Role of Stakeholder Salience in Research †Free Samples to Students

Question: Discuss about the Role of Stakeholder Salience in Research. Answer: Introduction: Stakeholders in any organization have an intrinsic value. They invest in the structure of the organization to make it worthy of business. Their interests in the firm are kept as a priority during the time of decision making. Their interest makes the moral foundation of the organization. Moreover, the relationships of management with its stakeholders are based on moral grounds sealed with commitments (Aragons-Beltrn et al. 2017). Stakeholders always desire to make profits from their investments in the organization and it becomes obligatory for the managers to make them earn their worth. Normative model is selected because decisions of the organizations affect the profitability of the stakeholders. The ethical approach comes into play when the decisions taken by the organization affect others rather than their own stakeholders and the decisions made without considering the consequences which others have to face is termed as unethical. Since an organization is responsible to its stakeho lders about the decisions normative approach is considered best (Dioufand Boiral 2017). As stated above the intrinsic value of stakeholders dominate the management of an organization when it comes to decision making. In the context of corporate responsibility, normative approach is more appropriate than ethical approach. The success of an organization does not only depend on the managerial efforts but there is a lot of contribution made by its stakeholders to see the ship sail through. For that purpose, organizations realize the participation of stakeholders and keep their rights on top of any priority. All the mechanism which any organization applies to protect the rights of shareholders, and is kept at the most important practice is known as corporate governance structure (Fassin et al. 2017). Legal and legitimate rights of the stakeholders are agreed upon by the management and actions or decisions which forfeit those legal rights are prohibited. These rights are given to the stakeholders to intervene in the decision making and profit making actions to maximize the efficiency of work in the organization (Haefner and Palmi 2017). These legal rights provide the stakeholders with authority to change the flow of work according to their perspective which is always bonafide. These legal rights clear stak eholders to receive classified information about the firm to oversee and act accordingly. They can also stop any unethical work going on behind their backs with the help of these legal rights. It also backs the commitments made to the stakeholders and they can sue the company if those commitments are not fulfilled (Horng et al. 2017). As mentioned above, stakeholders are the key to achieving success for an organization. They have an intrinsic value of their own and keeping their interest as a top priority is the job of core management of the organization. It is a conventional practice that management of an organization is responsible and answerable directly to the stakeholders. If any issue arises, the stakeholders directly contact the top management of the firm. To manage the stakeholders is a difficult task and needs proper identification of the types of stakeholders (Lim and Greenwood 2017). Some of them are visionaries, some of them are bullies and ghosts. Since it requires a lot of PR skills to manage each and every one of them and satisfy their needs, managers must be skilled. The response of core management comes handy as they have the authority to answer and negotiate with the stakeholders. Their commitments and statements seem more authentic in the eyes of the stakeholders (Miles 2017). Being in the core management of the firm it is their natural obligation to work for the progress of the company and even look into the interests of the stakeholders. They maintain a balance between both entities as only they are capable of pulling this thing off. There are many methods of communication between the management and the stakeholders of a firm. This communication is very important to win the trust of the stakeholders by keeping them in the loop about changes occurring in the management. Some of the methods are: Meetings: It is the most common way of communication in which each member is allowed to speak and discuss work-related Counter questions clear any doubts about the topics under consideration (Mitchell et al. 2017). Conference Calls: To save the time and expense of travel conference calls have been the most frequently used tool in todays world. It breaks the barrier of time and place of meetings. Newsletter/Emails: This is a one-way communication to notify the stakeholders about any update or report which is related to work (Oliveira et al. 2017). Details of the work can be conveyed in much simpler and faster way to all stakeholders. In the same way, needs of the stakeholders can be conveyed to the management through methods of communication. If any discussion or clearance is required to implement the proposed changes then the management can discuss it within them and notify the stakeholders afterward. It completely depends on the nature of demands of the stakeholders, that it will be accepted by the management or not (Oppong, Chan and Dansoh 2017). Identification of the stakeholders is of utmost importance in making a strategy to manage them. Since the stakeholders react in different circumstances it is imperative to pick and choose them in your own best interest. I would like to choose the internal stakeholder such as low key employees, dealers and contractors who can have an immediate impact on the work of a project. Mapping them is much easier as they are in frequent contact with the management. Communication with them can leverage the status of work and resources available to complete the project (Rivera et al. 2017). They are easy to handle and mitigate as their demands are less and short term which can be easily fulfilled and manipulated. It makes the grip of management on the stakeholders demand very tight to get the work done without much hassle (Wright,Hudson and Wright 2017). To effectively manage the stakeholders are to create a strategy for the purpose, I will create an Organizational Breakdown Structure first. This structure may be of a tree in which classification of different departments and groups will be done. Then I will categorize the stakeholders into three circles such as immediate circle, community circle and observational circle. This will allow me to separate the interests and involvement of the respective stakeholders (Horng et.al 2017). After that, I will do an assessment of the impact of stakeholders which they hold on decision making of the organization. This will simplify the intentions and interests of the stakeholders in different modules of the firm. Then to complete this method I will create a power-interest grid to give a clear picture of the stakeholders position in the firm. Keeping each stakeholder in the relevant quadrant of the grid according to the power they hold and interest they have will classify them further (Diouf and B oiral 2017). Which resources will you require? To formulate a strategy for managing stakeholder, the resources I would require is the nature of work of the stakeholder, their interest in the organization, thepower they hold in the decision making process and their preference of work culture. To manage and convince the stakeholders I would need the data about their personal likings, their financial position in the firm, amount of money they have invested as capital, their expectation of return from the firm and other business interests (Fassin et al. 2017). These variables will give a clear picture of everything which a stakeholder wants from the firms management. Knowing these details will give me the leverage to handle them individually. Stakeholders want to be valued and involved in the management which can be granted to them with the help of above-mentioned resources (Haefner and Palmi 2017). To measure the level of success I have achieved in managing the stakeholders, I will use some commonly used key performance indicators applied for the purpose. These indicators will clearly define the extent of success of the management strategy. The first method which I will use is conducting anonline survey. It is the most simple and by far the best method of knowing the rate of success and getting feedback from the stakeholders(Lim and Greenwood 2017). I can choose any tool such as Zoomerang or SurveyMonkey to set up an online survey in which questionnaires will be provided regarding the level of satisfaction of the stakeholders and feedback which they want to give to improve my strategy. The second method is to run Focus Groups in which brainstorming sessions are done to get inputs from the stakeholders about the progress mange by the management team(Oppong, Chan and Dansoh 2017). The third method is the direct one which is interviewing the stakeholders. This will be a private me eting in which one-on-one interaction will be done to get the feedback. The entire planned developed by me will be deployed to improve the strategy of stakeholder management. I will use this approach to get to the bottom of requirements of stakeholders and to know their real expectations. As it is a well-known fact that stakeholders are the most vital part of any organization, keeping them happy and satisfied is very essential for the success of the firm (Rivera et al. 2017). My strategy is very comprehensive and deals with each and every aspect of stakeholder management and it can be applied to get better results according to the need of the company. I will make back up plans as well in case of any changes in the interests of stakeholders or management of the company. References Aragons-Beltrn, P., Garca-Meln, M. and Montesinos-Valera, J., 2017. How to assess stakeholders' influence in project management? A proposal based on the Analytic Network Process.International Journal of Project Management,35(3), pp.451-462. Diouf, D., Diouf, D., Boiral, O. and Boiral, O., 2017. The quality of sustainability reports and impression management: A stakeholder perspective.Accounting, Auditing Accountability Journal,30(3), pp.643-667. Fassin, Y., Deprez, J., Van den Abeele, A. and Heene, A., 2017. Complementarities Between Stakeholder Management and Participative Management: Evidence From the Youth Care Sector.Nonprofit and Voluntary Sector Quarterly,46(3), pp.586-606. Haefner, N. and Palmi, M., 2017. With (out) a Little Help From My Friends? Stakeholder Management, Innovation Strategy, and Long-Term Firm Performance. Horng, C.Y., Fan, C., Chen, S.C., Tsai, Y.S., Lin, C.Y., Wu, C.C. and Yeh, J.H., 2017. Enhancing river patrol team management through stakeholder discussion facilitated by World Caf methodologyA case study in Taiwan.Journal of Cleaner Production,140, pp.1263-1271. Lim, J.S. and Greenwood, C.A., 2017. Communicating corporate social responsibility (CSR): Stakeholder responsiveness and engagement strategy to achieve CSR goals.Public Relations Review,43(4), pp.768-776. Miles, S., 2017. Stakeholder Theory Classification, Definitions and Essential Contestability. InStakeholder Management(pp. 21-47). Emerald Publishing Limited. Mitchell, R.K., Lee, J.H. and Agle, B.R., 2017. Stakeholder Prioritization Work: The Role of Stakeholder Salience in Stakeholder Research. InStakeholder Management(pp. 123-157). Emerald Publishing Limited. Oliveira, R.R., Boldorini, P.S.A.T., Teixeira, L.A.A. and Martins, H.C., 2017. PROJECT MANAGEMENT AND RELATIONSHIP MARKETING58; INTERSECTIONS FOR STAKEHOLDER MANAGEMENT IN PROJECTS.Iberoamerican Journal of Project Management,8(1), pp.47-68. Oppong, G.D., Chan, A.P. and Dansoh, A., 2017. A review of stakeholder management performance attributes in construction projects.International Journal of Project Management,35(6), pp.1037-1051. Rivera, J.M., Muoz, M.J. and Moneva, J.M., 2017. Revisiting the Relationship Between Corporate Stakeholder Commitment and Social and Financial Performance.Sustainable Development. Wright, K., Hudson, R. and Wright, J., 2017. Change communication and stakeholder management during transformative change initiatives., (2), pp.7-11.