The Role of Stakeholder

Role of Stakeholder

Shaunte Johnson

MGT/420

December 10, 2012

Brian Birch

Role of Stakeholder

A stakeholder is anyone that shares interests in a business. Stakeholders can add to a company’s growth and their success, and stakeholders may benefit if a company succeeds. Stakeholder’s roles vary and their personal involvement in the company may be limited to no involvement at all. When a CEO is looking to further their company’s long-term goals, they seek out the stakeholder’s skills, experience, and knowledge. In this paper we will explain the role of stakeholders in implementing a quality management process. We will also discuss each of the stakeholders and their specific roles in implementing a quality management process.

With the company Wal-Mart, Sam Walton believed that his employees should be respected and rewarded for their efforts in helping to improve the profitability of the company. Sam referred to his employees as associates, and allowing them to purchase stock at a discounted rate. Since Wal-Mart associates are considered stakeholders in the company, hey take part in implementing a quality management process. Wal-Mart produced high employee productivity, and this enabled Wal-Mart to have lower operating costs and higher profitability.

Wal-Mart has dedicated the last few years to their stakeholders, listening to ways to implement a quality management process. These stakeholders include: customers, associates, civic organizations, faith groups, government leaders, non-profit groups, non-governmental organizations, and other concerned individuals. The stakeholders helps Wal-Mart recognize varying point of view, generate new ideas, improve business practices, and manage conflicts. “One of the ways we are working to engage our stakeholders in our journey to run a more sustainable business is through Sustainable Value Networks (SVNs)(Wal-Martstores.com).” The stakeholders are focusing on environmental impact and bringing positive changes to the...