Posted on by Judy

Successful entrepreneurs understand their business must remain strong or everyone in the organization will be out of a job. Just as oimportant, their team members need to have the same understanding!Therefore the business owner needs to recruit and retain strong team members who have the same DNA as the business owner. Once they recruit the right team members, they develop delegation skills and rely on the right people. Discuss several Internal Stakeholders and provide at least 2 specific examples:Who are the major stakeholders who work within (internal) the business?Discuss several retention strategies aimed at keeping these key players on the team.Discuss several External Stakeholders and provide at least 2 specific examples:How do suppliers and vendors support the business’ competitive advantage strategies?Does a deep dependency on external stakeholders put businesses in a vulnerable position? What can they do to avoid being under the ‘control’ of external suppliers/vendors?

Stakeholders are people and various groups that are directly or indirectly associated with the various activities of an organization. There are both internal and external stakeholders who deals with various goals and purposes of the organization.
Internal stakeholders
Internal stakeholders are people who work within the organization dealing with various business activities. Some of the important internal holders of an organization are employees, shareholders, management who are directly associated with the internal operations of the organization.
Employees
It can be undoubtedly said that employees are the people who strive in making the various organizational goals happen. Management and managers who devise various organizational strategies, deploy those goals among the employees and train them to make it happen. If employees are highly engaged, it would boost their performance and they could move beyond the expectations of the organization. Employees who work in purchase department, quality department, employees in production team and marketing and sales team work hand-in-hand for the organization. They devise various operational and functional strategies in line with their departmental goals. These internal stake holders are all part of the operational activities of the organization.
It is highly important for the organization to recognize the contributions of the internal stakeholders and keep them motivated. It not only maintains the performance and commitment of the employees but retains them in the organization.
Some of the practices of the organization have a major role to play in retaining the employees.
Right recruitment practices- when the organization recruits right candidates, there would be a good fit between the organization and employees. Such employees will retain with the organization for a long time.
Induction and training – employees should be rightly treated since their joining in the organization. They should be given proper induction while joining and training as it is required. Such practices will also help in retaining the employees.
Grievance management – The complaints and grievances of the employees should be listened and corrective actions should be taken at the right time.
Benefits and compensation – Incentives, pay should be given to the employees in proportion to their contributions which will motivate the employees to continue with the organization
External stakeholders
External stakeholders are the individuals and groups that are present outside the organization and have an impact on the activities of the organization. Some of the external stakeholders are customers, suppliers, creditors who are associated with the external activities of the organization. External stakeholders have also got a very important role to play along with the internal stakeholders.
Retention strategies for external stakeholders
Suppliers and creditors should be paid at the right time without any dues. This will help to retain the suppliers.
Customers- It is often said that “customer is the king”. This means that they should be treated with high priority. Meeting the needs and preferences of the customers will help to retain the customers. Every possible step should be taken to retain the customers because customers once left may never return back.
They should be delighted through occasional offers and discounts to retain them with the organization.
Competitive advantage strategies – role of suppliers and vendors
As a strategic move, organizations should identify their core competencies and focus on developing their core competencies in order to gain competitive advantage. The non- core activities could be outsourced to vendors. Thus vendors play a role in gaining competitive advantage. For example, organizations may focus on research and development to develop new products. R & D could be the core competency which become the competitive advantage with the development of products that differentiate from the competitors. While non-core activities like customer service may be outsourced.
Firms could collaborate or have strategic alliances with suppliers to drive innovation. This will direct to competitive advantage for the organization.
Business should have back-up plans to survive the times of uncertainty or economic crisis. Economic crisis in various countries could affect the outsourcing partnership with vendors located in any these countries. It may increase the cost of outsourcing. Relying too much on these vendors may affect during times of uncertainties, or localization policies of the parent government which prevent outsourcing. In such cases, businesses will be in a vulnerable position which affects the non-core activities handled by the off-shore vendors.
Firms should start training programs for skill development for internal employees, so they could gain expertise in skills which are outsourced and given to vendors. This could help organizations to manage any crisis related to vendors and suppliers.
 
“Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!”

What Students Are Saying About Us

.......... Customer ID: 12*** | Rating: ⭐⭐⭐⭐⭐
"Honestly, I was afraid to send my paper to you, but splendidwritings.com proved they are a trustworthy service. My essay was done in less than a day, and I received a brilliant piece. I didn’t even believe it was my essay at first 🙂 Great job, thank you!"

.......... Customer ID: 14***| Rating: ⭐⭐⭐⭐⭐
"The company has some nice prices and good content. I ordered a term paper here and got a very good one. I'll keep ordering from this website."

"Order a Custom Paper on Similar Assignment! No Plagiarism! Enjoy 20% Discount"

Related posts:

  1. QUESTIONS: Given that the ACFE “2010 Global Fraud Study” reported that employee tips were the most common way that fraudulent acts are discovered, how can an organization encourage honest employees to report fraudulent behavior committed by co-workers, supervisors, clients, or vendors? The High Cost of Theft and Fraud Owners and managers want to believe that their employees are honest, hardworking, and have only the company’s best interests at heart. And most employees do fit that description. There are some, however, who feel that they are entitled to an occasional box of pens or can run off unlimited copies from the company machine. These sorts of unintentional perks may go unnoticed by management, but they do add up. And the reality is that few companies recognize the deep bite that employee theft—big or small—can take out of a company’s profit margin. That is, until a major incident makes headlines or cuts into the company’s bottom line. Take a nationally known beverage retailer, for example. This Pacific Northwest business found success with premium coffee and expanded rapidly—so rapidly that it perhaps outgrew its internal controls. Managers no doubt kept an eye on employees to make sure they did not pass out free beverages to their friends. But despite internal controls, in 2001 an employee created a fictitious consulting firm, submitted invoices to the beverage retailer, and arranged for the retailer to send payments to a special post office box. In less than a year, this employee embezzled $3.7 million, using the money to buy a collection of automobiles, motorcycles, a yacht, real estate, three grand pianos, and a variety of other luxury goods. That same year, a leading boat manufacturer filed suit against its former CFO, accusing him of embezzling $14 million in company funds over 16 years to finance his own stock purchases, to run three businesses, and to pay off personal credit card expenses. In 2005, a national office supply retailer began the year by firing four employees who were believed to have fabricated documentation for $3.3 million in invoices to the company. This fraud was uncovered only when a vendor complained that kickbacks were being demanded and that bills were being falsified. Fast-forward to 2009 when a mind-boggling case of e mbezzlement hit a family-owned business in Milwaukee. A well-respected senior employee was indicated for embezzling $31.5 million over a five-year period. The firm’s credit card company, American Express, was the first to identify the unauthorized transactions b ecause it noticed that the employee was withdrawing large sums of company funds to pay off her personal credit card account. Ms. Pressman felt that this created a conflict of interest, she confronted her supervisor about it. Her supervisor became angry, gave her negative performance evaluations over the next year, and she was subsequently terminated for poor performance. During the previous three years, Ms. Pressman’s evaluations had consistently indicated that her performance exceeded the company’s expectations. Mr. Mansfield Mr. Mansfield was a technician in the machine shop of Millfield Corporation. During his employment, he met at lunchtime, during breaks, and after work with employees, attempting to persuade them to start and support a union. After six months of meetings, Mr. Mansfield was informed by his supervisor that he was fired. He was told that he had violated union organization procedures and was using the company premises without permission to organize a union. Therefore, because he had violated the rules about union organizing, he was terminated. Are these isolated incidents? Not according to the Association of Certified Fraud Examiners (ACFE). In its “2010 Global Fraud Study,” the ACFE investigated fraud cases in the United States and in over 100 other countries and reported that organizations lose 5 percent of their annual revenues (or, approximately $2.9 trillion) to fraud. The ACFE study notes that fraud can happen at any level of a company, from the mailroom employee to the account executive to the senior executive. While fraud is more prevalent at lower levels, the damage is usually more substantial when high-level executives are involved. The ACFE found that the median loss when owners/executives are involved ($723,000) was more than six times the median loss caused by managers ($200,000) and more than nine times that involving lower-level employees ($80,000). Despite the examples cited above, losses are not limited to major corporations. Small businesses are often the hardest hit by employee fraud. Almost half of the fraud cases s tudied by the ACFE involved small businesses, with the median loss pegged at almost $100,000, a difficult amount for any company to lose, let alone a small business with limited resources. An effective control is to have a separation of duties whenever employees handle money. For instance, if one employee reviews invoices and authorizes payment, then a second employee should write and send the check, and yet another employee should reconcile the bank statements. In addition to a separation of duties, redundancy is also a powerful control. This means having more than one person look at the same transaction. For example, checks should be cosigned rather than authorized by only one person, and multiple employees should have responsibility for overseeing specific bank accounts preventing one employee from “lapping” or moving funds from account to account ahead of any audit so that no irregularities are detected. Centralized processes also allow tighter control. When procurement is centralized, employees in satellite offices are not able to buy more than needed and then resell or return items for cash. When inventory is centralized, employees know that the company’s assets are tracked and monitored. Internal controls should also be used to detect fictitious vendors. In addition, processes should be in place to verify that vendors exist, that they are performing their duties for the company, and that payment is in line with the services provided. While internal controls are vital, they are not the only way to detect and to discourage employee fraud. In fact, today more fraud is found by accident than through the strength of internal controls. However, neither tops the list of how fraud is detected. The ACFE found that almost 40 percent of fraud is discovered through tips, the majority of which come from employees. Customers, vendors, and anonymous callers are also good sources. Another mechanism for controlling employee fraud is to institute careful hiring practices, although this approach is less effective than strong internal controls or a forum for tips. Unicru, a company that specializes in helping other companies recruit and hire employees, has found that 70 percent of “internal shrinkage,” or theft by employees, is carried out by people who are on the job for less than 30 days. Eliminating job candidates who have a track record of holding prior jobs for fewer than 90 days is one way to limit exposure to shrinkage. Checking job applicants for criminal backgrounds makes good business sense. However the ACFE found that only 15 percent of the fraud-committing employees had a previous conviction. In addition, employment-screening processes may vary from country to country, which can be challenging for large, multinational firms. Weeding out bad apples is important, but not nearly as important as setting up internal systems to discourage fraud before it begins.
  2. what are some examples of a stakeholder approach within a small business?
  3. 1) Introduction to Management Accounting – A) Define management accounting in your own words (60 words). B) Discuss how management accounting is useful to a business in general and use ONE example to illustrate your point (90 words). Internal Reports A) Discuss the differences between internal and external reports, consider who the intended users are and legal requirements in your answer (60 words). B) Discuss the importance of internal reports and use ONE example to illustrate your point (90 words). Costing 1) Define areas commonly considered when calculating a cost for a business, you may consider general costs for any project or the costs for a specific project from ONE of the following: a) New Product b) New Service c) New Member of Staff (60 words) 2) Discuss how costing is useful to a business, you may discuss this in general or regarding a certain department of your choosing (90 words) Budgets 1) Discuss the advantages and disadvantages of using budgets in a business, you must discuss at least one advantage and one disadvantage in your answer (60 words) 2) Discuss how costing and budgets interact within the business (90 words) Variance Analysis 1) Discuss how variance analysis might be useful in ONE of the following areas: a) Production b) Service c) Staff (60 words) 2) Discuss how costing, budgeting and variance analysis interact within a business, focusing on how each measure affects the other (90 words). Apply examples and answer the questions!
  4. Thoroughly discuss the pro’s and Con’s of internal and external recruiting.