Nature OF MANAGEMENT Reconciling the conflicting interest of stakeholders

Rip Curl
  • Reducing their air con usage
  • Wasting their money on pointless luxuries and services.
  • mode of transporting goods using more train transport to the docks for shipping instead of plane transport. Train transportation has gone up 41%.
  • recycling paper
  • altering other parts of the building for energy efficiency and material recycling.

The triple Bottom Line

The triple bottom line outlines the economic, social and environmental performance and reputation of a business and how this influences shareholder value increasing through stakeholder value.

Economic Factors

  • The more successful a business is an achieving management goals, higher the satisfaction and number of shareholders.
  • Businesses look into employee acquisition scheme:
  1. Gives the opportunity for eligible employees to purchase shares in the business.
  2. These share are usually at a reduced price
  3. Aligns the interest of both groups - a set number of employees can become shareholders
  4. A job offers training and skills - educated/ skilled workforce do things more efficiently, resulting in profits pleasing shareholders.

Social FACTORS

More businesses realising that to expand:

  • they have to meet customer demand
  • Need have their own goals to ensure their growth and survival.

Examples Include:

  • Charity
  • Fair trade
  • Employment welfare

Environmental Factors

  • The business thinks about the way they produce their products to meet stakeholders demand.
  • Is the implementation of sustainable practices & reduction of of environmental impacts through:
  1. Recycling programs
  2. Manufacturing products from sustainable materials

StakeHolders

Stakeholder Engagement

Stakeholder engagement refers to businesses sharing information with and seeking input from stakeholders and involving them in decision making

Stakeholders can assist in reconciling the conflicting interests of stakeholders by:

  • Making compromises that both parties will agree on
  • Having a mediated discussions to give both parties a opportunity to expresses themselves.

Credits:

Created with images by Stef(igno) - "Rip Curl" • 3dman_eu - "refugees economic migrants financial equalization" • Sean MacEntee - "social wordle" • Blue Pylons - "Don't forget to recycle!" • WerbeFabrik - "meat beef steak"

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