STAKEHOLDER MANAGEMENT 1
Stakeholdermanagement has both an ethical and moral component. Stakeholdermanagement involves the process of identifying individuals within anorganization who will contribute to the attainment of the objectivesof the company for instance, the owners, employees, customers,community and the competitors (Kennon,et al 2009).
Thestakeholders’ management have to identify the economic, ethical,legal and philanthropic responsibilities that the firm owes to thestakeholders this is done so that the firm knows what opportunitiesand challenges it may face with the stakeholders (Siegel,2012).Stakeholders’ management has an ethical and moral duty to monitorthe legitimate concerns of the stakeholders and include theirconcerns during the decision making of the firm. They also must adoptbehaviors that are sensitive to the concerns of the stakeholders aswell as recognize the independence and efforts among the stakeholderstaking into account the risks and vulnerability that they may havefaced
Intheir bid to meet their ethical and moral duty, the stakeholders’management should ensure that they follow the principles which arenot limited to communication, consultancy, management of risks, andtaking responsibility (LindgrEEnet al, 2012)In this regard, the firm will have succeeded in such a way that theywill earn the stakeholders respect and trust especially when it comesto making decisions that affect them.
Threestakeholders in my organization for which I would like to explorewithin the concept of relational capital are university president anddeans, school district leadership, and own employees. Relationalcapital is inherent is the organization’s crucial constituenciesfor example clients and other firms (Momet al 2015).It is usually a value that has been developed from socialrelationships, both internal and external, that contributes to theattainment of the firm’s goals.
Beingan intangible asset of the firm, this intellectual capital categorymust be cultivated through informal and non-contractual activitiesthat help in building the business activities and often contribute tooperational effectiveness of the business The value of intellectualcapital cannot be identified through financial indicators however theconcept of relational capital is used to measure the quality ofrelationships in an organization (Liu& Sinkovics, 2010).
Inbid to establish such a relationship in a learning institution, theschool president, school leadership and the employees must worktogether as a whole to experience the satisfaction and build networksat the same time. These social networks though intangible arebeneficial to the organization through better interactions andcollaborations (Raza,2013).
Siegel,J. (2012). Innovative Methods in Stakeholder Engagement: AnEnvironmental Scan.
Kennon,N., Howden, P., & Hartley, M. (2009). Who Really Matters?: AStakeholder Analysis Tool.
LindgrEEn,A., KotLEr, P., VAnhAMME, J., & MAon, F. (2012). AStakeholder Approach to Corporate Social Responsibility.Ashgate Publishing Ltd.
Mom,T. J., van Neerijnen, P., Reinmoeller, P., & Verwaal, E. (2015).Relational Capital and Individual Exploration: Unravelling theinfluence of goal alignment and knowledge acquisition. OrganizationStudies,36(6),809-829.
Raza,A. (2013). Impact of Relational Capital Management on FirmPerformance. AbasynUniversity Journal of Social Sciences,6(1).
Liu,C. L. E., Ghauri, P. N., & Sinkovics, R. R. (2010). Understandingthe impact of relational capital and organizational learning onalliance outcomes. Journalof World Business,45(3),237-249.