DB: Stakeholder Importance; Are you a stakeholder in Post University? Next week,

Question

DB: Stakeholder Importance; Are you a stakeholder in Post University? Next week, in all your courses, you're going to be ask to complete your student survey. Big deal....why should your instructors care about what you have to say? Why should Post care about what you have say? What difference can you, can any stakeholder make, by conveying your thoughts to the company you're a stakeholder in? Is there a better way to reach for a result or action from the company? If you own the company, why should yuou listen to whatever anyone say regarding improvement for the company you've poured your heart, should and monies into? Who are we to tell you??! Ahhh, perhaps a light goes on here? who is a stakeholder and why are they, and their voices, important. Give me a good answer that is not on Chegg site already.

Explanation / Answer

Stakeholders are those entities who hold a stake in the decisions taken up by the concerned organization. Here, stakeholders are directly or indirectly associated and or affected by the decisions taken up by the organization. Though stakeholders change with the change in nature and type of the organization. Coming to the given scenario, Post University has stakeholders such as employees (teaching & non-teaching staff), customers (students and parents of the students who are also counselled along-with the students), regulatory bodies setting up the standards for the university and the community around whom, the university operates and discharge services and owners among the other stakeholders.

Instructors should listen to me and they do it diligently, because I am a student acts as a stakeholder to the instructor, because decision taken up by the instructor affects me, my grade and my performance. So, it is important for the instructors give attention to my views and make discussions. On a similar note, the university is with the students that are imparted education by the university programs. If there is no students, then there is a limited purpose of the university. So, students serve as a very important stakeholder to the university and it is the reason that they care about the student and their views. It brings a healthy relationship between the university management and the students. Stakeholders directly or indirectly control the decisions taken up by the company as the company following stakeholder concept, has to take care of the best interest of the all the stakeholders. For example, it is the regulations set by the agencies, that are followed and complied by the company. It helps in environmental care and management of proper ecological system. In the case of Post University, regulations force the university to maintain the top standards and deliver it to the students. Therefore, it can be said that stakeholders indirectly control and define the boundary and scope of decisions taken up by company.

Now, a pertinent question is raised, that why I as an owner of the company, should listen to the stakeholders. Here, the company’s operations affect the different entities. For example, any operating activities creating pollution, affect the community, so the company should frame policies that focuses upon the community development. Employees help in achieving the profitability and other organizational goals. So, employees’ concerns should be considered and make them happy. On a similar note, regulatory compliances should be followed, otherwise the company will be closed. So, stakeholders and their concerns are very important and it affects the company’s sustainability drive in the long term. Any company, focusing well upon the stakeholders, will increase the local acceptability and reputation in the market as well.

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