Steel Authority of India Ltd. - a Stakeholders Management Perspective

Abstract

In the recent times, details regarding the various theoretical aspects, principles and propositions of the Stakeholder Approach to Management hove been developed. However, based on the literature review undertaken by the authors, there is an apparent dearth of frameworks for the purpose of integrating stakeholders into the managerial mindset of the corporations. This is because only when the needs of all the organisational stakeholders are integrated into the managerial decision making of the corporation will values and ethics truly flourish in any business. The recent scams and scandals in the corporate world have been attributed to the major flaw of over emphasizing the importance of the shareholders and neglecting the other stakeholders of the organisation. Such a pursuit of short-term gains has caused the downfall of many top multinational organisations across the globe. The present study attempts development of a framework for Corporate Stakeholders Management by identifying the stakeholders of the corporation, enumerating their needs and translating them into objectives. Since all the objectives may not be as much demanding, the relative position for the fulfilment of these objectives has also been attempted, through the use of Unified Programme Planning, Value System Design and Interpretative Structural Model tools of Social Systems Engineering. Utilising the Case Study Approach, based on secondary data sources of the public sector steel giant Steel Authority of India Ltd. (SAIL), the above framework has been demonstrated.