The term stakeholder has been defined differently across the globe. It can be described as an individual who has an interest in the success of a business or an enterprise. In addition, it refers to someone who can impact on or is affected by a company or a given project. The term has been described as a person within or outside an organization and is affected by the outcome of what happens in the organization. Moreover, stakeholder can also refer to persons or a group of people who can quickly jeopardize an organization's probability, sustainability, and survival. They may include the customers, the staff, and the even the government.
Key Stakeholders in Historic Royal Palaces
An organization's stakeholders include the lenders, the owners, the organization's customers, and the employees. The management of the organization forms an integral part of the stakeholders in the Historic Royal Palace. It is essential to incorporate competitors as team members of the Historic Royale Palace. This is because they are always affected by the outcome of the company and scrutinizes the challenges facing the organization. The community forms an integral part of the company. The day-to-day activities of the day should include members of the community to promote cooperation and acceptance of services provided. The community also provides resources to the Historic Royal Palace, a significant contribution and partnership with the Palace. Additionally, the suppliers and the Trade unions contribute significantly in the organization’s activities. The suppliers provide the company with products and services. As a result, they directly influence the day-to-day running of the organization. The above-mentioned stakeholders are classified differently depending on the extent to which they are affected by the actions of the Palace. These categories include primary and secondary stakeholders. The primary stakeholders are individuals or groups who are affected by the actions of the company directly. On the other hand, secondary are affected indirectly by the activities of the organization.
Another category of stakeholders is the key stakeholder who refers to individuals who are most likely to bring a remarkable power to bear on the organization's actions. Important key stakeholders in the Historic Royal Palaces include the directors, the Queen, the Chairman, the Charity Agency's employees and the government of the United Kingdom ; they form an integral part of the organization and play most managerial roles (Mallin 2016). The government of the United Kingdom makes its pivotal contribution either financially or otherwise to the organization through their creditors and the government agencies The directors who include the Chief Executive, the retail and Catering Director, The Palaces Group Director, The Finance Director, The Tower Group Director, Human Resource Director, Public Engagement Director, Communications and Development Director, and The Palaces and Collections Director play essential managerial roles in the charity company.
Interests of Stakeholders in an Issue
Organizations and social institutions are accountable for the outcome of their verdicts and actions on society and natural environment. The Royal Palaces are social institutions entrusted with the responsibility of passing British culture from one generation to another. The interest of various stakeholders in different issues in these Palaces determines the success the Royal administration. According to the stakeholder aspect of stakeholder’s theory, the success of the Royal palaces largely depends on public perception of the institution and the nature of the Royal family (Hawrysz Maj 2017). Stakeholders such as the British community, her majesty the queen, and the prime minister plays important role in the company. Based on stakeholder’s theory, the British people may raise ethical concerns about the management of the Royal Palaces which may reduce public trust in the institution.
The treatment to the communities in places where the Royal Palaces are located is an important issue. The local people may be highly interested in how they stand to benefit from the presence of the Palace in their community. In this respect, proper handling of the community creates a favorable environment for administration and development. The future generation is another group of stakeholders that will form part of the management team in the Palaces. They will get to know how the symbols or authority and the role of the queen have been maintained without eroding any cultural practice. The queen may be primarily interested in the commitment of various palaces to her mission and charity duties. The corporate social responsibility of the Royal Palaces is to add value to the English communities. The British government may have high interest in how the Palaces use public resources. Besides, the prime minister may focus on the management of succession planning for the next queen.
Consequences of Stakeholder Power
The management of the palaces cannot focus on serving the queen without considering the views of various stakeholders. Environmental degradation may invoke the power of local communities to resist the activities of a palace in their locality. They may use physical power to stage mass action against the administration of the palace as a way of expressing their disgruntlement with environmental degradation by the palace authorities. As the main custodian of the palaces’ responsibilities, the queen may dismiss palace directors who fail to accomplish the mission to the local communities by using her personal power (Wetherley and Otter 2014). Besides, employees of the palaces may down their tools in protest to unfair harassment by the royal family as Freeman described in the stakeholder expertise source of power.
Additionally, it is evident in the stakeholder theory that stakeholders have the resource power to influence the activities of the Royal palaces. The public are entitled to both financial and non-financial disclosures by the royal Palaces. The government through the office of public audit may take legal action against the administrators of palaces where embezzlement of public resources is rampant. It is important to note that the queen may be oblivious of the misuse of the resources that occurs in different palaces.
Viewpoints of Significant Stakeholders
The significant stakeholders' viewpoints are all directed towards the sustainability of the Palaces. For instance, the chairman Mr. Rupert Gavin views The Historic Royal Palaces as the only place that can offer the whole world a chance to understand their meaning by exploring the story of how the royals and people across the world have shaped the society in some of the best palaces ever established. Again, he views it as one of the most successful palaces in the world as the palace play an ever-increasing role in the rich fabric of the UK government and the world at large (Buchanan and Huczniski 2017). Apart from the chairman's perspective on the Historic Royal Palaces, the Chief Executive Mr. John Barnes is certain that the Historic Royal Places offers some of the best products and services to the UK government and the world at large. He is also sure that the Historic Royal Palaces is a palace that every individual in the world can never think twice about believing and trusting in.
Besides, the Trustees also views The Historic Royal Palaces as one of the most sustainable organizations in the world. This is because the palaces improve its sustainability through well designed and calculated strategic objectives. The Queen, the employees, and the UK Government are also confident that the Palaces offer some of the best services that no any other palace can offer.
In brief, the stakeholders play a significant role in the success of the Historic Royal Palaces. In particular, the key stakeholders have a direct and significant impact on the palace. Besides, they can exercise their powers to bring a remarkable change on the actions of the Historic Royal Places. They ensure that the palaces' influence is felt across the world through their commitment to the activities within the palaces.
Reference
Buchanan " Huczniski, 2017. Organisational Behaviour. FT Prentice Hall
Hawrysz, L. and Maj, J., 2017. Identification of Stakeholders of Public Interest Organisations. Sustainability, 9(9), p.1609.
HRP, 2017. Historic Royal Palaces. [Online] Available at: www.hrp.org.uk [Accessed 6 March 2018].
Mallin, C., 2016. Corporate Governance. Oxford: Oxford University Press
Wetherley " Otter., 2014. The Business Environment. Themes and issues in a globalizing world. Oxford: Oxford University Press
