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Lecture 2

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Department
Management
Course
MGMT 1000
Professor
Jean Adams
Semester
Summer

Description
WEEK 2: IMPORTANCE OF STAKEHOLDERS Stakeholders are people who are interested in the decisions and actions of a business (employees, society, and competitors). It is important to know who has stake because if their interest is strong enough, they will do what they can to influence you. If you do not satisfy large numbers of stakeholders, they may boycott or protest. How to do a stakeholders exercise: For each stakeholder determine: 1) How they see 2) How they think 3) How they act and react 4) What can be learned 5) How it will change what we do See last page** By looking at the perspective of others, it is a form of market research where you learn to understand your customers, competitors, suppliers, etc. You can even determine the position of non-stakeholders and see how they may be viewing your business from the outside HOW TO LEARN FROM STAKEHOLDERS: CREATING STRETCH BENCHMARKS By having a benchmark based on best practices or superior accomplishments, people can achieve an exceptional level of performance People are able to measure and compare themselves with others The aim is to set the bar higher and higher to which performance should be judged Steps to continual improvement: 1. Set a benchmark 2. Learn the skills to perform at that capacity 3. Achieve and surpass those expectations The point of benchmarks is to reach for a level you may think is impossible to attain You can set benchmarks by looking at:  Competitors  Other businesses  Dissatisfied Customers  Achievements of Role Models  Your own aspirations You have to make sure you are not copying someone else’s benchmark from the past, because what worked yesterday may not work today How can you stretch your benchmarks?  Develop skills in learning to learn  Promote quality and continual improvement as core values  Target ineffective performance controls  Use the rules in one situation to reinvent another  Challenge favoured ways of thinking  Create the freedom to unlearn CULTIVATING TRUST Trust is very important and has to be developed over time. In order to create trust, you can: 1. Honour you commitments 2. Demonstrate empathy and caring 3. Be honest and open. Share information 4. Be generous with credit where credit is due 5. Be fair 6. Walk the talk AVOID BUREAUCRATIC FRAGMENTATION: People in a company often feel they are competing against one another, which makes things less productive How does the problem happen?  Divisions become power centers  Goals of the departments become more important that company goals  More conflict develops when people are rewarded for sub-goals Signs that bureaucracy is a problem:  Fragmented thinking and closed boundaries (every division thinks they’re the most important and outsiders are not trusted)  Fragmented goals and conflicting priorities (each department has their own goals, what is good for one group is often bad for another)  Fragmented rewards (bonuses are given within a division and corporate- wide rewards are non-existent) THINKING WIN-WIN This occurs when both parties of a disagreement benefit in some way. It is a process where you search for mutual gain. You can achieve win-win by: 1. Think win-win by having a positive attitude (state of mind) 2. Separate the people from the problem and think of interest rather than position (by doing so, you will have a bigger pie to share) 3. Keep an eye out for potential deal-breakers To maximize the chance of win-win, remember that:  Perceptions can be easily as important as reality (attitudes and reactions)  Emotions can be positive or negative (determination or anger)  Quality of communication can make or break a deal (make sure both point of views are understood) PROMOTE DIALOGUE AND COLLECTIVE LEARNING Let one person learn from another through listening to their opinion Hear something from their perspective and learn collectively IMPROVING DECISION MAKING There are usually many routes to success, and the more open you are, the more paths will open. The key is to balance insi
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