ADM 1301 Lecture Notes - Lecture 3: Social Capital, Voluntary Sector, Corporate Social Responsibility

• School: University of Ottawa
• Department: Administration
• Course: ADM 1301
• Professor: Pouya Safi

Document Summary

Stakeholder engagement: efforts by a corporation to understand and involve relevant individuals, groups, or organizations by considering their moral concerns in strategic and operational initiatives. Integral aspect of corporate social responsibility or corporate sustainability. Involves creating value for all stakeholders and an honest, open, and respectful engagement of stakeholders vital to corporate strategy. Understanding stakeholder collaboration: framework for organizations to develop collaborative stakeholder relationships, creating a foundation, organizational alignment, strategy development, trust building. Old and new approaches to stakeholder relations: stakeholder management (old, fragmented among various departments, focus on managing relationships, emphasis on buffering the organization, linked to short-term business goals. Idiosyncratic implementation dependent on division interests and personal style of manager: stakeholder collaboration (new) Integrated management approach: focus on building relationships, emphasis on creating opportunities and mutual benefits, linked to long-term business goals, coherent approach driven by business goals, mission, values and corporate strategies.