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Social Performance

In: Business and Management

Submitted By berrdc
Words 1917
Pages 8
The company I chose is Third Federal Bank. Third Federal Bank is a medium size public corporation specializing in the banking needs for a wide range of customers. The company provides services that fit the needs of all business groups. Third Federal Bank has approximately 2,000 employees and has annual revenue of $330 million with share price at $24.50 per share. The company is committed becoming the market leader providing the best innovative banking products and services while offering quality service to its customers. Third Federal bank is dedicated to doing its part in being a good corporate citizen and has established its goal to set up a foundation that directly funds health-related needs for individual children when insurance and other financial resources have been exhausted.
The primary stakeholders of this company includes the stockholders, creditors, customers, suppliers and employees, they provide a unique transaction or two way exchange. The relationship between the company and the stockholders is that the stockholder invests in the firm and the firm pays a satisfactory return on investments and realizes an appreciation in stock overtime. The role of the stockholder is to exercise voting rights based on share ownership and to exercise their rights to inspect the company books and records, they have the power to have a negative or positive influence on the company, it is in their best interest to help the company achieve its goals since in the success of the company benefits them as well (Lawrence and Weber, 2011).
The relationship between the company and the creditors is that the creditors lend money to the company for working capital and collect payments of interest and principal from the company. The role of the creditors is to assist the company financially to achieve its goals. The company’s creditors can have a negative influence on the company if it were to call in loans if payments are not made as arranged and utilized their legal authority to repossess or take over property in a severe delinquency situation (Lawrence and Weber, 2011).
The relationship between the company and its suppliers is that they provide the supplies for example the service, energy, equipment, stationery and other supplies that are necessary for conducting business, the company makes orders to the suppliers who demands are paid promptly for their services. The suppliers can play a negative role in the success of the company if the suppliers would refuse to meet orders if conditions of contract are unsatisfactory and deciding to supply to competitors instead of the company leaving the company unable to meet the needs of its customers (Lawrence and Weber, 2011).
The relationship between the company and its customers is very important, the company provides customers with a fair exchange of value and quality from money spent and receives reliable products from this exchange. The role of the customer is to be willing to buy the company’s goods and services, if customers purchase goods from the competitors or were to boycott the company’s products this would have a negative impact for the business (Lawrence and Weber, 2011).
The employees have a very important relationship to the organization has employees contribute their skills and knowledge in exchange for wages, benefits and professional development while the company helps them to maintain a stable employment and rewards them with a fair pay for their work. Employees play a positive role in servicing the customers on behalf of the company; employees may have a negative impact on the company by taking work actions or strikes in protest of the company decisions. Employees as a group have union bargaining power and possess information about the company’s personnel, products and services that they could bring to the public attention that could have negative impact on the company.
The secondary stakeholders on the other hand, although they do not engage in direct economic exchange with the firm are nonetheless affected by or can affect the company’s actions. This group includes the communities, nongovernmental organizations, the media, business support groups, governments and the general public. The community may play a role of working together with the company to achieve both the goals of the company and the community or my work against the company by blocking its plans through lobbying for government regulations, or restricting licenses and permits (Lawrence and Weber, 2011).
The non-governmental organizations include those dedicated to environmental interest; their relationship to the company is that they monitor the company actions and policies to ensure that they conform to both legal and ethical standards with public safety as a top priority. The role of these nongovernmental organizations involves getting a broad public support on issues and lobbying government for regulations in protection of the public and against the company if it believes the public to be at risk (Lawrence and Weber, 2011).
The relationship between the media and the company is important because the media has the ability to assist in creating a positive or negative image of the company. The media can play a role in publicizing events that affect the public negatively or positively (Lawrence and Weber, 2011).
Business support groups are important to the company in establishing good relationships so that the company may benefit from research information that can help the company to be more effective in a changing environment. The business support groups can assist in providing legal and political support to the company beyond its normal capabilities (Lawrence and Weber, 2011).
Although the company pays taxes and fees to the government it is not directly involved in the economic transactions of the company hence the classification is as a secondary stakeholder. Government plays the role of adopting laws and regulations, issuing licenses and permits with the power to allow or disallow activities within the industry that would affect the company (Lawrence and Weber, 2011).
The general public represents another secondary stakeholder which is a part of the environment in which the company operates. The role the general public plays is to press government for action on matters that concerns the general public and seeks to condemn or praise a company through support by activists (Lawrence and Weber, 2011).
The stockholder has a very powerful position as a primary stakeholder in the company and can use its power as an owner of the company to offer suggestions to the direction the company should take on matters that support the stockholders interest. They expect the company to produce as much value as possible for its owners and investors by paying higher dividends regularly and by running the company in a way to increase the stock value. Stockholders have an opportunity to vote on major decisions such as mergers and acquisition, the composition of board of director and issues that arise before the annual meeting. The stockholders can exercise their voting power in getting the company to operate in the way they feel would best achieve their interest.
The customers, suppliers, creditors and the employees as primary stakeholders in the company can influence the direction of the company by exercising economic power over the company. Since the main interest of customers to get a fair value and quality in exchange for the purchase price of goods and services then the company must listen to what their customer’s needs and make an effort to supply these needs.
The suppliers wish to receive compensation for the products and services they provide. The suppliers can influence the direction of the company by providing the products and services that the company requires in a timely manner or they could hold supplies or refuse to fill orders if they feel that the company refuses to honor its contractual responsibilities.
The creditors have the ability to provide the financial support the company needs, like long-term financing and to structure loan facilities in keeping with the company’s cash flow needs in order to help the company achieve its financial goals. Creditors can influence the direction of the company by making funds available at reasonable interest rate or by calling in loans when payments are not made rather than working with the company to structure payments in keeping with cash flow. The creditor can exercise economic power over the company that can have an adverse effect on the economic side of the business (Wilson, 2011).
Employees can also use economic power over the company by refusing to work under certain conditions a form of economic power known as strike or slowdown, and operating in an organized group such as a union. Employees can chose to make a positive contribution to the success of the company by offering their skills and knowledge in exchange for wages, benefits to assist in the growth and professional development of themselves and the company (Wilson, 2011).
The government, although a secondary stakeholder, can use its political power, through legislation or lawsuits to influence the direction of the company. The community activist and nongovernmental organizations may exercise political power by organizing themselves in protest if they believe that the company is not employing members of the community or if they think the company poses a threat to the environment. In the event that the community feels that the company is not doing its part in the development of the local area, then if could use its influence to get the government to use laws and regulations against the company (Wilson, 2011).
According to US Department of Housing and Urban Development (n.d.) a coalition is an alliance of individuals and organizations, sometimes referred to as an “organization of organizations,” that come together to address a specific problem or issue and reach a common goal(s). Goals that focus on system-wide changes and collaborations and require a variety of expertise are particularly well suited for coalitions. This project will benefit the different stakeholders of the company and is a project that can involve all the stakeholders of the company.
The success of a coalition depends on achieving goals and objective that its individual stakeholder organizations would benefit from but would not be able to achieve on their own. When businesses invest time, money and effort in citizenship activities they often reap rewards in the form of enhanced reputation and legitimacy. To encourage the stockholders to participate in the formation of the coalition would be to show them how by the company being involved in this venture would be a way to proactively build stakeholders partnership, provide an opportunity to discover business opportunities and turning vision into financial performance (Lawrence and Weber, 2011).
The government has strong political power and through partnership with the company can strengthen its political position within the community. Government does have a responsibility to serve the needs of its citizens. Government by itself cannot address all the financial needs of individual regarding healthcare and through the establishment of partnership with the company would be able to assist in the alleviation of some of these problems.
In some cases, it is possible that competition may develop between groups. Coalition stakeholders may feel that the cost of participation is greater than the benefits it provides. If a coalition demands significant amount of time from stakeholders and does not seem to provide comparable benefits, a coalition will quickly begin to lose its stakeholders.

References

Lawrence, A. T., & Weber, J. (2011). Business & society: Stakeholders, ethics, public policy (13th Ed.). New York, NY: McGraw-Hill Irwin.

US Department of Housing and Urban Development. (n.d.). Building Effective Coalitions. http://www.hudhre.info/documents/BuildingEffectiveCoalitions.pdf

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