Organizational stakeholders are the individuals who are responsible for the organizations endeavors, they are basically the ones whose necks are on the line. Stakeholders also encompass any individuals, groups, or even entities that stand to benefit or lose based on the performance of the organization. As professional careers develop there is more exposure to organizations that have enormous amounts of stakeholders.
Just because groups may be stakeholders, does not mean they will take on the responsibility of one. The European Management Journal discusses effective governance in nonprofit organizations. “Results not only show the lack of attention some stakeholders have received in the literature, but also the governance related conflicting needs and objectives between stakeholder groups” (Wellens, 2014, p. 223). At the affiliations of beneficiaries, private donors, board members, management and volunteers, all these stakeholders had faults in taking ownership of the organization.
In professional services, the stakeholders in my current placement of work are our senior staff, partners and of course clients. At the top, a partner is someone who actually holds physical equity in the firm from a buy in perspective. The amount is high, as well as the stakes. The firm is under almost a half a dozen regulative authorities that we must hold compliance with. From reporting our personal investments for safety, to complying with significant matters, these agencies require everything to be recorded. Each stakeholder in my firm stands to gain financial success and superiority or they can lose a tremendous sum if they don’t perform to standards.
I think the European Management Journal has some relevant points in terms of who the stakeholders are in terms of the public schools in my state. We have an educational crisis in so many counties and cities in New York state in regards to our public schools. On the upside of this has been a successful role of competitors, in this case charter and private school and this has pushed stakeholder responsibilities in other regards. My firm sponsors many corporate sponsorships with some of these schools that is another way of advancing, bringing in the private sector. Advancement like this exists within an organization where stakeholders have a tremendous amount at stake.
Oluwatayo, A., Opoko, A., & Ezema, I. (2017). Employee Participation in Decision-Making in Architectural Firms. Urbanism. Architecture. Constructions / Urbanism. Arhitectura. Constructii, 8(2), 193. http://search.ebscohost.com/login.aspx?direct=true&AuthType=shib&db=edb&AN=119574172&site=eds-live&scope=site&custid=ns083389
Wellens, L., & Jegers, M. (2014). Effective governance in nonprofit organizations: A literature based multiple stakeholder approach. European Management Journal, vol. 32 p. 223-243. doi:10.1016/j.emj.2013.01.007