Effects of Stakeholders on Communication Assignment

Effects of Stakeholders on Communication - Assignment Example Owners are concerned with maximizing the business profits, investors are interested in earning income from their investment, and employees want to keep their job and earn higher wages. External stakeholders are individuals or groups that are not within the business, and are not working directly with the business, but are affected in a number of ways from the business decisions. They include the government, trade unions, community, creditors, suppliers, and customers. Identifying the stakeholder affects communication in many ways. The best thing is just learning what a particular stakeholder needs to enhance profit or protect and then structure communication according to these factors. First, the information to be communicated and the mode of communication vary for each group. Additionally, the period or frame for delivering the information to a group of stakeholders or a stakeholder varies as there are those that require to be notified immediately, and it will help reduce overloading stakeholders with information. The level of the stakeholder and their interests influences a lot how you should communicate with them. The interested individuals or groups should be managed closely through status meetings; change logs, and notified about the issues, this is most probably the high power individuals and groups. These that are high powered and have less interest should always be satisfied through board meeting updates and steering committees. Those inte rested and are in low power, need to be informed in-person or through email updates, and video.