Fundamentals of Management Assignment
Assignment Question
Module: Fundamentals of Management
Question:
Identify the different categories of stakeholders of a budget hotel in a big city and explain the different demands from each stakeholder.
Any individual or groups who have an interest in the organization’s activities is considered to be a stakeholder. A stakeholder is typically concerned with an organization delivering intended results and meeting its financial objectives. In general, stakeholders are classified as internal, external or connected depending on position relative to the organization. It is extremely important to identify and balance the demands of these stakeholder groups and to act responsibly to all of them in order to keep the license to operate, which is necessary for good business. In a budget hotel of the big city, different groups of stakeholders have different expectations or demands on the organization.
Firstly, internal stakeholders are the stakeholders within the organization and are directly involved in developing the project. One example of internal stakeholders is employees. Employees want to be given opportunities to develop their skills and to advance their career. For example, they will be appreciated if the organization can provide opportunities for them to develop through skills assessment programs. Employees want job security. They want to feel confident about their organization's future and they want stability work so they can meet their financial obligations. Employees want to be compensated fairly for the work they do and the contribution they make through pay rises, bonuses and benefits. For example, an organization may give a $500 bonus to an employee two weeks after they land a new client, or after the client makes their first payment.
Besides, employees want a job that's interesting and challenging. They want a sense of accomplishment and they want to feel the time they've spent at work has been worthwhile. Employees are significantly
Module: Fundamentals of Management
Question:
Identify the different categories of stakeholders of a budget hotel in a big city and explain the different demands from each stakeholder.
Any individual or groups who have an interest in the organization’s activities is considered to be a stakeholder. A stakeholder is typically concerned with an organization delivering intended results and meeting its financial objectives. In general, stakeholders are classified as internal, external or connected depending on position relative to the organization. It is extremely important to identify and balance the demands of these stakeholder groups and to act responsibly to all of them in order to keep the license to operate, which is necessary for good business. In a budget hotel of the big city, different groups of stakeholders have different expectations or demands on the organization.
Firstly, internal stakeholders are the stakeholders within the organization and are directly involved in developing the project. One example of internal stakeholders is employees. Employees want to be given opportunities to develop their skills and to advance their career. For example, they will be appreciated if the organization can provide opportunities for them to develop through skills assessment programs. Employees want job security. They want to feel confident about their organization's future and they want stability work so they can meet their financial obligations. Employees want to be compensated fairly for the work they do and the contribution they make through pay rises, bonuses and benefits. For example, an organization may give a $500 bonus to an employee two weeks after they land a new client, or after the client makes their first payment.
Besides, employees want a job that's interesting and challenging. They want a sense of accomplishment and they want to feel the time they've spent at work has been worthwhile. Employees are significantly