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Stakeholder Engagement: A Case Study

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Stakeholders have an interest in an organisation and they are affected by all decisions and actions taken by an organisation to attain its objectives. Stakeholders can be internal or external to the organisation. Stakeholder relationships are categorised in to the following four categories participative, collaborative, informative and defending. (Anon., 2017) Stakeholder engagement is a process of engaging with the relevant stakeholders (Morphy, 2015-2017). Stakeholder engagement is about addressing problems by providing strategies, infrastructure and processes. Identifying an entity’s stakeholders is thus important in the risk assessment process. The impact that the decisions made by companies have on stakeholders should be of high priority …show more content…

Anon., n.d. The first step in the process of stakeholder engagement is to identify the key stakeholders and stakeholder groups. Stakeholder mapping is a visual instrument and process used to clarify and categorise stakeholders by depicting what groups exist, their interests and powers, their role in helping the organisation achieve its goals and objectives or the means in which they are handled. (Anon., 2017) Stakeholder mapping should be well-defined as well as its objectives. It identifies the significance of various stakeholders and is portrayed through Mendelow’s Matrix. Figure 1: Mendelow's Matrix Source: …show more content…

As a result Truworths is generous in recognising my role as an effective team member.” Truworths aim is to create stakeholder value. The stakeholders identified are as follows “shareholders, financiers, the broader investment community, customers, employees, regulatory bodies, property landlords, trade unions and the communities in which they operate, as well as their suppliers of merchandise and services.” Truworths identified three primary stakeholders namely, shareholders, customers and employees. The reasoning for engagement with these stakeholders were established in the following manner shareholders are the main provider of financial capital, customers are the source of income as they purchase products whilst employees provide their skill and

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