A Stakeholder Management Model For Ethical Decision Making

856 WordsSep 2, 20164 Pages
It is important for a business to balance all the different stakeholders that a company might have. Some stakeholders might have different priorities than others. For example, some shareholders expect the business to give them only money while others stakeholders need good working conditions. Also, investors might wish to see proof that the company responds to environmental matters before promising money to a business. In addition, problems might happen when stakeholders compromise to the expectation of other stakeholders. The difference priorities of stakeholders can come into place when organizations have to come up with a decision, they have to decide which stakeholders should be prioritized. When beginning the dialogue with a specific stakeholder group, the management should explain from the beginning what the intended objectives of the dialogue are. Measure performance: the company should be able to tell how well its stakeholder management processes are going which of course depends on what objectives the firm has set for a specific stakeholder engagement process. (“a stakeholder management model for ethical decision making|Simone de Colle- Academia.edu”, 2016) Communication and reporting: corporation provides useful information about stakeholder views and interests. Review commitment and policies: Corporate’s policies should be reviewed to respond to issues raised by stakeholders. Continuous engagement: It is necessary for corporations to have ongoing approach with
Open Document