In the aftermath of the interest rate pandemic, managers need to reassess what their vital stakeholders are and broaden their understanding of this. As a social structure, organisations have a duty of care that extends beyond stakeholders. If the needs of key stakeholders are neglected or inadequately addressed, the competitiveness of the company will be undermined and it will become more difficult to meet wider strategic objectives. In short, an organisation with solid and trusted relationships at home and abroad will be better able to meet the needs of key stakeholders.
Covid has revealed dependencies that may have been hidden in the past: the term ‘stakeholder’ should now be used in a broader sense than before. Key performance indicators (KPIs) have in a short space of time become a necessity to enable a company to fully serve its target group. To further increase stakeholder trust, senior management must also demonstrate honesty, impartiality and an open approach in their day-to-day communication. This can be achieved by moving away from an approach that mainly benefits shareholders to one that takes a broader view of stakeholders. By involving stakeholders more widely, the brand and the company’s values are communicated to a wider audience. The interest rate crisis has demonstrated the importance of stakeholder involvement, with a number of companies suffering negative consequences for failing to take sufficient account of stakeholders in decision-making.
Some companies have taken significant steps to improve employee satisfaction, brand awareness and image. Companies that take stakeholders’ needs and wants into account in their decision-making and strategy are more likely to avoid unforeseen pitfalls and become stronger over time. However, it is no longer just a matter of imagination; there is a growing understanding that things must be comprehensively as they are said to be.
Putting stakeholders first and keeping them engaged are key to surviving in today’s economically and environmentally challenging environment.
At NordChek, we provide effective tools to manage increasingly stringent quality and responsibility requirements in an efficient, transparent and comprehensive manner. Our solution brings together all the information, tasks and documents related to responsibility, quality, regulations and risk management on a single platform.
This not only improves efficiency and reduces non-compliance and quality issues, but also improves workplace culture, helps employees focus on value-creating tasks instead of inefficient management, and lays the foundation for strong customer trust. Our solution can be extended to a portal where collaboration with suppliers and customers works seamlessly with your own processes.
Summary
- Companies need to look after their own stakeholders, but also the wider community to remain competitive and reputable
- Employee wellbeing should be a higher priority
- Thinking more broadly about operations, and getting away from what mainly benefits shareholders.
- In challenging times, broadening your understanding of your stakeholders and how to look after them is an important part of your survival.
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