A stakeholder can be defined as a person or group that has interest or concern in an organisation. Stakeholders can affect or be affected by the organization’s actions, objectives and policies. Some examples of key stakeholders, as relevant to Myer, can be found below.
External Stakeholders:
Fair Wear Lobby Group (Protesters)
The lobby group behind the protests is a key stakeholder to be reached at this point in the issue lifecycle. By identifying their needs and complaints the issue can be contained and prevented from escalating further into a full-blown crisis situation. The outworkers are an external stakeholder for Myer; they are effected by the poor working conditions and low wages and are feeling disengaged from their contractors and the retail industry. These stakeholders are crucial to target as they hold the power to promote this issue through further protests and to escalate this issue into a crisis; further affecting the Myer brand and image.
EZ Clothing Productions
The clothing production company that contracts the outworkers is a key stakeholder that must be communicated with at this stage of the lifecycle. By communicating with them on both the Australia wide code of ethics for clothing manufacturing and Myers’ own code for an ethical supply chain this issue can be prevented from reoccurring. EZ Clothing is an integral stakeholder to this issue as the way in which they treat their contracted workers directly effects the Myer brand reputation and image.
Myer Customers
Myer customers are key stakeholders to communicate with at this stage. Even though the issue is only in the beginning stage of its potential lifecycle, customers could quickly become aware of this issue and it could become a crisis. This issue could...
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...uggested within this plan we will be using a logical framework, or, a theory of change model. By examining the causal relationships between elements of the issue and our suggested response we will be able to conclude if the resources needed are available, how the tactics can be implemented successfully and what outcomes are desired and can be expected. We will also evaluate how this issue is unfolding through weekly meetings held between Mr. Menon and Ms. Tebbutt and a representative of Fair Wear.
Recommendations
The final recommendations that will guide this issue away from crisis are towards containment and minimization are for Myer to actively commit to open and transparent communications with outworkers and the Fair Wear lobby group, to commit to an ethical supply chain and to keep all of their key stakeholders fully informed about any relevant progress.
In China, Kelsey Timmerman spent time with a couple who worked at the Teva factory, traveled to the countryside to meet the couple’s son, insert name, who hasn’t seen his parents in three years due to his parents working long hours and it being expensive to take a train ride. In the US, the author visited one of a few clothing factories in the US to talk to the workers about his shorts, and the decrease of American garment factories. Timmerman wants the consumer to be more engaged and more thoughtful when mindlessly buying clothes. By researching how well the brands you want to buy from monitor their factories and what their code of ethics details, you can make a sound decision on if this is where you would want to buy your clothes. The author writes about brands that improve employers lives like SoleRebels, a shoe company who employs workers and gives them health insurance, school funds for their children, and six months of maternity leave. Brands like soleRebels that give workers benefits most factory workers have never even heard of help improve the lives of garment workers and future generations. From reading this book, Timmerman wants us to be more educated about the lives of garment workers, bridge the gap between consumers and manufacturers, and be a more engaged and mindful consumer when purchasing our
Previous to the fire, the International Ladies’ Garment Workers Union took a stand with the Women’s Trade Union League to strike against the their working conditions. Unfortunately, even though their voices were heard, many of the sweat shop owners disregarded all basic workers’ rights. Management had no fear from
Within my organization there are many different stakeholders. It is crucial to first understand what a stakeholder means. A stakeholder is a person who has something to gain or lose through the outcome of planning process. Within healthcare there are three types of stakeholders, those who receive health care, those who give health care, and those who manage the financial aspects of health care. Health care organizations do not face just one or a few stakeholders they hold many. Healthcare executives must learn to manage a portfolio of stakeholder relationships.
Stakeholder is anyone with an interest in a business; stakeholders are individual, groups or businesses. They are affected by the activity of the business. There are two types on stakeholders who are internal and external. Internal stakeholder involves employees, managers/directors and shareholders/owners. External stakeholder involves suppliers, customers, government, trade unions, pressure groups and local and national communities.
Ravisankar concludes his expository essay by informing his audience about organizations like the University Students Against Sweatshops who are forcing corporations to source their clothes from respectful factories or they will not purchase their products.
Stakeholders and stockholders are a group of individuals that can affect the company and also are affected by the company. In order to be a successful company needs to maintain their investor’s confidence. Stockholders are also able to develop value for the customer because they invest on ideas that will produce success for the company. Stakeholders are all the individuals that have an interest in the company such as employees, customers, and the surrounding community.
Stakeholder is the different types of clients that you have as an organisation/ business. Primary clients are the clients that Havering or an organisation/business do main business with. For example, at Havering our primary clients are the residents that ones that we provide to services that we offer to. Our secondary clients would be the contractors, they are the ones that we speak to on a daily basis and help the organisation be able to provide its services, we chase work up with them that they are completing for the residents on behalf of Havering. The key client at Havering would be Havering Residents in Housing Service in other departments the key clients would also be Newham Council Residents as we are in partnership with them. External
Hence, the stakeholders which are described as those who are affected by the organisation performance ,actions and duties and those actions includes employees, clients, local community and investors as well. The theory of stakeholders also suggests that it is the responsibility of firm to make sure no rights of stakeholders are dishonoured and make decisions in the interest of stakeholders which is also the purpose of stakeholder theory to make more profit and balancing it while considering its stakeholders (Freeman 2008 pp. 162-165). In the other words organisation must also operates in a more socially accountable approach by carrying out corporate social responsibility as (CSR) activities.
First, we want Nike to play a role in effecting positive, systemic change in working conditions within our industries. If our efforts lead to a workplace oasis -- one solitary and shining example in a desert of poor conditions -- then we’ve not succeeded. Even if that single shining example were to exist (and we’re not claiming it does), we’ve learned that positive changes won’t last unless the landscape changes. Our challenge is to work with the industry and our contract manufacturers to collectively address these systemic non-compliance issues that our data so highlight. This is one of the key reasons we made the decision to disclose our supply base; we believe this could encourage other companies to do the same. Our belief is that in disclosing, the industry will find ways to better share knowledge and learnings. This, in turn, will facilitate the building of further partnership approaches that are built on best practice and gradually lead us to standard codes, standard approaches to monitoring, standard reporting and standard parameters for transparency. It’s our belief that for market forces to enable responsible competitiveness, consumers must be able to reward brands and suppliers using fact-based information. Compliance efforts need to be optimized, made affordable and demonstrate real return if better working conditions are to become widespread. Disclosure of our supply chain is done in an effort to jump-start disclosure and collaboration throughout the industry and support efforts towards that final goal of market forces, providing the tipping point for the mainstreaming of best practice.
Stakeholder analysis is important for successful implementation of projects and/or strategic activities within any organisation. It is used to analyse the stakeholders in order to understand them and classify them according to their power, influence and interest. Stakeholders are people who have an interest in a commercial entity including those within the organisation and outside. These include the boss, senior executives, customers, suppliers, government, your co-workers, the team and others. All these people are important in the implementation and success of strategy.
Stakeholders are those groups or individual in society that have a direct interest in the performance and activities of business. The main stakeholders are employees, shareholders, customers, suppliers, financiers and the local community. Stakeholders may not hold any formal authority over the organization, but theorists such as Professor Charles Handy believe that a firm’s best long-term interests are served by paying close attention to the needs of each of these stakeholders. The modern view is that a firm has responsibilities to all its stakeholders i.e. everyone with a legitimate interest in the company. These include shareholders, competitors, government, employees, directors, distributors, customers, sub-contractors, pressure groups and local community. Although a company’s directors owes a legal duty to the shareholders, they also have moral responsibilities to other stakeholder group’s objectives in their entirely. As a firm can’t meet all stakeholders’ objectives in their entirety, they have to compromise. A company should try to serve the needs of these groups or individuals, but whilst some needs are common, other needs conflict. By the development of this second runway, the public and stakeholders are affected in one or other way and it can be positive and negative.
Stakeholder can be defined as “any group or individual who can affect or is affected by the achievement of the organization’s objectives”. This theory focuses on wider aspect rather than only focusing on just the shareholder. Stakeholder theory is a fundamental theory about how business works at its best and how it could work. It is concerning on the value creation and trade on how to manage a business effectively.
Although primary objective for managers is to maximise shareholders’ wealth, but many firms are started to focus on other stakeholders’ interests in recent years. Company can prevent transfer the damage of stakeholders’ wealth to shareholders when focus on stakeholders’ interests. In other words, “social responsibility” for the companies is to maintenance stakeholders’ relations in order to provide long-term interests to shareholders. By this way, conflict, turnover and litigation of stakeholders can be minimise. Obviously, company can achieve their primary objective by cooperation with stakeholders instead of conflict with stakeholders (Smart, Megginson, Gitman, 2002).
Examples of Stakeholder’s could be: managers, directors, employees etc. It is based upon a conceptual framework approach in which it provides moral and ethical values to a business organisation. When in practice, majority of organisations are mainly going to focus on corporate social responsibility. The reason for this is because CSR is seen to have a big impact on the firm as many people are recognising that there is a increasing number of businesses that are both socially and environmentally friendly. On the other hand, if the government doesn’t intervene with companies in terms of both regulation and legislation, this means that firms will only be concentrating on the accounting figures. If companies are primarily focusing on the accounting figures, this indicates that businesses are not taking in the social and environmental impact of the activities within the organisation. In (Liu, Fellows and Tuuli, 2011), it refers to corporate citizenship values in which it considers and identifies the different demands of the stakeholder groups to see where the overall value of the company comes from taking into thought the environment and
Stakeholders refer to individuals or groups of people that have an interest in a business. Management argues that as long as there is wealth for shareholders, then anything is done in a responsible manner and things should be done to promote the interest of other stakeholders.