Abstract
M.Comm.
Challenges to businesses have become ever more complex and unpredictable in
a fast changing and globalised world. Businesses continuously have to find ways
to respond to pressing challenges that were not on the agenda in the past two
decades. The traditional stakeholder base has broadened and includes diverse
groups of interested parties inside and outside the boundaries of business. The
business imperative is now the ability to balance the conflicting demands of its
various stakeholders. Businesses are anxious to protect their reputation and to
comply with legislation, however, growing stakeholder activism signals emerging
gaps or barriers between organisational methods and stakeholder expectations.
Broader stakeholder engagement and collaboration to find a win-win solution to
these concerns, while valuing stakeholder relationships is key to unlocking value
in today’s ramified network based economy. Businesses need to establish
meaningful collaborative communication with stakeholders.
The possibility to enter into dialogue and advocate greater transparency and
information disclosure per stakeholder group is highly recommended. It is also
recommended that business consider a shift from stakeholder management to
stakeholder collaboration practices.