Importance of Stakeholders-Free-Samplesâ€Myassignementhelp.com

Question: Discuss about the Importance of stakeholders for every Organisation. Answer: Introduction Literature review is the section which provides a direction to the researcher to formulate the actual research. In this section of the research various studies which were performed earlier on the research topic will be analysed and reviewed. Literature review is the section of the research in which theoretical aspects of the research topics are being provided. Purpose of developing the literature review is to avail the theoretical information related with the research topic so that target users could develop better set of understanding with the selected topic. The report developed by the researcher will use secondary sources of data collection in which data will be collected from books available in the nearby library, various journals, articles and literatures developed by the authors on the selected topic as well as on the related topics and for mass information internet is used by the researcher in which Google Scholar will be used to collect data from all the updated researches. Discussion People who are either directly or indirectly attached with the processes of the business and get impacted with each and every aspects of the business are known as the stakeholders of the company (Wan Yusoff et al., 2017). There are various numbers of people who remain attached with the organisation and get affected with every single activity of it these people are known as the stakeholders of the company. Normally organisations prefer to make the bifurcation on the basis of two variables which are internal stakeholders and external stakeholders (Ursula Huws, 2016). Stakeholder's Theory (Solmon, Agam and Priagula, 2007) Internal Stakeholders Internal stakeholders are the people who work in the internal environment of the company and helps in managing all the work according to the requirements of the business. Employees: Employees are the stakeholders who remains attached with the company. Employees play a very vital role in managing the internal work process of the company. Employee helps in processing the work and helps in delivering quality services to the market in which it is working. There are certain set of needs and requirements that are attached with the employees working at the workplace. Employee needs that they should get proper set of infrastructure and remuneration so that they could manage their life (Saleh and Khine, 2012). Managers: Managers are another internal stakeholders attached with the company. Managers have the responsibility to manage the people and help them to remain motivated at the workplace to work. There are various requirements of the managers which are required to be fulfilled by the organisation. It is important that manager should be facilitated with all the required facilities with the effect of which he could perform his duties in an effective way. Owners: Owners are the stakeholders who run the business and they prefer to manage the work of the organisation. It is necessary or the owner of the company that he should take care of all the employees, serve equality and provide opportunity to all the people working at the workplace. In return it is necessary that organisation should help owner to grow and develop so that he could manage to work effectively and could ensure to provide better as well as effective set of services to the target population (Rajablu et al., 2017). External Stakeholders External stakeholders are the stakeholders who get affected with the output of the business and remain available in the external environment of the company. Government: Government is the main external stakeholder which is attached with each and every single business whether it is a big business or a small one. There are various set of policies and procedures which are developed by the government. So it becomes necessary that the government should follow all set of rules and regulations prepared by the government and pay all relevant set of taxes to the same. Customers: Customers are other stakeholders who remain attached with the company and each and every process of the company has a direct impact on the actions of the customers. It is required that company should provide relevant set of support to the customers and provide them proper as well as quality products and services (Pater and van Lierop, 2016). According to Mark S. Reed customers are the one for whom a company works and they are the only people who helps in the growth of the business. Society: Society is also a part of the external stakeholders of the company. According to Stakeholders Participation for environmental management: A Literature review it is required that the organisation should work towards the society and also towards the environmental sustainability aspects (Lee and Chen, 2011). It is necessary that organisation should ensure that it should focus on the requirements of the society and help it to grow and develop. Spreading sustainability should be the objective of the organisation so that the external environment could grow and could ensure to remain developed. Stakeholders Analysis According to the stakeholders analysis matrix it is required that all the stakeholders should be analysed properly and company should try to meet the needs and wants of the stakeholders according to the matrix. There are four sections on the basis of which stakeholders of the company are being analysed (Haris, 2016). These four sections are Meet their needs, Key Players, least important and show consideration. (Fr?czkiewicz-Wronka et al., 2011) There are certain set of stakeholders who are really very important for the organisation, these stakeholders are kept in the meet their need section of the stakeholders list, there are certain key players who plays a very vital role for the organisation, these key players helps in the processing of the business, there are certain stakeholders for whom it is required that the company should show its consideration and provide proper set of support. These are the stakeholders for whom company develops the strategies with the help of which they could sustain. These are the stakeholders who need the support of the company and it becomes the responsibility of the organisation to avail proper as well as relevant set of support(Dale, 2016). Least important is another section in which stakeholders are kept by the organisation for which support system is being developed by the company. Company has the responsibility to manage all set of stakeholders in the same manner it also has the responsibility to manage the stakeholders who are least important to it (Chhabra, 2007). Hence, with the help of the stakeholders analysis it could be understand that every type of stakeholder is equally important for the organizations but the difference occurs with the priorities of the company. There are certain set of stakeholders which are really important for the organization on the other hand there are certain set of stakeholders who the company is required to show the consideration. But it becomes the responsibility of the company to support every single stakeholder so that company could remain in the field and could ensure to provide proper support system for the people who are attached with it (Bridoux and Stoelhorst, 2013). Conclusion With the help of the review of the literature it could be analysed that stakeholders plays a very vital role for every organisation. It is required that organisations should remain indulged in the practices with the help of which proper support could be provided to the stakeholders. Stakeholders theory and stakeholders analysis are the important aspects which provides an appropriate set of support to the organisation. These are the aspects which provide a proper set of direction to the companies and helps in the decision making aspects. Analysis of the stakeholders helps in bifurcating the stakeholders according to the requirements and priorities. Prioritizing is one of the most important aspects attached with every organisation as it helps in availing the direction with the effect of which company will be able to process the work effectively. Hence, this report has provided a direction and set path to the organisations with the effect of which support will be availed to the stakehol ders and they will be helped to move on the path of success as well as sustainability. References Bridoux, F. and Stoelhorst, J. (2013). Microfoundations for stakeholder theory: Managing stakeholders with heterogeneous motives.Strategic Management Journal, 35(1), pp.107-125. Chhabra, D. (2007). Analyzing Stakeholders' Perceptions of Sports Tourism.Tourism Analysis, 12(3), pp.213-219. Dale, O. (2016). Ethical issues and stakeholders matter.Addiction, 111(4), pp.587-589. Fr?czkiewicz-Wronka, A., Dyaczy?ska, K., Szymaniec, K. and Kotowski, P. (2011). The Impact And Importance Of Stakeholders Of The Health Units To The Managerial Decision-Making Process.Economics Sociology, 4(1a), pp.148-165. Haris, I. (2016). Capacity Building Activities for Educational Stakeholders for Improving the Quality of Education.unibulletin, 5(1-2), pp.26-37. Lee, C. and Chen, L. (2011). Who are the resident stakeholders in a flood project? A spatial analysis of resident stakeholders.Natural Hazards, 59(1), pp.107-128. Pater, A. and van Lierop, K. (2016). Sense and sensitivity: the roles of organisation and stakeholders in managing corporate social responsibility.Business Ethics: A European Review, 15(4), pp.339-351. Rajablu, M., Hamdi, S., Marthandan, G. and Yusoff, W. (2017). Managing for stakeholders: introducing stakeholder metrics-integrated model to lead project ethics and success.International Journal of Project Organisation and Management, 9(1), p.31. Saleh, I. and Khine, M. (2012).Practitioner Research in Teacher Education. Frankfurt: Lang, Peter, GmbH, Internationaler Verlag der Wissenschaften. Solmon, L., Agam, K. and Priagula, C. (2007).How stakeholders can support teacher quality. Charlotte, N.C.: IAP. Ursula Huws (2016). Logged labour: a new paradigm of work organisation?.Work Organisation, Labour Globalisation, 10(1), p.7. Wan Yusoff, W., Hamdi, S., Marthandan, G. and Rajablu, M. (2017). Managing for stakeholders: introducing stakeholder metrics-integrated model to lead project ethics and success.International Journal of Project Organisation and Management, 9(1), p.31.