management takes the decision based on the overall situation and takes the necessary decision to achieve the desired results. The evaluation of all the parameters plays a role in addressing the issues faced by the stakeholders.
Similarities and Dissimilarities Present in Theories
Shareholders are significant stakeholders in any organization, whereas not all stakeholders are shareholders in the company. It is one of the main differences present in stakeholder and shareholder theories. A sha...
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