Internal Stakeholders
Internal Stakeholders
Name
Institution
Internal Stakeholders
An organization is formed by its members, who are in pursuit of different goals. These goals are aligned to attain their mutual objectives, which form the purpose for the existence of the entity. Internal stakeholders are, therefore, those parties that exist within an organization. They are those members of the entity who control and perform the activities of the organization. They include employees, managers, proprietors, investors and other internal professional members, like internal auditors and internal legal advisors. Knightsbridge Wealth Management firm has the responsibility to manage the interests of its internal stakeholders to ensure they positively influence the business.
Employees are members of an entity who are assigned roles and perform duties related to the activities of the organization. The reason they join an organization is to earn a salary and to advance in their careers. Knightsbridge employees are essential because they perform their assigned duties and responsibilities. Without them, the operations of the firm are stalled. They are therefore entitled to fair remuneration and good working environment.
On the other hand, managers are those members responsible for planning, organizing, leading, and controlling the operations of the entity. These functions are delegated to them by the proprietors of the company. Proprietors are owners of an entity. They provide capital that is used to start the business. Its proprietors control the direction of Knightsbridge firm. The direction of Knightsbridge proprietors and managers is essential to maintaining order and accountability of the goings-on of the firm. An entity, therefore, requires an efficient and effective management team that can maximize profit for the company.
Some individuals or organizations make investments in companies and expect a return. Their role in Knightsbridge is essential since they provide financial aid to the company through investment or help the firm to expand to other states and continents by making capital expenditure using the money invested. Another group of essential internal stakeholders are professionals hired by the entity. For example, internal auditors and in-house legal advisors provide solutions to technical issues that cannot be solved by other employees.
All these groups of stakeholders are pertinent to the existence of Knightsbridge firm. Effective stakeholder management is done to influence the business positively. It is essential, therefore, to align their interests and the entity’s interests to ensure maximum return for the entity and achievement of the goals of independent stakeholders.
