384 - Ranking Your Stakeholders
Episode Title: Ranking Your Stakeholders
Who are the main stakeholders for a business and how should they be ranked? I’ll share my perspective, next on The Perna Syndicate.
Ep 384 show:
Hello and welcome—this is The Perna Syndicate! With the record talent shortage plaguing the business community, it’s clear that something needs to change. And it starts with a company’s priorities.
To reduce turnover and attract new talent, Dr. Travis (whom I’ve quoted before) believes that employers must value employees above all other stakeholder groups. It makes sense: highly supported employees result in higher productivity and client satisfaction.
The second priority should be clients. Naturally, greater client satisfaction results in greater sales and market share, attracting new clients.
The third priority would be those new clients. Obviously, an expanding client base results in increased revenues for owners. And those owners should come in as fourth on the priority list.
When business leaders prioritize any of these stakeholder groups out of order, a lack of trust ensues. Employees are the lifeblood of the company—and never more so than today, when good workers are so hard to find (and keep).
As I said yesterday, protecting employees from overwork and burnout, even at the cost of customer convenience in the short term, will actually benefit customers in the long run, and by extension the entire business. It all works together.
Someday, the pandemic will pass—but employees will remember how they were treated during it. Invest in the future now by ranking your stakeholders wisely.
Next up, how do you assess how the organization is currently prioritizing its stakeholder groups? We’ll talk about it tomorrow on The Perna Syndicate. See you then!