Glossary 1. Entropy: - A measure of order in a business. Measures factors like leakage of information when passed down a chain of command. “The more entropy the system has, the more uncertain the system is” (Jing 2012) 2. Redundancy: - Overlapping, duplicate or otherwise wasteful practices or ideas. 3. Motion: - The procedure or tasks performed by an employee to create products. 4. Stakeholder: - A party who stands to gain or lose due to business activity. (Freeman & Edward 2010. p.25) 5. Conglomerate: - ”A firm composed of several unrelated businesses” (Davis, Diekmann & Tinsley 1994) 6. Self-evaluation: - Allowing the employee to evaluate their own efficiency and identify factors affecting them 7. Red-tape: - An informal phrase used to refer to redundant procedures or channels of communication 8. Job-enrichment: - To make a job ‘meaningful’ for the employee by ensuring they feel responsible for their job and get to see the results directly. (Thomas 2009, p.60) 9. Job-enlargement: - “The process of allowing individual workers to determine their own pace, to serve as their own inspectors “(Hulin & Blood 1968) 10. Sciences: - “Classifying, tabulating and reducing knowledge to rules, laws, and formulae” (Taylor 1967, p.17) creates a ‘science’ particular to that field of knowledge 11. Worker attrition: - Rate of workers retiring from and leaving a firm. 12. Synergy: - “The ability of two or more units to generate greater value working together than they could working
Stakeholder – person, group or organization that has interest or concern in an organization (businessdictionary)
Firstly Stakeholder is an individual or a group who has an interest in the success of a business I delivering high results and maintaining the viability of the business’s products and services.There are internal and external
A stakeholder is anyone with an interest in a business. Stakeholders are individuals, groups or organisations that are affected by the activity of the business. There are two different types of stakeholders; internal and external. Internal stakeholders are groups within the business e.g owner/workers and employees. External stakeholders are local and national communities and governments, these are groups outside of the business.
A corporate stakeholder is a person or group that can affect or affected by the actions of business (Boundless, n.d.). There are two broad groups of stakeholder, internal stakeholders and external stakeholders. Internal stakeholders are parties who directly involved in the activities of the firm such as owners, managers and workers. External stakeholders are people outside of the business for example are customers, suppliers, creditors, government and the society. (BBC, n.d.) (Boundless, n.d.). Further more, different stakeholder has its own interest in the business, employees want their wage to increase, manager or owners want to maximize the business’s profit, the society wants products that help to develop the community and consumers want products that meet their demand. Through an overview, all the stakeholders have diverse impacts on the company and it depends on the approach of the
Herzberg and his companions’ intention was to increase employees’ satisfaction at workplace in relation to work assigned to them and also to motivate employees regarding their assigned work. Job enrichment was presented by the American psychologist Frederick Herzberg in 1950s. The basic reason of this idea was to motivate employees by providing those opportunities of utilizing their abilities so that productivity and performance of the employees increase and positively impact the organizational environment and smoothing the way for achieving organizational goals. Job enrichment increases job depth, the degree to which employees can plan and control the work involved in their jobs (Eraut 2004; Kayes, Kayes et al. 2005).
It is important to allow for the coexistence of universals and particulars. Science depends on an appreciation for particulars, but it also strives for broad
In a business context, customers, investors and shareholders, employees, suppliers, government agencies, communities, and many others who have a ‘stake’ or claim in some aspect of a company’s product, operations, markets, industry, and outcome are known as stakeholders (p. 30).
A stakeholder is an individual or group that is affected by the actions of a business. Being a stakeholder can happen by choosing such as, becoming an employee of a business, or by chance such as, living in the same municipal as another business that has an impact on the community. In general, a person or business has a stake in something because of interest, right or ownership of it. As the Fox School of Business must have hundreds of stakeholders, the following is a general list of major stakeholders.
A stakeholder is someone who is interested in a company or business, e.g. Tesco; they can either be an internal or external customer to the business. They may also be affected in a situation that happens to the company because they them selves may of given and invested money into the company or may just be interested in it and use it quite often. They can either have direct or indirect control of the business, internal usually being direct while external being indirect control of the business. Key stakeholders are those who draw in resources such as money
The word “stakeholder” has been frequently used to refer to a person or organization which has close financial relationship with company or enterprise, since 1990s. Stakeholder could include its owners, staff, shareholders who are internal stakeholder, and external stakeholder, for example, community, the government, and competitors. In this essay, “stakeholder” will include not everyone to whom it may have a payoff (Bourne, 2007).
According to Edward Freeman, stakeholders are anyone that has a stake or claim on the firm, including suppliers, customers, employees, stockholders, the local community, and management. Every corporation has stakeholders, and they are the individuals or groups of people who are benefited or harmed as a result of the operations of a company. Stakeholders are also crucial for the survival and success of a firm. In addition, a corporations competitors can also be viewed as a stakeholder, because they may have a potential claim on the firm. A corporations competitors are only considered stakeholders in the wide definition of a stakeholder in Freeman’s theory, while all the other stakeholders are included in the narrow definition (2014, pp. 263-267).
Job enrichment is a management concept that involves redesigning jobs so that they are more challenging to the employee and have less repetitive work.
According to Smith (2003) and Schmidt (2012), stakeholders are anyone who contributes and is affected by the business capacity and activities, such as shareholders, customer, employees, suppliers, and local communities (p. 86). Morgan Stanley’s sales contest is an example
Now to define synergy, it means "two heads are better than one." Synergize is the habit of creative cooperation. It is teamwork, open-mindedness, and the adventure of finding new solutions to old problems. Because when people begin to interact together genuinely, and they're open to each other's influence, they begin to gain new insight. The capability of inventing new approaches is increased exponentially because of differences. And valuing differences is what really drives synergy, such as the mental, emotional, and psychological differences. These differences should be seen as strengths, not weaknesses.
Within a company, a stakeholder is a person who has a specific interest in a project or ventures that exist within. Typically, the primary stakeholder of a major corporation is the employers, customers, suppliers, and even investors (2012 Report on Sustainable and Responsible Investing Trends in the United States, 2012). However, with a more modern and contemporary premise the more conservative idea to embrace other stakeholders to include people from the community, representatives of the government, as well as representatives from trade associations. The basic premise of a stakeholder from a corporation is to further enhance the value of the shareholder and to ultimately maximize its profits.