Focusing on all stakeholders is critical for the success of any business. The Shareholder Capitalism focused model of Milton Friedman is more and more giving way to the notion of Stakeholder Capitalism principles. Understanding what this entails and how we need to (positively) influence all stakeholders, is key to our success as leaders.
The stakeholder concept goes a long way back in the 1950s and 1960s, when the notion of a company to consider not just shareholders, but everyone who as a “stake” in the success of a firm, came to the forefront. The principle of stakeholder capitalism requires business leaders to define their mission as creating long-term value not only for shareholders but also for customers, suppliers, employees, communities, and others.
In this masterclass, we will discuss the Stakeholder Capitalism framework, learn its 5 core principles and the 5 major ways to put these principles into practice. We will also look at the Stakeholder Circle methodology, a framework that allows us to create and sustain a plan for effectively managing all stakeholders.