What is a “Stakeholder”?
One term commonly thrown around in business circles is “stakeholder”. According to businessdictionary.com, a stakeholder is a
Person, group, or organization that has direct or indirect stake in an organization because it can affect or be affected by the organization’s actions, objectives, and policies. Key stakeholders in a business organization include creditors, customers, directors, employees, government (and its agencies), owners (shareholders), suppliers, unions, and the community from which the business draws its resources.
So the term “stakeholder” can be applied to a wide range of entities from individuals (customers, employees, shareholders) to defined groups (suppliers, unions). This definition focuses on the stakeholders of an organization, but the term can be applied to projects and initiatives as well. It does not have to be an organization-wide distinction. For instance, a workplace “Stop Smoking” campaign could have stakeholders. A new technology implementation could have stakeholders.
Identifying and coordinating the needs and concerns of stakeholders is a primary goal of many management categories. Project managers, human resource managers, and general middle managers all must work with and for multiple stakeholders.
