Balancing Interests

...assess the balance of power, and consider this against your values and those of the organization.

Managing multiple stakeholders can often present a dilemma. For example, your investors want you to always be seeking to reduce costs, while your employees want to receive higher salaries. When making decisions that affect multiple stakeholders, use the information you have gathered in your analysis to assess the balance of power, and consider this against your values and those of the organization.

Possible stakeholders in your organization include:

• Investors - They want to know that their money is safe in your hands
• Employees - They want their loyalty and productivity to be rewarded
• Customers - They will decide whether they want to be associated with you
• Suppliers - They need to know that their invoices will be paid

Influences to your organization include:

• Industry Associations - Set standards and best practices
• Community - They are a source of the staff and support you need
• Trade Unions - They require their members to be treated well
• Competitors - They act in ways that may affect your options and influence your decisions
• Government - The can provide mutual support that may be a source of power
• Pressure Groups - They may put their cause above your future
• Media - They have the power to influence many, for good and for bad

ACTION POINT: Balance the needs of your stakeholders and understand the focus of your influences.