Include Stakeholder Management in Strategy

Strategic Stakeholder Management
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Boumans
I would appreciate to receive some views to the position that "Stakeholder Management should be part of the Corporate Strategy"...? (...) Read more? Sign up for free

  Edgar
 

@Bouwmans

Stakeholders are vital to the reputation of a company. Strategic stakeholder engagement can ensure that the reputation of a company is managed in a proactive instead of reactive style. This is far more efficient and has more effect. It can also generate more business if done correctly

  Christos Papadimas
Manager, Canada
 

The Importance of Stakeholders

The effective management of stakeholders has a direct impact on the firm's performance. For example, if a company fulfills the expectation of all its primary stakeholders such as bondholder, it will receive a better credit rating and better borrowing rates. Furthermore, stakeholders might have one or all attributes of power, legitimacy and urgency to influence the firm's decision makers on strategy formulation.

 

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