Business Studies – 1.5.2 The role of stakeholder groups | e-Consult

Employees are a vital stakeholder group in any business. They have a vested interest in the success of the company as their livelihoods and well-being depend on it. Employees expect fair treatment, decent wages, safe working conditions, opportunities for training and development, and a positive work environment.

Ways Employees are Stakeholders:

• Income: Employees rely on their wages and salaries for their living expenses.
• Job Security: Employees expect a stable and secure job.
• Working Conditions: Employees expect a safe, healthy, and comfortable working environment.
• Training and Development: Employees expect opportunities to develop their skills and advance their careers.
• Fair Treatment: Employees expect to be treated fairly and with respect.

How a Business Can Manage Employee Needs and Expectations:

• Competitive Wages and Benefits: Offering salaries and benefits that are comparable to industry standards.
• Training and Development Programs: Investing in employee training and development to improve their skills and knowledge.
• Employee Involvement: Seeking employee input and feedback through surveys, meetings, and suggestion schemes.
• Fair Performance Management: Implementing a fair and transparent performance management system.
• Positive Work Environment: Creating a positive and supportive work environment that promotes teamwork and collaboration.
• Opportunities for Career Progression: Providing opportunities for employees to advance their careers within the company.