Positive Impact on Key Stakeholders
Companies’ actions and decisions can negatively impact many stakeholders. Customers, employees, suppliers and local communities are all possible stakeholders. If a company plans to reduce benefits or layoff large numbers of employees, it could negatively impact the employee base. A company that provides low quality services or products, as well as engages with unethical advertising practices or deceptive sales may cause customers to be adversely affected. Suppliers can be affected by a company’s failure to pay their bills on time and/or changing the terms of contracts without giving sufficient notice. If a company does any environmental harm or participates in disruptive activities, local communities could be adversely affected. Businesses must assess the possible effects of their actions on each of their stakeholders. It can create trust and strong relationships that can benefit the company’s long-term viability. Source: Stephen Dunne and David Chandler (2018), “Corporate Responsibility and Stakeholder Governance”. Cont…
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