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What are stakeholders: 5 tips for good stakeholder management in your business. Their definition, types and importance

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what are stakehold

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What do you imagine the definition of stakeholders to be?

The term was coined by philosopher and business professor Robert Edward Freeman. In 1963. Freeman defined stakeholders in an internal memo from the Stanford Research Institute as “groups or individuals who without their support, the organization would cease to exist”.

If you want to know more about them, we suggest you continue reading.

Over the next few lines, we will show you what you need to know about this topic:

What is the definition of a stakeholder?

What are the types of stakeholders?

Why is it important to know the stakeholders in your company?

5 tips on how to achieve efficient stakeholder management.

See more: Stakeholder Management: what is it, why it is important to do and 4 tips to implement it in your company

What are stakeholders?

As Robert Edward Freeman said, we can define stakeholders as groups and individuals who one way or another, have some level of interest in the projects, activities, and results of a particular organization.

The English term of origin is used to refer to people who are impacted by the decisions a company makes, either positively or negatively.

Examples

So that you can better understand what stakeholders are, here are some of the main examples:

Customers

Employees

Directors

Suppliers

Competitors

Shareholders

Investors

Trade Unions

Government Bodies

Non-governmental organizations

Press agencies

What types of stakeholders are there?

Essentially, there are two types of stakeholders: internal and external to the organization.

In other words employees and managers, are considered internal stakeholders. Customers, suppliers and the press are external stakeholders.

Besides these two types, there are other subcategories that depend on the level of interest and legitimacy of each one.

Arbitrary Stakeholder: is legitimate but has no power to influence the company’s decisions

Sleeper Stakeholder: has neither legitimacy nor immediacy, but has the power to impose its interests

Claimant Stakeholder: has a lot of immediacies, but no power or legitimacy

Dominant Stakeholder: has legitimacy and great power of influence

Dependent Stakeholder: has immediacy and legitimacy, but depends on the power of other stakeholders to be taken seriously

Definitive Stakeholder: is legitimate, has an immediacy and strong power of influence over the company’s decisions

Dangerous Stakeholder: has power and immediacy, but no legitimacy

Knowing how to manage people helps to manage stakeholders, see tips in this video:

Why is it important to know your company’s stakeholders?

Knowing who the stakeholders of your company are is indispensable to achieving success.

This is because ignoring the impact that the decisions of your business model may have on stakeholders can end up compromising your results and financial management. Plus, also damage the company’s image in the marketplace.

All decisions must be considered without losing sight of the stakeholder’s interest. The projects and the internal and external policies must consider the individuals and groups that will positively or negatively be affected, directly or indirectly by the company’s practices.

Thereby, Identifying and understanding who are the individuals with an interest in your organization, enables you to have a broader view of your processes and the impact of your activities. From this, it is possible to implement necessary improvements, so that all involved and interested parties can be satisfied.

5 tips on how to create an efficient stakeholder management

Now that you know the concept of stakeholders, their importance and the various types. It is time to find out how to provide efficient management for these interest groups.

Check out the following 5 essential tips:

Identify which are groups and individuals interested in your company’s activities

Categorize the stakeholders according to their degree of importance, interest and influence on your business model

Align the stakeholders’ expectations with those of your company

Develop an action plan for each stakeholder group

Monitor stakeholder satisfaction

This content from our blog may also be of interest to you:

Learn how to use social responsibility indicators within a company

Corporate reputation in the marketplace – why is it important to have control of yours?

Knowing the people you work with always helps in management, get to know people analytics:

It’s clear what is the definition of stakeholders and their importance for the good performance of the business.

Now that you know what they are, put into practice the tips we mentioned here and maintain a good relationship with your company’s stakeholders.

STRATWS One is a corporate performance management software that will help your company define performance indicators and monitor the results of all the participants, projects and areas of the company. Feel free to share this data with those interested in these results.

That is why STRATWs One is already used by more than a thousand companies around the world, benefiting more than 180 thousand of their participants with advantages such as these:

Managing risks and analyzing scenarios

Facilitating the exchange of information and communication between departments

Focus on the search for the results that your company seeks to achieve

Create and monitor KPIs for processes, projects and people

Share information with agility and transparency

Use meritocracy and management by sight to motivate and manage teams

Manage meetings and project portfolios

Increase productivity

Enhance corporate governance

Using meritocracy and management by sight to motivate and manage teams

Employ the main strategic planning methodologies such as BSC, OKR and SWOT

Integrate people, operation and strategy.

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