There are a number of benefits to managing external stakeholder relationships.
According to management researchers, good stakeholder management improves organizational performance.
The organization is perceived as “doing the right thing,” which demonstrates corporate social responsibility and creates a positive image of the organization.
Because an organization depends on external groups for resources (such as vendors) and as outlets for goods and services (such as customers), decisions that consider stakeholders’ interests can pay off.
In the years ahead, it’s not going to be “business as usual” for either organizations or managers. Managers will make difficult decisions about how they do business and about their people. It’s important to understand how changes in the external environment will affect your future organizational and management experiences.