Stakeholder is any group or individual who can affect or is affected by the achievement of the organisation's objectives. (Friedman and Miles, 2006) Stakeholders have special interest in an organisation and as a result they influence the organisation directly or indirectly.
There are two main types of stakeholders, which are internal stakeholders (employees, owners and managers) and external stakeholders (customers, suppliers, government and local community). For the purpose of this assignment, I want to talk about a water utility company.
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A water utility company is a firm set up to provide quality drinking water at affordable price to every home. Water utility company is either set up by a private individual or the government and in some cases government in partnership with a private individual.
The key stakeholders of a water utility company depend on the set up. In Ghana for instance, the water utility company was set up by the government so it is called Ghana water company. The company's main goal is provision of quality water to every home. The key stakeholders of Ghana water company are the government, employees and the customers or consumers.
Water is a necessity commodity in every nation and is the government primary responsibility to make sure the citizenry has a continuous flow of quality water. The government expects the company to provide every home with quality water, pay necessary tax to the nation and also increase productivity. If these expectations are not met, the government will be force to sell out the company to private equity.
Another key stakeholder in water utility company is the employees. Employees are the work force that make sure the company's goal is or are achieved. Every employee expect to receive remuneration (salary) and also get a fair treatment at the work place.
They expect the company to provide the necessary tool and materials that will provide safety and facilitate easy work done. When employees views are not respect, their remuneration are not paid and there are no safety measures to ensure their safety at work, they start to resign from the company and when this persist it will lead to labour turnover, which in a long run will affect the productivity of the company.
The Customer or consumer is also a primary or key stakeholder in water utility company. It is said, 'production is not completed unless the product gets to the final consumer'. For water utility company to continue in operation, the company depends on the consumers' continuous purchase of the product to get income to keep the company in business.
The Consumer on the other hand expect the water utility company to provide a continuous flow of quality water at affordable price. When this does not happen, the consumer is compel seek for another source of water. In Ghana for instance, many homes now prefer borehole water to water utility company because of unstable flow of water and high prices from Ghana water company.
In conclusion, since the water utility company needs these stakeholders just as the stakeholders need the company, they should work hand in hand so that both expectation will be met.
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