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EPA > Knowledge 1 | Stakeholders > Flashcards

Knowledge 1 | Stakeholders Flashcards

How to manage Stakeholders

1
Q

Different types of Stakeholders

A

Internal & External

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2
Q

Internal Stakeholders

A

Owners, Managers, Employees, Shareholders

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3
Q

External Stakeholders

A

Customers/Clients, Partner organisations, Suppliers, Investors, Shareholders, The community

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4
Q

How to identify Stakeholders

A

Research (primary, secondary)
Interview (formal, informal)

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5
Q

Communicate effectively with Stakeholders by…

A

Active Listening, Communication Methods, Questioning, and Agreeing with stakeholders how and when communications take place

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6
Q

Communication Methods

A

Formal, Informal, Verbal/Face-to-Face, Non-verbal, Written

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7
Q

What is Questioning used for?

A

Used to open conversations, Obtain information, Check understanding, Clarify expectations

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8
Q

Types of Questions

A

Open & Closed

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9
Q

Owners require…

A

Increased business/profits, improved reputation

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10
Q

Managers/Employees require…

A

Job stability, Opportunities for promotion, Pay rises, Bonuses

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11
Q

Shareholders require…

A

Increase in profits, Regular dividends, Opportunity to increase share-holding

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12
Q

Clients/Customers require…

A

Customer satisfaction, Excellent service, Quality goods, Value for money

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13
Q

Suppliers require…

A

Continuing/profitable relationship, Increased orders, Prompt/full payment

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14
Q

Investors require…

A

Good return on their investment
Interest received on their investment

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15
Q

Power/Influence: Owners

A

High financial investment, Higher status, Expectation of more Influence

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16
Q

Power/Influence: Managers/Employees

A

Specific expertise, Expectation of having a right to influence decisions

17
Q

Power/Influence: Shareholders

A

Different levels of financial investment, Status associated with being a shareholder, Power/Influence associated with Right to Vote

18
Q

Power/Influence: Clients/Customers

A

Influence of Good/Poor Feedback on Organisational Reputation

19
Q

Power/Influence: Suppliers

A

Power/Ability to raise/lower prices of raw materials/goods
Influence on Organisations’ Profit margins

20
Q

Power/Influence: Investors

A

Status linked to level of Financial investment, Investment through providing/lending expert advisors/employees, Expectation of more power/influence

21
Q

Importance of dealing with issues promptly

A

Build/strengthens relationships/trust,
Prevents loss of time/resources,
Builds/strengthens reputation

22
Q

Importance of involving stakeholders in Decision making

A

Stakeholders feel valued
Will have Higher levels of commitment, loyalty
More willing to agree/’buy in’ to solution Invest resources/finances

23
Q

Principles of Stakeholder Management

A

Principle 1: acknowledge/actively monitor concerns
Principle 2: listen to/openly communicate about concerns /contributions
Principle 3: adopt sensitive processes/behaviour to address stakeholder concerns
Principle 4: recognise the interdependence of efforts/rewards among stakeholders
Principle 5: work co-operatively with other individuals/groups to ensure that risks and harms arising from activities are minimised and, where they cannot be avoided, are appropriately compensated
Principle 6: avoid activities that might put human rights at risk
Principle 7: acknowledge potential conflicts between stakeholders

24
Q

Benefits of Principle 1: acknowledge/actively monitor concerns of all stakeholders

A

Potential concerns/problems are identified, Stakeholders feel listened to, Valued

25
Q

Benefits of Principle 2: listen to/openly communicate with stakeholders about concerns /contributions

A

Better informed decision making, Transparency of communications/decisions made

26
Q

Benefits of Principle 3: adopt sensitive processes/behaviour to address stakeholder concerns

A

Encourages cooperation/ negotiation/ resolution.

27
Q

Benefits of Principle 4: recognise the interdependence of efforts/rewards among stakeholders

A

Increased stakeholder loyalty, Increased motivation /Involvement of stakeholders

28
Q

Benefits of Principle 5: work co-operatively with other individuals/groups to ensure that risks and harms arising from activities are minimised and, where they cannot be avoided, are appropriately compensated

A

Improves efficiency, builds/strengthens reputation

29
Q

Benefits of Principle 6: avoid activities that might put human rights at risk

A

Builds trust with stakeholders

30
Q

Benefits of Principle 7: acknowledge potential conflicts between stakeholders

A

Conflicts are identified and addressed, Supports/encourages issue resolution

EPA (3 decks)

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