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Question:

Discuss about the Importance Of Stakeholders In Creating Value In An Industry.
 
 

Answer:

Introduction

The assignment focuses on the importance of stakeholders in creating value in an industry. According to Cho and Auger (2017), stakeholders form an integral part of an organisation and help in the decision-making process in order to make an organisation productive. The assignment focuses on the importance of the stakeholders in an educational industry. An organisation within the industry has also been considered in order to identify the impact of stakeholders. The organisation in focus is Federation Training, a training and education facility. The ways by which shared values are considered as the interest of stakeholders are analysed in this assignment.

Identifying industry dependent upon creating value for stakeholders

As stated by Noke, Kirkham and Mosey (2017) stakeholders help in the growth of an industry as well as an organisation. Value is created in an industry by formulating and presenting ideas that can help in solving problems. The risks involved in this regard are communicated with the stakeholders in order to receive support in the times of crisis (Wicks and Harrison 2017). Stakeholders can be both internal and external and the contributions depend upon the level of involvement of the stakeholders in the sector (Cardwell, Williams and Pyle 2017).

In the case of an educational industry, the contribution of the stakeholders needs to be high. This is because an educational industry serves for educating the people in the society of its business (Stensaker, Persson and Pinheiro 2016). The value created by the engagement of the stakeholders involve the generation of new ideas in terms of knowledge that needs to be imparted to the learners. According to Missonier and Loufrani-Fedida (2014), analysis of the stakeholders is needed in order to understand the active way by which they can be involved. The active stakeholders concerned with the industry involve the students and Government. This is because these stakeholders dictate the ways required for improving the society. The value created by the involvement of these stakeholders can help the industry to progress and develop new ways to impart knowledge among the people (Smith and Lindsay, 2014).

 

Identifying relevant information about the organisation

Federation Training is a training centre that provides opportunities and outcomes for vocational education to students residing in South Eastern Victoria and Gippsland. The educational centre was established on 1st May 2014 and provides various courses to engage local students. The objective of the institution is to develop a proper relationship with the students that exist in the local region and provide an opportunity to learn about the regional teachings of the country. The vision is to set itself up with the best industries in the region and provide employment in these sectors (Federationtraining.edu.au 2017).

In this regard, the role of the stakeholder plays an important role in the success of the centre. This is in order to gain a proper understanding of the industries, the role of the Government is essential (Pinheiro 2015). Thus, the involvement of the Government is essential to the success of the organisation. Apart from this, the contribution of the students is also required for its success. This can be evidenced by the fact that the institution aids the students involved in the training with a proper guide for a career growth (Pfitzer, Bockstette and Stamp 2013). Thus, the role of the students in the business model of the centre is also crucial.

Ways to create shared values to consider interest of stakeholders

According to Swanson (2017), the business model helps in the proper analysis of the operations of a business. In the case of Federation Training, the stakeholders involved help in creating values that can help in the proper growth of the business. The target customer is an important factor for the institution. In this case, the target is the students pursuing bachelor's degree from the various educational background (Porter and Kramer 2014). The involvement of the Government also helps the institution to gain access to many industries.

According to Corner and Pavlovich (2016), the role of the Government in an educational industry is crucial as placements of the students after the completion of the course is an important factor. The Government can involve itself by providing opportunities for placement and engage in providing knowledge about the conditions of various industries. This can help Federation Training to get involved with deals only with reputed industries (Lienert, Schnetzer and Ingold 2013).

Conclusion

Hence, it can be concluded that in order to remain successful in the market, every business organisation needs to involve stakeholders. The value created by the stakeholders can help in the identification of the ways by which business can be conducted. In the case of Federation Training, the involvement of the students and the Government can help in the increasing the reputation of the organisation and maintain proper relations with the local community for expansion.   

 

References

Cardwell, L.A., Williams, S. and Pyle, A., 2017. Corporate public relations dynamics: Internal vs. external stakeholders and the role of the practitioner. Public Relations Review, 43(1), pp.152-162.

Cho, M. and Auger, G.A., 2017. Extrovert and engaged? Exploring the connection between personality and involvement of stakeholders and the perceived relationship investment of nonprofit organizations. Public Relations Review.

Corner, P.D. and Pavlovich, K., 2016. Shared value through inner knowledge creation. Journal of Business Ethics, 135(3), pp.543-555.

Federationtraining.edu.au. (2017). Home - Federation Training. [online] Available at: https://www.federationtraining.edu.au/ [Accessed 11 Sep. 2017].

Lienert, J., Schnetzer, F. and Ingold, K., 2013. Stakeholder analysis combined with social network analysis provides fine-grained insights into water infrastructure planning processes. Journal of environmental management, 125, pp.134-148.

Missonier, S. and Loufrani-Fedida, S., 2014. Stakeholder analysis and engagement in projects: From stakeholder relational perspective to stakeholder relational ontology. International Journal of Project Management, 32(7), pp.1108-1122.

Noke, H., Kirkham, P. and Mosey, S., 2017. Entrepreneurship with external stakeholders. Building an Entrepreneurial Organisation, p.73.

Pfitzer, M., Bockstette, V. and Stamp, M., 2013. Innovating for shared value. Harvard Business Review, 91(9), pp.100-107.

Pinheiro, R., 2015. The role of internal and external stakeholders. In Higher Education in the BRICS Countries pp. 43-57

Porter, M.E. and Kramer, M.R., 2014. Creating Shared Value: Becoming a Movement.

Smith, J.G. and Lindsay, J.B., 2014. External Stakeholders. In Beyond Inclusion, pp. 163-181.

Stensaker, B., Persson, M. and Pinheiro, R., 2016. When mergers fail: a case study on the critical role of external stakeholders in merger initiatives. European Journal of Higher Education, 6(1), pp.56-70.

Swanson, D.L., 2017. Toward Shared Value Consciousness Through CSR Discovery Leadership. In CSR Discovery Leadership pp. 131-165.

Wicks, A.C. and Harrison, J.S., 2017. Toward a More Productive Dialogue between Stakeholder Theory and Strategic Management. In Stakeholder Management, pp. 249-273.

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