Stakeholders are the group of members, who has a specific interest in a firm or enterprise. The key stakeholders of typical organizations are the investors, customers, employees and their suppliers. Though, the modern theory cross over the normal standards and welcome more stakeholders like the government, community, trade associations etc (Lazarus, 2014).
In a business, normally the role of stakeholders is to give good support to the organization and ensures that the organization is taking more interests in constituencies and also in the communities from where they are working. It is also kept under notice that the higher authorities are giving their accountability to the organization and also to their shareholders. This helps the organization to work and benefit the society (Manetti, & Toccafondi, 2012).
In an organization stake holders plays a very important role. In a partnership business the organization runs mainly with the help of stakeholders. For a better business a better environment is needed. Resource efficiency is not only an initiative for environment but also it makes better commercial sense. To make a business profitable the stakeholders need to find the ways how to reduce the wastage of money and resources. For a business to improve their resource efficiency the organization should go through certain steps like- by increasing their cost saving, by processing the efficiency, by improving the health and safety management of the organization, improving the relation of the stakeholders and also by improving the reputation of the organization. These steps help the organization to identify their efficiencies. To improve their efficiencies in the business the company should take actions like- by assessing the amount of wastage taking place in the business, improving the purchasing power of the organization, improving their storage where the raw materials and the final products will be kept, by conserving their energy and water, reducing the risk and the waste, improving their information systems etc (Kamal, Weerakkody, & Irani, 2011).
Stakeholders play the most important roles in partnership business. The person under whom the more numbers of stakes are there they take the main decisions. As a stakeholder of an organization their main aim is to use the resources in a right way and give better results. The stakeholders are investing their capital in a certain project of an organization so they deserve the best output. To motivate the stakeholders the organization need to give them the best output so that they invest their capitals in the organization. For a organization to run they need capital from their stakeholders and to get that the organization need to give desired output which will attract them for investing. When the stakeholders are investing their capital they will keep an eye on the organization that their capitals are not getting wastage and they are getting their required results. For stakeholders it is very difficult to improve their resource efficiencies but for the betterment of the organization and earn profit the stakeholders need to take actions to stop the wastage of resources (Cole, 2011).
Kamal, M., Weerakkody, V., & Irani, Z (2011) Analyzing the role of stakeholders in the adoption of technology integration solutions in UK local government: An exploratory study Government Information Quarterly, 28(2), 200-210
Manetti, G., & Toccafondi, S. (2012). The role of stakeholders in sustainability reporting assurance Journal of business ethics, 107(3), 363-377
Lazarus, M. (2014) the role of stakeholders: electronic theses and dissertations submission workflow for the Unversity of Johannesburg.
Cole, R. J. (2011). Motivating stakeholders to deliver environmental change.Building Research & Information 39(5), 431-435
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