Stakeholders - introduction

Some definitions of a stakeholder:

An individual or group with an interest in an organisation. Any individual or group who can affect or are affected by the achievement of a firms objective. Groups/individuals that have an interest in the well being of the company and/or are affected by the goals, operations, activities of the organisation.

Stakeholders can be classified as:

Internal stakeholders e.g. employees, managers! "onnected stakeholders e.g. shareholders, customers, suppliers, financiers! #$ternal e.g. government, the community, pressure groups!

The main stakeholders in any business are:

%hareholders #mployees "ustomers %uppliers "reditors %ociety &he government "ompetitor

Shareholders look for:

'igh profits 'igh dividend (ong term growth )rospect of capital gain A say in the business A positive corporate image )referential treatment as customers

Employees look for:

'igh pay *ob security Good working conditions +air treatment +ringe benefits 'ealth and safety

)romotion prospects &raining opportunities

Customers look for:

(ow prices ,alue for money 'igh -uality products Good service Innovation "ertain and regular supply "hoice of goods i.e. variety "lear and accurate information

Suppliers look for:

A long term relationship with the firm (arge si.e and high value of contracts +re-uent and regular orders )rompt payment +air prices Growth of the firm leading to more orders

Creditors look for:

)rompt payment )ayment of interest on outstanding debt /epayment at agreed date "redit worthiness of the organisation %ufficient positive cash flow to meet obligations

The community looks for:

#mployment prospects %afeguarding the environment Acceptance of social responsibility #thical behaviour

Government looks for:

"ompliance with laws and regulations #fficient use of resources #mployment "ontribution to the national economy )ayment of ta$es