Management of Financial Resource Management and Performance

Organizational Introduction

At ASDA superstore in United Kingdom which is offering a series of products and financial services and other services in mostly all the areas just to serve the people. ASDA not only serving and providing products in the field of wearing, kitchen, vegetable, non vegetable, cleaning, garments, ready mate, bakery, cookies, world food and all the material which is used in the homes similarly in the financial sector ASDA is offering its services to serve the people in the form of loans, credit cards on very easy terms and conditions. And in the other sectors being the most social responsible the ASDA is serving the people by manufacturing high quality of products at very reasonable prices in the United Kingdom.

Stakeholders

According to Bateman et al., (2009) that in an organization there are some people or group of people those have influence on the organizational operations directly and indirectly whereas the organizational operations are for the achievements of its main objectives. There are different kinds of stakeholders, some stakeholders have interests with the profit and operation of organizations and sometime the stakeholders do not have any interest from the organization, it means that it depends on the nature of business and kind of stakeholders. Stakeholder can be any person who is benefited or not benefited by the organization and it may be a client, staff member, investor party, government, any financial institute, suppliers and distributors or anyone who is attached or concerned with that organization.

ASDA Stakeholders

There are two types of stakeholders at the ASDA, one stakeholder are those stakeholders who are called external stakeholders and second form of stakeholders are called internal stakeholders, there is a big difference among both of them. I will briefly describe both of them one by one. So first of all I will explain in detail about the external stakeholders

External Stakeholders

All the competitors of ASDA are the basically external stakeholders of ASDA in the United Kingdom for example Tesco, Sainsbury and other big super stores, where as in the external stakeholders the customers, clients, raw material suppliers, third parties, government, tax department, police all those external forces are the basically external stakeholders of ASDA. Primary stakeholders are the stakeholders which are positively or negatively affected by the change in the organizational policies or due to change in the strategies as well and in such situation primary stakeholders or group of stakeholders can be affected negatively and bear a loss or it may compel primary stakeholders to change its policies and strategies as well to save it from the negative effect.

Primary Stakeholders

According to Bennis and Warren, (2007) that sometime when the organizational reduced the prices for their products or services then in such situation the investors may go to bear a loss in the profit but the clients or the customer who are the stakeholders will get benefits so it is clear now that the clients or customers are primary stakeholders.

Key Stakeholders  

According to Gemmill & Judith, (2002) that some stakeholders can be affected by the strategies and policies positively or negatively and it all depends on their own hardworking and their directions to be infected positively or negatively for example the staff members of an organization are called the key stakeholders because the staff members can do their most efforts and can be benefited a lot.

Secondary Stakeholders

Some stakeholders can be affected in both ways like in negative or positive way and these kind of stakeholders are called secondary stakeholders for example when at the ASDA staff members are given training and the ASDA have to pay cost for the trainings and improving skills of such employees and the staff members devote themselves towards organizational growth and put all efforts from their hearts for achieving ASDA objectives.

Internal Stakeholders

The internal people who are directly connected within the organization are called as internal stakeholders and those people who are also the part of business strategies, operations and involved in the decision making system and implementing organizational strategies are called internal stakeholders

Interest of Stakeholders

All the stakeholders have their interest with the organizations but there are some common interests of all kind of stakeholders which are discussed above.

Economic

When the stakeholders benefited economically is called economic interest which includes, wages, pension, medical and life insurance, free of cost trainings, professional courses, professional trainings and short courses

Social changes

According to Hersberger, (2007) that in a multicultural environment in which the thinking power become mature and more chances the stakeholders can achieve to learn different cultural norms and values and in the multicultural environment the stakeholders can enjoy and learn more and more.

Environment

c environment at the work placement because in this way productive attitude increases and the organizational objectives can be achieved easily and all the stakeholders can be benefited economical.

Decision making involvement

To get maximum satisfaction and to become the part of the organization and to be proud of being trusty team member the stakeholders want to be involved in every decision making process it also increase internal satisfaction and stakeholders believe in that they are proud of it when they are involved in decision making process by the high level management.

Health and Safety

The stakeholders have the interest in the health issue at the work placement and all the areas of organization and in all the procedures and operations and working areas because all are conscious about their health and about their families, so organizations must have proper installed all the necessary equipments for safety control (Intagliata, 2002). Now a day people are mostly conscious about their health and safety positions and they want to be insured regarding health and death and safety, while working at the work place if they got injury they need compensations and in case of serious injury they want job protection and holiday with pay.

Stakeholder’s management

According to the Kotter and John, (2003) that there are following steps involved in the procedure of stakeholder’s management effectively and efficiently.

Identification

In the first step the ASDA identify the stakeholders and also identify the category of stakeholder, key stakeholder or primary, internal or external stakeholder and then the organization set the goals and objectives and then identify the stakeholders and then set the influence of role of stakeholders in achieving organizational goals and objectives.

Nomination

After identification of stakeholders the administration at ASDA nominate the stakeholders the different positions in the organization as per their status and wait for approvals and according to the qualification, skills and professionalism and experience the organization nominate positions to play their role in achieving organizational objectives.

Feel

After a certain period as per the stakeholder’s abilities and role in team the administration analyse the stakeholder attitude and behaviour with colleagues and confirm the competencies and as per results present stakeholder’s name in suitable category.

Observation

In this stage the administration observes the stakeholder as per assigned duties performance and monitors his or her activities and interest and productive attitude.

Review

Here after observing the administration changes the stakeholder position and role as per outcomes find out in the observation step.

Manage

According to the Mech and Terrence, (2003) that while stakeholder managing the administration must end the management process with the information about administration expectations to the stakeholders and get the feedback from stakeholder.

References and Bibliography

a.        Books and journals

Bateman, Thomas, S. and Scott, A. (2009). Management: Building a Competitive advantage, 4th ed., Boston: Irwin/McGraw-Hill.

Bennis, and Warren, G. (2007) “Where Have All the Headers Gone?” Technology Review,

79 (4) pp: 45-46

Gemmill, G. and Judith, O. (2002) “Leadership: An Alienating Social Myth?” Human Relations, 45(2) pp: 113-29

Hersberger, R. (2007) “Leadership and Management of Technological Innovation in Academic Libraries” Library Administration & Management, 11(1) pp: 26-29

Intagliata, J. (2002). “Levering Leadership Competencies to Produce Leadership Brand: Creating Distinctiveness by Focusing on Strategy and Results.” Human Resource Planning, 23(6) pp: 13-67

Kotter, and John, P. (2003) A Force for Change: How Leadership Differs from Management, N.Y.: The Free Press, 6th July 2012.

Mech, and Terrence, F. (2003) “The Managerial Decision Styles of Academic Library Directors,” College & Research Libraries 12(7) pp: 375-386

Moore, and Audrey, D. (2004) “Reference Librarianship: It Was the Best of Times” Reference Librarian, 54(7) pp: 3-10

Published by MALI

Writer is post-graduated in Computer science, Business Administration, Marketing and Innovation. He has 10 years of business academic research writing experience.

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