The
stakeholders play the significant role in the process of decision-making. There
are two types of stakeholders in the organization: external stakeholders and
the internal stakeholders. The external stakeholder includes the capital market
stakeholders which involve shareholders and main suppliers of capital and the
product market stakeholders which involve customers, suppliers, union and so
on. The internal stakeholders refer to employees, managers, and owners. How to
coordinate their interests is increasingly significant. The employees look
forward to getting more salary and the shareholder wants to get higher
dividends. The customers want high-quality and cheap products. Due to the
conflicts, the organizations need to coordinate their relationship. Ensuring
the involvement of all stakeholders is difficult due to different interests. Although
the organization meets many challenges, they get many benefits from it in the
long run. The stakeholder has far-reaching influence on the decision-making and
policies in the organization. They put forward the advice and help the company
to make progress. Stakeholders pursuit different interests and the
organizations are able to utilize different strategies to improve their
involvement.

 

Since
there are a lot of benefits, improve involvement and commitment are critical
for the organizations. Firstly, the organizations define the role of
stakeholders. They need to clear their responsibility and rights. Based on the
importance of decision-making, the organization is required to use the RACI
Matrix to decide their roles. Moreover, the key opinion leader (KOL) plays an
increasingly important role in enterprises. The enterprises are required to enhance
consultation with the KOL. In the pharmaceutical company, the organization can
share their idea about product and need of the patient. The KOL is able to
improve therapies based on the communication. Besides, KOL shares their key
business information with each other. This action decreases the risk of the
decision that the leaders make.

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Furthermore,
the organization can present the benefit of involvement. When the organization
raises the problems, they need the stakeholders’ useful suggestions and the
stakeholders will get benefit from it. For the shareholders, they understand the
decision and decide to whether to support it. If the project makes the profit,
the shareholders will get the dividends. The organizations convene the meeting
and explain the decision in the way which they can understand. Besides. the
customers and suppliers also are required to understand it and they can
increase trust in the organization. When the organization changes the strategy
in the marketing, the suppliers may afraid they won’t cooperate with them. The
enterprises need to help the suppliers to understand it and explain the plan in
the future. Moreover, the employee needs to understand the decision and it is
beneficial to implement the decision. The employee has a strong connection with
the company. They need to understand each other and the enterprises hope that
the employees improve the involvement in the organization. Many enterprises put
forward the “Green Channel” that the employees make own suggestions directly to
the leaders. Conducting the employee welfare is a good way to ensure
involvement. For instance, the Alibaba, the B2B e-commerce enterprise in China,
deems that the employees create great value for the enterprises. Then the
employees are under the pressure of family and the real estate prices have
increased in China. In order to allow employees to better devote themselves to
the company, the Alibaba solve worries of the employees. They make a
determination about housing loan plan which provides employees CNY3 billion in
interest-free housing loans. The longer you work for Alibaba, the more loan you
will get. The welfare like this has retained a few core employees and enhanced
involvement of employees. Now, the Alibaba make success in many areas with the
joint efforts of all employees

 

Moreover,
the organizations need to build the trust relationship with stakeholders and allow
stakeholders to participate in the decision-making process. The customers
believe in the ability of the analytics team. When the analytics teams put
forward the prediction, the customers trust the analysis of organizations. In
the process, the customers are able to share their thought and the
organizations try their best to cater the needs of the customers. For example,
Reckitt Benckiser plans to sell their fish oil pills on Facebook. Facebook
holds 1,3 billion users and is successful in advertisement marketing. It aims
to the potential customers by analyzing the preference of users. The Reckitt
Benckiser communicates the products with Facebook so that Facebook more
understands the features of it. After the organization explains the gain which
they want to, the Facebook designs the unique advertisement for the product.

The organization trusts their analysis about the potential customers and support
their programs. The Reckitt Benckiser increases more than a percentage point of
market share and makes success in the healthy market. At last, the enterprise
determines to cooperate with Facebook more in the future. In this case, the
company and its customers get a win-win situation. So, the organization and customers
need to trust each other and take part in the process of decision-making.

 

All
in all, the organizations try their best to ensure the involvement and
commitment of the stakeholders in organizations. This action brings many
advantages for the organization. The organizations define the role of
stakeholders and make the better decision in the long run. The key opinion
leaders communicate their information with each other, which reduce the risk of
decisions. Besides, based on different stakeholders, the organizations are able
to utilize different strategy to improve their involvement. The organizations
are able to present the benefit of participation. For shareholders, the
enterprise can hold meetings to discuss the project and explain the decision.

For employees, the organization needs to understand their worries. Improving
the welfare promotes is a good way, which increases enthusiasm for work and
loyalty to the company for employees. Besides, building the trust relationship
does conducive to improve communication between organizations and customers.

For the enterprises, they are required to pay more attention to how to maintain
a good relationship with stakeholders.