Issues of Participants and Other Interested Parties in the Business Operation - Essay Example

Stakeholder Management Freeman, R 2008, “Stakeholder Management: Framework and Philosophy” in Maddem, C and Spence (Eds), Corporate Social Responsibility: Readings and cases in global context. London, Routeledge , pp 111-139. In his article, Freeman’s work is grounded on the study that places the orientation of the stakeholders as an approach to operation, which addresses the concerns and issues of participants and other interested parties in the business operation. He defends the concept of distributive justice as a normative ideology to offer values and principles that can input to the culture of a given organization to support business ethics in the society. Stakeholder management is a hypothesis of organizational administration as well as business ethics, which makes efforts to address the values and principles in organizational management. Freeman in this article acknowledges and formulates the various stakeholder groups. He also recommends the techniques by which the managers can provide in due consideration of the interests of those in the group (Freeman, 2008; p.123). Blattberg (2004; p. 175), a political ideologist criticises the work of Freeman in regard to stakeholder theory for making assumptions that the welfare of the different stakeholders might be at best balanced or cooperated over each other. He argues that this is an output of its prominence on deliberation as the main mode of discussion for addressing the conflicts that arise due to the varying interests of the stakeholders. Blattberg (2004; p.174) asserts that dialogue is the best method which makes him emphasize what he terms as a “patriotic” notion of the company as an option to that related with the theory of stakeholders. Moreover, Miles (2012; p. 287) seems to be indifferent to Freeman’s ideas. According to Miles (2012, p. 288), the competitors can at times be considered as stakeholders due to their ability to influence the decisions of the organization. According to Mitchell et al. (1997; p. 861) the derivation or understanding of the meaning of stakeholder is based on the level of influence the decision making of an organization. The power of a stakeholder is often guided by legitimacy, which are the generally accepted and anticipated systems of conduct. Lastly, it is determined by the urgency where sensitivity of time or the seriousness of the claims by the stakeholders is concerned. Therefore, the authors suggest that by assessing the merging of these features in a twofold method, there are about eight types of stakeholders that can be derived together with consequences for the company. It is clear that Miles and Freeman survey the repercussions of the challenging connection between the organizations and the stakeholders by initiating a non-compatible and compatible interest as well as relevant and conditional link as extra features with which to explore the arrangement of these relations. It is possible to differentiate between the genuine stakeholders whom the company holds morally right and imitatively genuine stakeholders, which the organization considers they have the power to influence the ability and potential of the operations. Grey, C. (2009) A very short, fairly interesting and reasonably cheap book about studying organizations. Sage Publishers In this article Grey (2009; p. 134) focuses on the concept of building future organizational leaders. He asserts that leadership must be focused at assisting to liberate individuals from the tyrannical systems, conducts and habits experienced in the community and organizations. The leadership should also help in recessing the people. Therefore, the article seems to stating that good leaders are those who free people. Moreover, it is possible to liberate leadership thoughts from its constrained instrumental bounds so that it can reconnect with the essentials and values of the world. In the article Grey seems to be showing that the research of institutions is fundamental to the general lives of individuals. He further makes utilization of the organization research from the managerial point of view and positions it back at the focus of the people’s understanding of the ethical, communal and political challenges of the twenty first century. There are sequences of associated attempts to regenerate and revitalize leadership in reaction to the pervasive challenges that have been introduced into the thespian reprieve by the political and organizational swindles, which have hit the roof in the beginning of twenty first century. It is easy to notice that the five swiftly expanding areas of scholarship inn leadership were re-evaluated which intends to react to the challenges of the conventional leadership studies and conduct. These include genuine leadership, ethical leadership, aesthetic leadership, pragmatic leadership and spiritual leadership. The article closes up with the concerns of how the creative methods of knowledge and maybe even more considerably, the creative imagination that might rejuvenate and develop the understanding of future leaders and the practice of leading other people (Grey, 2009; p. 133). Grey has a unique way of presenting ideas in this book. He provides an efficient brief as well as overview of the major theories in relation to institutions and institutional development. The book presents a perfect summary of the background of scientific management, theories of human relation and management of change within an organization. From the book, one main striking feature is on topic’s opinion, which is both compelling and coherent. It is also quite fascinating to perceive that in the entire era of the latest economic crunch, the mode of investment in leadership growth has not dwindled off that considerably. Before then, the book explore that there was a traditional rule at the first instinct of economic recession the budget allocation for leadership growth and development was the first in line to be eliminated. However, the personal experience of various individuals in the industries exhibit the behavior that growth of personal leadership is even given higher priority in the institutions (Grey, 2009; p. 134). R. Phillips, R. E. Freeman and A. Wicks (2003) What Stakeholder theory is not. Business Ethics Quarterly. 13 (4), pp, 479-502. According to this article Philips, Freeman and Wicks (2003; p. 479) the concept of stakeholder is a strong term. This is because there is a considerable degree to the theoretical span. The concept is used to mean various things to unique individuals and hence triggers scorn as well as praise from a huge variety of practitioners and researchers. This book attests to the fact that the scope of interpretation even though one of the powerful strength of the stakeholder theory is one of its most outstanding hypothetical accountabilities. The main objective of the present studies can be compared to that of a manipulated flame, which fades away, some of the vagueness interpretation in the anticipation of refuting a simplified rejuvenation to the fundamental inferno that would otherwise fire up the hypothesis. The authors have narrowed down to the technical implication for the general facility of significance in the organizational and managerial researches. Therefore, by elaborating and clarifying the normal misconception; responsive and decisive to the hypothesis there is expectation that a good and more efficient hypothesis will have a beginning point in the future studies. There is need to put into consideration concerns of sustainability and the number of institutions that collapse due to issues related to funding. Consequently, the results are of greater significance compared to any other thing hence, there is necessity to focus more on the people’s concerns. The methods in which these are achieved might in fact be of great importance even though sustainability is dependent on the part of the efficiency within the institution. There is also need to be specifically worried about the individuals who are supposed to come forward through ethical actions as opposed to what or how they popular. These actions might be contended speak louder than mere theoretical and rhetoric expressions. According to (Mansell, 2013; p. 113) the actions that are needed to fulfill the need for explosion of societal acts and those needed in case the big community will amount to something more meaningful than mere words. The society needs to research and comprehend the individual motivation of the appropriate elements for what they can do and the efforts needed to keep them functioning. For the community in general to succeed the individuals must be willing and able to distance them from the allegorical complacency and act accordingly. As argued in the article, it might not be actually important in case the people are rather ineffective but rather they must be efficient. There is needed to show that they have the ability to add value that matters too many individuals. Incidentally, development and innovation must not be ignored in any case. It is significant to make efforts to assist the community in improving and persuading them that it matters to have development and growth in the community. Invention, disparity and entrepreneurship are the keys to sustainability and growth (Gottschalk, 2009; p. 200). Through this book and other fundamental academic literature, the concepts presented are enough to inform the people what matters in the community even though there is need for the readers to promote actions and discussions for an everlasting challenge in the community. This can only be possible if there are effective objectives set and the people understand the significance of doing this in the society to make it a better community for the future generation. Bibliography Blattberg, C 2004, Welfare: Towards the Patriotic Corporation. From Pluralist to Patriotic Politics: Putting Practice First. New York: Oxford University Press... pp. 172–184. Freeman, R 2008, Stakeholder Management: Framework and Philosophy, in Crane, Madden and Spence (Eds) Corporate Social Responsibility: Readings and cases in a global context. London, Routledge. pp 111-139. Gottschalk, P 2009, Knowledge management in policing: Enforcing law on criminal business enterprises. New York: Hindawi Pub. Grey, C 2009, A very short, fairly interesting and reasonably cheap book about studying organizations. Sage Publications. Mansell, S 2013, Capitalism, Corporations and the Social Contract: A Critique of Stakeholder Theory. Cambridge: Cambridge University Press. Miles, S 2012, "Stakeholders: essentially contested or just confused?” Journal of Business Ethics 108 (3): 285–298. Mitchell, R, Agle, B, Wood, D 1997, "Toward a Theory of Stakeholder Identification and Salience: Defining the Principle of Who and What Really Counts". Academy of Management Review (Academy of Management) 22 (4): 853–886 Phillips, R, Freeman and A. Wicks 2003, What Stakeholder theory is not? Business Ethics Quarterly. 13 (4), pp, 479-502. Read More