PHI 1101 Lecture Notes - Lecture 1: Crisis Management, Disclose, Precautionary Principle
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PHI 1101 Full Course Notes
Stakeholder engagement: individuals, groups, or organizations by considering their moral concerns in strategic and operational initiatives. Stakeholder engagement involves creating value for all stakeholders and an honest, corporate sustainability. open, and respectful engagement of stakeholders vital to corporate strategy. Social capital: facilitates the actions of stakeholders within and external to the corporation. (benefits: establishing you as a leader, fosters reciprocity, creates stronger teams, networking benefits) Ignoring stakeholder interests can have substantial economic consequences (employees, customers, lenders, etc. Problems of categorization (how to identify and prioritize stakeholders). Dilution of top management focus (away from financial performance). Impracticality of shared governance (focus still on shareholders). Stakeholder concept/theory is a systematic approach to recognizing the complex combination of desires and expectation in today"s society and deciding whether to respond. Approaches to understanding the relationships between the corporation and its stakeholders range from the basic listing and mapping to more complicated concepts such as stakeholder collaboration and social capital. strategic and operational initiatives.