Companies that start the process early

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Reference no: EM133914839

Question: To address a problem effectively, we must know who the interested parties are, as their input and ideas will be needed. For instance, a team created to address a SARS or income tax issue would include tax practitioners, employees, employer, politicians. Skilled management of the interaction of organisations with their stakeholders may help organisations achieve their missions by reducing the negative effects of dissatisfied stakeholders and encouraging support form key stakeholders. An organisation's stakeholders include its employees, volunteers, board members, funders, suppliers, client, regulators, contractors, competitors, and any other actors who have a stake in the organisation's performance. Get top-rated assignment help now.

A stakeholder's interest in an organisation may be economic, legal, or moral. developing their local "social license to operate." Consultation about a problem is a two-way process of dialogue between the organisation and its stakeholders. Stakeholder consultation is about initiating and sustaining constructive external relationships over time. Companies that start the process early and take a long-term, strategic view are, in essence, developing their local "social license to operate." answer to this question: Why is it important to know who the stakeholders are when addressing a problem?

Reference no: EM133914839

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