Enhancing Working Relationships: Stakeholder Management Strategies

This essay discusses the importance of stakeholders in organizations and the significance of effective relationship management. It assesses key relationship management strategies that can lead to improvements in the working environment, emphasizing employee engagement and communication. The essay also covers how relationship management strategies enhance a manager's ability to improve working relationships, incorporating system and classical management theories and SMART principles for actionable planning. It concludes by highlighting the necessity for managers to use various theories and frameworks to meet stakeholder demands and foster a harmonious organizational environment. Desklib provides access to this and other solved assignments for students.

Stakeholders

Contents
INTRODUCTION...........................................................................................................................1
ASSESSMENT 1.............................................................................................................................1
Covered in PPT............................................................................................................................1
ASSESSMENT 2.............................................................................................................................1
Explaining importance of different stakeholders for organisations and why it is.......................1
important as part of effective relationship management.............................................................1
Suggestions for key relationship management strategies which can result in effective
improvement in working environment as well as setting out action plan for suggestions
through SMART principles .........................................................................................................2
Ways in which relationship management strategies will enhance abilities of manager to
improve working relationships....................................................................................................3
Reflection.....................................................................................................................................4
CONCLUSION ...............................................................................................................................4
.........................................................................................................................................................4
REFERENCES................................................................................................................................5

INTRODUCTION
Stakeholders are referred to people who have interest in business and impact its
operations directly or indirectly (Alvarez and Sachs, 2021). It can be individuals, firms or groups
which are directly involved in project, goods or services of companies. Stakeholders major role
is to assist firm to meet its strategic goals by contributing their point of view and expertise to
firm's tasks. It is crucial for organisations to maintain healthy and strong relationship with its
stakeholders because the extent of their authenticity is evaluated by how effectively they fulfil
their stakeholders demands.
This essay highlights the importance of various stakeholders for firms and its value for
effective relationship management. It assess key relationship management strategies which can
lead to impelling improvements in working environment. It covers measures in which
management strategies of relationship can improve managers ability to improve relationship of
working.
ASSESSMENT 1
Covered in PPT
ASSESSMENT 2
Explaining importance of different stakeholders for organisations and why it is
important as part of effective relationship management
In any organisation or business, stakeholders places significant importance to success of
firm. Stakeholders consists of customers, staff, media, investors, government etc. Engaging
stakeholders can massively benefit organisation and helps in effectively achieve its goals.
Stakeholders have the power to empower people when they are engaged in decision making
process. They brings in sustainable change and provides long term support in improving
relationship. Effectively engaging with various stakeholders can help organisation to bring
essential issues to light and emphasis firm to create corporate social responsibility. Stakeholders
can result in providing valuable sources of information to firm. The major importance is that they
provide businesses fiscal and functional support (Busch, Hamprecht and Waddock, 2018).
External stakeholders like customers, government or other business entities who have common
interest in a particular business. Customers are majorly important for organisations as they form
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strong basis for company's foundation. Internal stakeholders like employees, suppliers and firms
who are directly connected to business can assist firms to achieve great success. Employees who
are highly engaged and worked in team contributes in achieving company's objectives optimally.
As part of effective relationship management, it is crucial for firms to maintain effective
engagement with its stakeholders. The value of creating stakeholders relationship and highly
contribute to prosperity of business (Choudhury and Pattnaik, 2020). Building trust with internal
stakeholders helps in reducing uncertainty and makes more affirmative support for future
activities. Impelling communication within stakeholders of organisation can result in strong
relationship management. Properly identifying all stakeholders of firm and their needs can assist
managers to increase engagement of employees and facilitates team work. To maintain effective
relationship management between internal and external stakeholders, firms take in stakeholders
analysis to comprehend their power and interest. This allows firms to make better relationship
with stakeholders who have high power and high interest in organisation activities such as
employees, investors etc. As well as timely check on stakeholders who have low power and low
interest in firm to manage relationship with them.
Suggestions for key relationship management strategies which can result in effective
improvement in working environment as well as setting out action plan for suggestions
through SMART principles
Relationship management is termed as process firms take in to produce healthy
relationship. It helps in building morale, better connect team members and identify issues with
company. It is essential for organisations to adopt to effective management strategies which can
boost productivity of team members and can properly inspire them to bring necessary
improvements in business environment (Christou, Farmaki and Evangelou, 2018). Major strategy
that can enhance working environment is improving employee engagement by building a robust
work culture which motivates them to work with their full potential. Organisation can provide
clear and focused goals to their employees so that all efforts of each individual of team are
directed towards company's objectives only. Significant strategy that can improve relationship
management is effective communication between employees and organisation so that their
productivity as well as performances can be maximised. Internal stakeholders feel empowered
when proper communication takes place within working environment of business which further
result in facilitating team work (Journeault, Perron and Vallières, 2021).
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These strategies can be put in SMART principles to make an action plan for organisations
to have impelling relationship management and effectively improve working environment.
Organisations can be specific about the strategies they are adopting to improve relationship
management. They can determine issues facing within organisation and can strive to adopt
relevant strategies which can resolve issues in working environment. The strategies made by
firms for better communication, team collaboration and more goal oriented team must be
measurable (Polydoropoulou, Pagoni and Tsirimpa, 2020). It is essential for organisation to
measure the progress of strategies it has adopted to understand whether they are yielding
required results or not. For this they can use indicators like increased harmony, more efforts in
objectives direction and reducing conflicts due to increased communication. Firms should always
invest their time and resources in strategies that are practical and can be achievable.
Organisation must assess proper resources and end goals which will achieve through
implementation of proposed strategies. The strategies made by organisations must relevant to
issues they are facing otherwise it will end wasting firms time and efforts. The last step in action
plan to adopt strategies for improved relationship management is to be time bound. Managers
must determine how much time they can give to a strategy for providing positive results. For
strategies like improved communication and employee engagement, organisation can set time
limit of about one months as results of these can be seen in time if implemented properly.
Ways in which relationship management strategies will enhance abilities of manager to improve
working relationships
The manager of company can use system and classical management theory and their
principles in order to improve their ability to maintain better working relations with their
employees. This theory is refers to the traditional approach which provide many principles to
manager in order to get proper direction to manage, motivate and encourage employees in order
develop trust among employees and encourage them to work with full efforts and achieve desired
goals. They can improve connection and unity among team by maintaining consistent
communication, interact well to the team members and show respect and appreciation to them.
System management theory helps manager to allocate various motivation method and all
necessary resources in order to bring harmony in team and whole organisation in order to
develop better relationship among larger system so employees can function optimally (Roxas,
Rivera and Gutierrez, 2020).
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Reflection
Improving employee engagement- If I am at the position of Sheila I would use various
motivation methods to manage the people and work effectively. Such as I will use participative
management style in order to allow employees to their suggestions, take participate in decision
making so they feel motivated and engaged more in completion of task.
Effective communication- Many beneficial approach such as effective communication, interact
more with employees give incentive or recognition for their hard work and organised a informal
meeting program I will improve my relations with employees in order to connect better with
them.
After analysis and evaluation of many frameworks such as system and classical
management theory it has been analysed me that managers of company must use SMART
principles to order to find out their skills and ability to manage the team better and develop
strong relationships among organisation in order to increase productivity to meet desired goals.
By using system and classical management theory I can develop relationships among
whole organisation as allowing people to interact better with each other and by modifying the
current organisation culture and structure to add more values to employees so they feel
motivate and take incentive to interact with other in order to increase better understanding. By
organising training and development for them as per their need for their overall development.
CONCLUSION
As per above information, it is concluded that every manager must use many theories
and frameworks to meet the demand of their stakeholder and motivate them to bring harmony in
organisation. By using system and classical management theory and SMART principles they can
increase their ability to enhance employee and employer relationship for effective working.
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REFERENCES
Books and Journals:
Alvarez, S. and Sachs, S., 2021. Where do stakeholders come from?. Academy of Management
Review, (ja).
Busch, T., Hamprecht, J. and Waddock, S., 2018. Value (s) for whom? Creating value (s) for
stakeholders. Organization & Environment. 31(3). pp.210-222.
Choudhury, S. and Pattnaik, S., 2020. Emerging themes in e-learning: A review from the
stakeholders' perspective. Computers & Education, 144, p.103657.
Christou, P., Farmaki, A. and Evangelou, G., 2018. Nurturing nostalgia?: a response from rural
tourism stakeholders. Tourism Management. 69. pp.42-51.
Journeault, M., Perron, A. and Vallières, L., 2021. The collaborative roles of stakeholders in
supporting the adoption of sustainability in SMEs. Journal of environmental
management. 287. p.112349.
Polydoropoulou, A., Pagoni, I. and Tsirimpa, A., 2020. Ready for Mobility as a Service? Insights
from stakeholders and end-users. Travel Behaviour and Society. 21. pp.295-306.
Roxas, F. M. Y., Rivera, J.P.R. and Gutierrez, E.L.M., 2020. Mapping stakeholders’ roles in
governing sustainable tourism destinations. Journal of Hospitality and Tourism
Management. 45. pp.387-398.
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