The roles, rights, and responsibilities of stakeholders
What roles do stakeholders play in a business?
Stakeholders play various roles in a business. Shareholders provide capital and expect returns on their investments. Employees contribute their skills and efforts to achieve business objectives. Customers purchase products or services and provide revenue. Suppliers provide essential resources and contribute to the value chain. Communities provide a market, resources, and workforce. Government entities regulate business activities and provide a legal framework. Stakeholders can also influence the business through advocacy, partnerships, and feedback, shaping its reputation, social impact, and long-term success.
What rights do stakeholders have in relation to a business?
Stakeholders have rights that can vary depending onthe jurisdiction and specific circumstances. Common stakeholder rights may include the right to fair treatment, the right to receive accurate and timely information, the right to voice opinions and concerns, the right to be involved in decision-making processes, the right to a safe and healthy working environment, the right to privacy and data protection, the right to receive fair compensation, and the right to access and use the business's products or services. These rights aim to ensure that stakeholders are treated ethically and fairly and that their interests are taken into account by the business.