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A normal company operates in a business environment of suppliers of which it receives valuable resources and customers to whom it sells added value in form of products and services.
Modern business however has become more and more complex and the concept of "community" entered the business scene; an organization is more than a static entity that offers products and services to consumers.
A hospital for instance is part of a local community for which it offers job opportunities. And in the same way a company's head-office services a community; a potential move of the head-office to a more knowledge-intensive area may influence the local community. Oil companies are dealing with action-groups that stand-up to protect the environment and decisions to enter a new business area may count on resistance from these stakeholders.
A few examples of the "Stakeholders' Interest" statements are:
- We listen to our stakeholders and seek better ways of doing things to meet their expectations.
- Trusteeship... we are conscious that we have been given trust by all our stakeholders.
- Partner with the customer.
- Respect. We respect our stakeholders and the individual employee.
- Our Community. As a corporate citizen, we support community activities that reflect the values of our employees, stakeholders and consumers.
Why and when should a company consider this value?
Managing change is "at stake" here. Often large companies have detailed large plans and new business initiatives where all of a sudden, when promoting the plan it faces resistance by a group it didn't realize its existence before.
It is part of today's "responsibility" climate where all actions and activities are visible and followed by the community around the company and as being a big player it will face critique easily. Managing this in advance is part of the business of these companies.
Is it useful as a corporate value? One of the disadvantages is that it is a value focused on the organization and not on the employee.
Yet it is possible to include it. In any activity as minor as it may look, there are always stakeholders and in a complex business, everybody in the organization should be aware of its stakeholders. At any time. It will help to manage change by preparing for the impact: what will this change mean for ...?
Beware however that it will not keep people from initiating new innovations and changes, just for the sake that they fear the eye of the stakeholder. Managers should proactively manage the stakeholders (expectations). As with normal changes.
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