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Stakeholders

Student Name

Institutional Affiliation

Stakeholder Map

External Stakeholders

Suppliers

Internal Stakeholders

Housing Activists

Employees

Condominium

Company

Government

Creditors

Shareholders

Owners

Tenants

Managers

Stakeholders can be dominant who actively part of the company like the equity shareholders, the managers, and the government. Demanding stakeholders are those whose decisions affect the company and must be followed like tenants in a condos company and employees. Dormant stakeholders do not have a great impact like the creditors and suppliers.

Stakeholder theory suggests that the purpose of a business is to ensure that it creates much value to its stakeholders. Stakeholders are the groups of people who without their support a business may cease. (Freeman, 2016). A business should ensure that it recognizes all its stakeholders, both internal and external, to keep it healthy and successful for a long time. According to the stakeholder mapping above, internal stakeholders are the employees, owners, and managers of the organization. External stakeholders who constitute the external ecosystem of an organization includes suppliers, society, government, creditors, shareholders, and customers.

In America’s condos company, the housing activists have been neglected. The local housing activists always have a say on how new developments are handled. They can present ideas if the new developments will be sufficient for the parking and what kind of services the tenants might need after the development is done. Also, they have the power to asses if the new developments will displace the longtime area residents and whether after construction they can be considered as tenants after the development is over. The housing activists have been neglected, and their voices are not taken keenly during the implementation of projects. The stakeholder neighbors are also neglected; they are not considered during the construction of new condos in their neighborhoods. Developers only want to set up their condo development and leave the neighbors not considered in terms of the compound left.

The condos company can use some strategies to ensure that these two groups are incorporated in its operations for the welfare of the organization. For the case of the housing activists, the company can consult the local activists because they will turn to be full tie stakeholders to the company. It enhances good public relations which are important and truly satisfying to the real stakeholders. ( Smartsheet, 2019).

For the stakeholder neighbors, the company should incorporate them in the development projects, like they can be considered when creating parking space for the condo residents. For stakeholders to be pleased, the company should ensure that they do not feel reduced by the development of the project. Instead, they should feel that their quality of life is being enhanced or in other way maintained by the development project.

Stakeholders are most important for the welfare of the business. A healthy business ensures that the expectations of all the stakeholders are aligned. Neglecting or not fully considering all the stakeholders especially in the dominant, dangerous and defensive categories can affect an organization negatively. Like in the case of the condos company, the neglected stakeholders can influence the potential tenants negatively which will disadvantage the company. (Hutchison, 2018). The company may get the opposite of its expectations. All stakeholders should be incorporated when an organization is undertaking important steps to ensure a healthy working environment.

References

Mishra, A. (2014). Applications of Stakeholder Theory in Information Systems and Technology. Retrieved from https://www.researchgate.net/publication/259186795.

Rao J., Tiwari P., & Hutchison N. (2018) "No way to say “no”: Stakeholder analysis for compulsory purchase for a public infrastructure project in Australia," Property Management, Vol. 36 Issue: 1, pp.37-66, https://doi.org/10.1108/PM-09-2016-0050.

Smartsheet. (2019).What Is the Stakeholder Theory? Retrieved from https://www.smartsheet.com/what-stakeholder-theory-and-how-does-it-impact-organization.