There are many stakeholders in the organization (Oregan et al., 2020). . The key stakeholders are creditors, directors, employees, and government and non-government shareholders. The concern of the government stakeholders are vat legislation, taxation and external; factors of the organization The concern of the employees are rates of pay, security of job, respectful attitude and communication power. The concerns of the customers are customer perception, customer satisfaction, production quality value, and ethical products. The concerns of the suppliers are the equalization of business opportunities and the providers of goods and products. The concern of the creditors is new contracts and liquidity. There are many concerns of the community group are involvement of the jobs, environmental protection, and communication power of the community group. The concerns of the trade unions are the protection of the workers and the quality of the workplace (Bohari et al., 2020). The concerns of the owners are longevity, profitability, and market share.
The investors have concerns about the return on investment. Stakeholder management consists of the process that is used to identify the people that affect the organization’s wellbeing. The stakeholder management should be planned by the people of stakeholder groups. To develop the stakeholder management plan the stakeholder will take roles and responsibilities of the organization. The outcome of the project is always influenced by stakeholder management. They always have an interest in the accomplishment of the project goals. Stakeholders management is necessary for the advancement of the organizational culture. Creating and maintaining a positive relationship is always mandatory for the improvement of the stakeholder’s group. The accomplishment of the goals should attain the expectations of the stakeholder group. The stakeholder communication should be maintained and represented by each and the individual member of the stakeholder management. The feedback process of the stakeholder group is a significant factor in the organizational context (Roche et al., 2021). The stakeholder group frequently provides the status reports to the accuracy of the financial report of the company. The senior management can take an overview from the status report of the organization. The decision of stakeholder management always impacts the project. They can work on multiple projects but on the other hand, they have to keep their eyes on every project of the organization (Yao et al., 2020). The stakeholder management should control and manage the projects of the organization. Sometimes the stakeholders are not satisfied with the outcomes of the project.
They should have a clear understanding of the project so that the project will accomplish the proper vision. There are differences in the external and internal stakeholders. They should have a proper idea about the relationship between the internal and external stakeholders. Stakeholders analysis is a significant factor in organizational behaviour. They should deliver the resources to the organization’s labour for the wellbeing of the organization. They should develop a good rapport with each and the individual member of the organization. Stakeholder mapping is a vital factor in organizational improvement. The focus of the project can be decided by the perception and the thinkings of the stakeholder management.
Roche, L., Adams, D. and Clark, M., 2021. Research priorities of the autism community: A systematic review of key stakeholder perspectives. Autism, 25(2), pp.336-348.
Bohari, A.A.M., Skitmore, M., Xia, B., Teo, M. and Khalil, N., 2020. Key stakeholder values in encouraging green orientation of construction procurement. Journal of Cleaner Production, 270, p.122246.
Yao, D., Hu, H., Harnett, J.E. and Ung, C.O.L., 2020. Integrating traditional Chinese medicines into professional community pharmacy practice in China–Key stakeholder perspectives. European journal of integrative medicine, 34, p.101063.
O’Regan, A., García Bengoechea, E., Clifford, A.M., Casey, M., Gallagher, S., Glynn, L., Doyle, C. and Woods, C., 2020. How to improve recruitment, sustainability and scalability in physical activity programmes for adults aged 50 years and older: A qualitative study of key stakeholder perspectives. PloS one, 15(10), p.e0240974.Order Now