Prerequisites of Stakeholder Management in an Organization

Abstract

The paper presents the organization as a collaboration of multiple and diverse constituencies and interests, referred to as stakeholders. Stakeholder approach in the organization integrates stakeholder relationships within a company’s resource base, industry setting, and sociopolitical arena into a single analytical framework. The key relationships for a business go far beyond the relationships with its customers and include the relationships with its employees, as well as those with suppliers and partners, investors and market analysts, and even government regulators, trade associations and other entities that influence the general business climate in which a given business operates. In all cases stakeholders are inseparable part of management strategy. This concept helps people and organizations to agree upon joint goals, participation, boundaries and benefit, i.e. flexibly to plan the activity.