Stakeholders: Who Are They Why Are They Important And How To Manage Them

Every company has interest groups, both external and internal, that can greatly harm or benefit the organization. They can be from customers or suppliers to shareholders, communities or the media. They are called stakeholders and in this article we explain what they are and everything you need to know to manage them. Keep reading.

What Are Stakeholders

In the business world, stakeholders are those individuals or groups that have an interest in and impact on an organization and the results of its actions. Some of the most common examples of stakeholders are employees, shareholders, customers, suppliers, governments, and communities.

Each group of stakeholders has its own interests and they can be:

  • Internal stakeholders : people whose interest in an organization comes from a direct relationship. For example, employment, investment or property.
  • External stakeholders : those who do not work directly with a company but who are somehow affected by the actions and results of the company. For example, providers.
  • Primary stakeholders or key stakeholders : the most important. These are those with the most interest in the result and tend to actively contribute to the projects. For example, customers ormanagers.
  • Secondary stakeholders : they have a lower level of involvement than the primary ones and are related to administrative, financial or legal processes.
  • Direct Stakeholders : They are involved in the daily activities of a company. For example, employees, since their daily tasks revolve around developing the internal projects of a company.
  • Indirect stakeholders : they are interested in the final result, without collaborating in the process. They worry about issues related to prices or packaging. For example, customers.

A problem that often arises in companies with multiple Venezuela Mobile Number List stakeholders is that their interests may differ and even come into direct conflict. For example, a company’s primary goal for shareholders is to maximize profits. Since labor costs are unavoidable, an organization may try to keep them under control and this is likely to upset employees.

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Why Are Stakeholders Important

As a company, it is important not to underestimate the importance of stakeholders . The key is to try to involve most or all groups. If we succeed, it will be of enormous benefit to the organization and to the groups concerned. Stakeholder engagement can help:

  • Empower people: involve them in the decision-making process.
  • Create sustainable change: The most committed help inform decisions and provide the support we need for the long-term sustainability of the company.
  • Build relationships: take advantage of those that already exist and foster new ones.
  • Building a better organization: Engaging with them can help us get to important issues and encourages developing corporate social responsibility.
  • Increase success: Engaging stakeholders and turning them into supporters and advocates could increase the chances of business success.

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