Key stakeholders include groups that may have significant impacts on the way that a corporation conducts its business. Over the last fifty years, the range of key stakeholders for most corporations has been expanding. Consumer, interest and community groups have taken advantage of growing political power and have become more effective at long term communications to create reputations for their interests.

With the expansion of influence of key stakeholders has come the need to identify their current and potential future effects on the operations of the organisation.

For example, in the past decade a number of industries have been affected by the declining ability to use youth workers (15 – 17) and changes to industrial relations and occupational health environments.

Corporate responsibility expectations are changing as a result of the influence of key stakeholders, with the consequence of potentially limiting the ability of shareholders and managers to operate in their preferred environment.

There are examples in the food service industry, where the use of trans fat in catering operations is already legislatively banned or limited in some states in the USA and Australia. In the UK, Fair Trade products, environmentally friendly operations and food miles, the tracking of carbon footprints caused by the travel food undertakes to reach its destination, have become relevant considerations.

Europe, in particular, has embraced strict environmental requirements. While many organisations have seen these moves as impositions and costs, others have seen them as opportunities to create competitive advantages, and even create new “green” markets.

Other organisations are being strongly influenced by their employees, particularly in relation to humanitarian causes and movements. Again, some corporations are using this to advantage to create new markets, such as “pink economy” and African infrastructure projects, and to improve productivity through improved relationships with the workforce. Others believe that these sidelines reduce focus on business objectives and create costs that return little value.

In the meantime, the more traditional key stakeholders, shareholders, clients, customers, suppliers and staff, are asking for more involvement in organisational operations.

Is it any wonder that so many corporations around the world are experiencing corporate growing pains?

How are you dealing with identifying your growing range of key stakeholders and their potential to change the way you do business?