Stakeholder is an individual or a group which is affected by the actions of a company. Following are the key stakeholders that I would communicate with:
- Shareholders
- Government
- Trade Unions
- Customers
- Creditors
- Local community
A company need to communicate with the shareholders because they are the actual owners of the company. They are primarily concerned with the financial condition of the firm. So its best to send them a copy of the annual report every year.
The Government is another key stakeholder. Government is mostly contacted when there is a need for it. Usually when there is a legal matter. So communication is mostly done through letters or faxes.
Trade Unions are part of the organization as such. They must be contacted face to face so that policies can be made clear to them.
Creditors must also be contacted in an official manner such as letters and faxes and even emails.
The local community can be contacted only for general promotion of the company. Advertising through newspapers, television and radio is the best method for it.
