5.10 Effect of change on stakeholders
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt Play1/9
There's no tags or description
Looks like no tags are added yet.
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai | Chat |
|---|
No analytics yet
Send a link to your students to track their progress
10 Terms
Stakeholders
Owners
Managers
Employees
Customers
Suppliers
General community
Important to note
Effect can be classified as positive and negative or something that happens which a stakeholder has to react to
Owners
in charge of overseeing and determining strategic decisions, heavily involved in day to day operations
Effects business change on owners include
Positives
Increased return on investment if change helps with financial performance
owners being accredited for success
Negatives
Can increase workload due to policies being writte/rewritten
More pressure if change doesnt work out
Managers
Responsibility for implementing strategic direction of business
Effects business change on managers include
Positives
make jobs easier if employees are motivated
rewarded with financial bonuses or promotions if change is successful
Negatives
More workload
more pressure
Employees
Members of business that carry out day to day tasks of business
Effect that business change can have on employees
Positives
higher level of motivation and job satisfaction if change involves improvements to working conditions
Employees becoming more effective and efficient
Negatives
causes disgruntlement with employees who as a result, are required to complete work in different mannerlose jobs, if change involves replacing human labour with technology
Customers
Individuals who purchase a business good or service