An organization has different comprises of two variables that determine how it works, which is internal and external stakeholders. (Derakhshan, Turner, & Mancini, 2019). Internal stakeholders are variables that affect the organization from within its environs; they include individuals or groups that have a direct interest with the company. External stakeholders, on the other hand, are groups or individuals that have to affect an organization's environs from outside the company. Of this stakeholder, some are of paramount importance as they affect the operations of an organization virtually in its day to day activities.
Of the internal stakeholders, some are of more significance than the others not to forget that the rest also have a role to play towards realizing the organizational goal. An organization's management is the paramount internal variable as it controls all the managing components through supervision and oversight. Mostly the management of an organization has either financial or personal interest in whether the organization succeeds or fails (Chan & Oppong, 2017). Following the supervision, investors follow the chain; these are individuals or groups that have invested in the company or organization. Investors play a significant role in decision making hence influence how an organization is run from scratch.
Delegate your assignment to our experts and they will do the rest.
External stakeholders are not involved in the day to day activities. Still, their influence on the business is vital as it determines various aspects of how the company or organization is run (Derakhshan, Turner, & Mancini, 2019). They include the government or other agencies that fund the organization. Their influence arises, especially when they need to be consulted in every plan of the company. This variable affects the company and determines the organizational success as they are involved in its day to day activities; hence their decisions impact the business in virtually all aspects of its operation.
Amazon is one of the most successful online companies that has and is still promising in its industry (Choi, 2019). Amazon is keen on how it treats its stakeholders, primarily the internals, as they hold dear interest to the company and are affected directly either by its success or downfall. Amazon focuses on communication and engagement processes that ensure the company can reach its stakeholders and pass policies and ideas through departments. This is done through assessing the relationship of the stakeholder to the business developing formal and informal communication processes. Through these channels, stakeholders can pass their contribution to the company; hence they feel engaged in the running of the company. The company has developed a program whereby it recognizes individual and departmental accomplishments, whereby there is a form of compensation for employees who have done exemplary jobs. This comes in handy as it motivates the employees to do their best in their tasks, knowing that there will be a reward for their success (Chan & Oppong, 2017). The approach works in the company's favor as the employees' accomplishment culminates in the overall success of the company.
Exxon mobile, based in America, is credited to be one of the best companies in terms of engagement with external stakeholders. The company ensures the stakeholders who include the government, suppliers, and non-governmental are treated accordingly. The suppliers are provided whereby they are given information on safety, environmental, and human rights practices and regular audit reports due to their diligence. (Derakhshan, Turner, & Mancini, 2019). The company engages the government in a specific forum whereby they are given and updated new policies that affect the company day to day activities. Through working with the government, the company can support the governmental initiatives of developing economic energy and environmental policies.
References
Derakhshan, R., Turner, R., & Mancini, M. (2019). Project governance and stakeholders: a literature review. International Journal of Project Management, 37(1), 98-116.
Choi, S. (2019). Identifying indicators of university autonomy according to stakeholders' interests. Tertiary education and management, 25(1), 17-29.
Chan, A. P., & Oppong, G. D. (2017). Managing the expectations of external stakeholders in construction projects. Engineering, construction, and architectural management.
