Stakeholder is a person or groups who have interest in the success of the organization. A stakeholder is mainly concerned with an organization delivering better results and meeting its financial objectives. There are two types of stakeholder. 1. Internal Stakeholder
2. External Stakeholder
Internal Stakeholder is someone who works inside the organization or anyone within the organization that will benefit from the company’s profits. For example:- * Employees
Employees are one of the biggest stakeholders for any organization. As they have a main role in the company, they are interested in their job security; they don’t want to lose their every day .They want their jobs to be safe. They also want safe environment where they are working. Tesco runs many surveys making sure that the area is safe for its employees to work. Employees are also interested in wages they will get for working. Will they get monthly or per hour salary? They also want to know that they will get bonuses for their hard work. Tesco gives up to 20% of the annual bonuses to the employees. Employees are also interested in Pension schemes the business will provide. Is it a state pension or work pension? Tesco provides both of the pensions to its employees. In both Tesco and Oxfam, all the needs of the employees are met, so that the employees work more efficiently within the company, for Tesco it will increase the standard of its services increasing its profit. For Oxfam it will increase its standard of working, increasing the funds raised for poor people. * Owners
Owner always wants the business to make profits. In Tesco, owner wants it to make profit. Tesco owner wants to expand as much as possible to be able to meet more customers’ need and making more profit. In Oxfam, owner wants to raise more money for the poor people and expenses of running a charity. Owners also want to theirs employees to meet the new targets and needs of the customers. Owners also interested in the relationship between the employees and the customers, those employees are treating the customers good and formally. In Tesco, if the owners expand the business, it will be able to serve more customers which mean more profit, decreasing the prices of the product. If the owner of the Oxfam expands the business, it will be able to raise more donations for the poor people. Owners always come up with new ideas to satisfy the needs of the customers.
Managers are the spinal cord of the business. They keep the business running. Mainly, they are interested in the business growth and the profit it is making. They keep an eye on the outgoing and incoming of money and work out the profit. In Oxfam, Managers work out the profit made from the donations, so they can be used for the welfare of the poor people. Managers are also interested in how the staff operates. They make sure that the employees are working properly, knows the security formalities, they are the customers right. In Tesco, managers run many surveys and drills to see the staff is working properly under controlled conditions. Managers are interested in costumer opinions, what they think about the services and what they want more. Managers are also interested in the wages of the employees that they getting the right amount wages. Oxfam manager needs to know who is working on salary and who is working voluntary. Manager is also interested in running campaigns and surveys for the welfare of the company. Tesco manager can run surveys to check the products quality for the customers. Oxfam managers can organize campaign to promote them and raise funds.
* Customers :
Customers are essentials for any business because they increase the profit of the business. They buy products and services from the Companies increasing their profit. Customers are mainly interested in the quality of products they will get. Tesco and Oxfam have many rules and...