Copyright © 2008 McGraw-Hill Ryerson Ltd. 1 Chapter Four Understanding Stakeholder Relations...

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Page 1: Copyright © 2008 McGraw-Hill Ryerson Ltd. 1 Chapter Four Understanding Stakeholder Relations Canadian Business and Society: Ethics & Responsibilities.

Chapter 4 Copyright © 2008 McGraw-Hill Ryerson Ltd. 1

ChapterFour

Understanding Stakeholder Relations

Canadian Business and Society: Canadian Business and Society: Ethics & ResponsibilitiesEthics & Responsibilities

Page 2: Copyright © 2008 McGraw-Hill Ryerson Ltd. 1 Chapter Four Understanding Stakeholder Relations Canadian Business and Society: Ethics & Responsibilities.

Chapter 4 Copyright © 2008 McGraw-Hill Ryerson Ltd. 2

Chapter Outline

Basic Stakeholder Analysis Stakeholder Management Capability Stakeholder Matrix Mapping Diagnostic Typology of Organizational Stakeholders Stakeholder Identification and Salience Examples of Stakeholder Types Stakeholder Influence Strategies Stakeholder Collaboration Stakeholders and Social Capital

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Basic Stakeholder Analysis

1. Who are our stakeholders?2. What are their stakes?3. What opportunities and challenges are presented

to our firm?4. What responsibilities (economic, legal, ethical, and

philanthropic) does our firm have to all its stakeholders?

5. What strategies or actions should our firm take to best deal with stakeholder challenges and opportunities?

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Stakeholder Management Capability The ability of managers to:

(1) identify stakeholders and their influence;

(2) develop the organizational practices to understand stakeholders; and

(3) undertake direct contact with stakeholders.

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Stakeholder Matrix Mapping A technique of categorizing an organization’s

stakeholders by their influence according to two variables; usually involves plotting them on a two-by-two matrix: Y Axis: Oppose or support corporation X Axis: Importance of stakeholders

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Diagnostic Typology of Organizational Stakeholders Type 1: Supportive stakeholder and strategy

(i.e., involve) Type 2: The marginal stakeholder and strategy

(i.e., monitor) Type 3: The non-supportive stakeholder and

strategy (i.e., defend) Type 4: The mixed-blessing stakeholder and

strategy (i.e., collaborate)

Source: Savage et al., 1991

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Stakeholder Identification and Salience Power

ability to get firm to do something that it would not otherwise do based on force, threat, incentives, etc.

Legitimacy Perception or assumption that actions of firm are desirable,

proper, or appropriate Urgency

degree to which stakeholder’s claim or relationship calls for immediate attention

Source: Mitchell et al., 1997

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Examples of Stakeholder Types Latent stakeholders

Managers may not recognize their existence Expectant stakeholders

Require more attention from managers Definitive stakeholders

Management must address the claims of these stakeholders immediately

Non-stakeholdersSource: Mitchell et al., 1997

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Stakeholder Influence Strategies Withholding strategies

stakeholder discontinues providing a resource Usage strategies

stakeholder continues to supply resource but specifies how it is to be used

Influence pathway when withholding and usage strategies are used by an ally

of the stakeholder

Source: Frooman, 1999

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Stakeholder Collaboration

Creating a foundation Organizational alignment Strategy development Trust building Evaluation Repeat the process

Source: Svendsen, 1999

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Chapter 4 Copyright © 2008 McGraw-Hill Ryerson Ltd. 11

Stakeholders and Social Capital Definition: Any aspect of a corporation’s

organizational arrangement that creates value and facilitates the actions of stakeholders within and external to the corporation.

Question: What are the benefits to the firm of creating social capital?


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