Stakeholder Relationship Management

Stakeholder Relationship Management

Title of the report- Stakeholder relationship management

Introduction

This assignment is based on the components of stakeholder relations and how the organization adopts the change and what sort of interest each employee to amplify the change strategy in the organization. Apart from this, what are the core strategies to evaluate the change strategies which can be helpful for the company to get success in a change to achieve the target?

Background of the company

Mc Donald is the largest franchise fast food company in the north and south part of New Zealand and it also got 250 branches over here. It was established in 1940 as a restaurant by Richard and Maurice McDonald in the California United States. (Mcdonalds)

Stakeholders

Stakeholders are a group of people who are really very interested in the entity and they affected by the business. Stakeholders are divided into two categories like internal and external and they are really very crucial for the company, the company should have engaged with them to get the desired outcome. Mc Donald also has stakeholders; therefore, I will explain the change in which stakeholders are going to take participate. The change is mc Donald should user variety of cheese in their chicken burger because customers exhausted from the same cheese in the burger thus they want to see the variety in the burger. (Business dictionary)

Internal stakeholder-

The manager is a very fundamental part of mc Donald because he assigns the work to everyone who is relevant to the change and he also knows about the process to change something in the business. Apart from this, consumers suggest the company you should use another cheese flavor that why manager wants to the change the procedure of chicken burger.

Employees- they are very crucial because they are working inside the Mc Donald and they also show interest and influence. therefore staff member working for mc Donald so that they can perform their best tasks.

External stakeholders

The supplier is an external stakeholder because he is working for mc Donald from outside and he also delivers some sort of raw material as well as he also has good relations with the Mc Donald.

Customer- they are a second important stakeholder of Mc Donald because they are purchasing products from there and show their interest.

Analysis of stakeholder interest –All stakeholders show their effective interest while planning for organizational change because they really want to bring change in mc Donald. Manager and employees really show their interest like they perform their tasks on time and they think if we do change planning effectively then it will give us fundamental outcome after the implementation of change. Stakeholder analysis is a systematic way to analyze stakeholders by their strengths and concerns. Stakeholders in major countries play an important role. Stakeholders with low power consumption and low-interest rates are not so important. As an in-depth analysis, I make questions for the stakeholders which helpful for me to cover contents about their interest and their actual; influence regarding their tasks. Stakeholder interest is defined as below:

stakeholders Interest Power Plan to improve
Owner Profit sharing Selection of directors and executives Invest more money on products from beginning to end and improve the cost of the product
Manager Get salary and job satisfaction Make decisions Analyze the problem and find the possible solution
Supplier Long term orders and growth of purchasing Availability of product material Payment on time and contract
Employees Job satisfaction and security Quick Turnover Positive work environment and incentives
Customer Quality of product and value of money Feedback and loyalty Provide product in good quality and give a discount on weekend
Government Job opportunities, legal operations Regulations and Taxation Reduce unemployment
Community Local jobs and Environment Local Planning Recyclable things to protect the environment

(Community Tool Box, 2018)

Stakeholder engagement- Stakeholder Engagement is the process used by an organization to involve related stakeholders in order to achieve approved results. Stakeholders also play a fundamental role in the planning process which identified below: Brainstorming ideas

Stakeholders who were brought to decision-making and project development from the beginning will help to create ideas and create potential solutions. In many cases, stakeholders come from various backgrounds, so we are considering problems from various perspectives.

Employees as stakeholders

Employers may not be able to think of employees as stakeholders, as employees receive salaries to work. There are various reasons for employees to be successful, such as pride, job safety, potential promotion, fame and so on. Investigate employees and collect opinions on project ideas and issues that may be recognized internally.    (Wikipedia )

Merits to engaging with the stakeholders

Learning– By tackling various perspectives, you may learn and change your approach to ensure that it meets the needs of stakeholders. After working at the central government for 15 years, I have worked on hundreds of stakeholders concerning public health issues. From experts in the field to users of services to the public, it learns about the problem, tests any assumptions I may have and develops insight into the living experience of people I gave him the opportunity.

Accountability

Relationship with stakeholders is the center for improving accountability to not only within their own organization but also wider markets. Transparency is important – please be clear about the results you are trying to achieve and the steps in the middle.

About decision making

Understanding the views and benefits of our company stakeholders will lead to more effective decision-making. This is more than just making the language correct. In understanding problems and concerns, we have the opportunity to think what is going well, whether it will not work, and why.

Strategies to manage stakeholder management relationship

Mapping- In the early stages of the project, we carry out a thorough stakeholder analysis to identify stakeholders. Please identify and investigate key factors including closeness to your project, demographics, needs, and hope for your project, and previous public statements. Also important is to understand internal stakeholders such as direct staff, suppliers and contractors, broader companies, or partnerships and shareholders. By mapping internal stakeholders, you can investigate whether there are appropriate resources and whether the team works effectively. While planning for the organizational change in mc Donald manager give some tips to everybody so that they can interact with each and maintain their actual relationship or they can work more for the company if they showing their interest effectively. (BSR, 2012)

Remove the triggers- Stakeholders respond to various project actions in various ways, but by identifying triggers and mitigation measures, you can avoid preventable complaints. In many cases, reactions can be triggered by stakeholders experiencing changes in their environment, business expectations, and their behaviors. Associate your stakeholder list with potential known factors such as large constructions, dusty construction, visual effects, or confusion to regular patterns. Estimate the impact these reactions have on projects and strategies and identify whether targeted communications, mitigation, or alternative solutions are needed.

In Mc Donald’s communication strategy, we use various communication methods to keep in communication with various stakeholders. Communication is absolutely necessary to develop and implement change in the workplace. Make the project easier to understand and make it easier to execute. Some communication methods Mc Donald can follow are as follows. Conference: Organizations can arrange meetings to explain the plan and ask for opinions to make decisions to stakeholders. It is very effective and easy to convey messages to stakeholders. It will succeed for employers and suppliers.   (Project managment institute)

As an evaluation of strategies in Mc Donald, It is important to monitor stakeholders to ensure McDonald’s involvement in the purpose of the development process. Organizations need the contribution and support of stakeholders, so they face problems in maintaining their position in the market. Their idea and feedback help the organization achieve its goals and gain a high position in the market. Monitoring is essential to the interests of the organization as suppliers and creditors are involved with other companies for personal benefit. That makes them McDonald’s suspicious. In order to ensure the engagement of the stake, the Holders Company must maintain a good relationship and monitor them in order to obtain support to achieve the goal. Reviewing the involvement of stakeholders is important to change the decision-making and policies to improve business size and share.

Conclusion

As summarise, I will write down stakeholder relationship are very eminent part of the planning for the organization change and also the company is using different strategies to maintain their stakeholder’s relationship. Apart from this, they also give feedback on the particular so that the company can experiment the project and allow taking some triggers which are occurring during the decision making and implement the alternatives according to the barriers.

References

  • BSR. (2012). Retrieved January Wednesday, 2019, from https://www.bsr.org/reports/BSR_Five-Step_Guide_to_Stakeholder_Engagement.pdf.
  • Business dictionary. (n.d.). Retrieved January Monday, 2019, from http://www.businessdictionary.com/definition/stakeholder.html.
  • Community Tool Box. (2018). Retrieved January Wednesday, 2019, from https://ctb.ku.edu/en/table-of-contents/participation/encouraging-involvement/identify-stakeholders/main.
  • Mcdonalds. (n.d.). Retrieved January Tuesday, 2019, from https://www.mcdonalds.com/us/en-us/about-us/our-history.html.
  • Project management institute. (n.d.). Retrieved January Tuesday, 2019, from https://www.pmi.org/learning/library/stakeholder-management-strategies-applying-risk-management-7479.
  • Wikipedia. (n.d.). Retrieved January Wednesday, 2019, from https://en.wikipedia.org/wiki/Stakeholder_engagement.

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