Stakeholder power

Author: Walker
Publisher:
Publish Date: 2003-01-01
Features: "Stakeholder Power" provides a practical framework for assessing the commitment level of each stakeholder group, guiding them through a series of "gates"—starting from "awareness," moving to "knowledge," then "admiration," and finally to "action." For example, Hill-Sexton Company, a commercial construction firm in Indianapolis, not only established an impeccable reputation for safety, cost management, and timely project completion but also heavily invested in strengthening relationships with subcontractors—resulting in significant cost reductions and consolidating its ties with local contractors, suppliers, and ultimately customers. Similarly, companies that create dynamic employee development programs have learned that they can retain top talent and motivate them to attract other skilled individuals to join the organization. This, in turn, benefits the company's shareholders through product innovation and service enhancements.