Assignment: Stakeholder Management at RCNJ
Every organization that exists has
an effect on the people surrounded by it.
The different groups of people that are affected by the actions of an
organization are called stakeholders. The
goal of an organization is to please all of their stakeholders. The difficulty comes in balancing its
stakeholders to avoid treating one significantly better than another. There are two strategies that can be used to
manage stakeholders. Zero sum is when one stakeholder benefits a different
stakeholder suffers from that action. The other way managers look at
stakeholder management is symbiosis.
Symbiosis is the idea that a decision by the organization can benefit
stakeholders equally. Social responsibility
is a concept that business feel they are obligated to progress the wellbeing of
the community they operate in. Ramapo College demonstrates zero sum and
symbiosis strategies with its stakeholders while following a triple bottom line
Various Stakeholder Groups
most prevalent stakeholders of Ramapo College are students and professors. Students’ education is affected by the
decisions the college makes. For
example, the majors, courses and professors that the school provides impacts
the quality of education the students receive.
For students that live on campus, the security, food services and
housing quality serve a great impact to the students. Professors are essential in the operation of
Ramapo College. Professors are impacted
by decisions such as salary, work atmosphere, health care benefits and student
enrollment. These two stakeholders are
the main focus of Ramapo College’s stakeholder management.
Other stakeholders include
staff/faculty, New Jersey government, the Board of Trustees and the Mahwah
community. Staff and faculty include
public safety, maintenance workers and food services. This stakeholder group is exposed to
regulatory changes within the college.
For example, due to the increase in sexual assaults on campus Ramapo
College implemented a more strict alcohol policy. This requires public safety to increase
awareness on alcohol consumption. Ramapo
College is a New Jersey state school therefore they run the college. For example, the Board of Trustees is appointed
by the governor of New Jersey. The New
Jersey government also funds the institution.
The Board of Trustees is in charge of the direct operation of the
college. Ramapo College is located in
the town of Mahwah therefore the residents and business surrounding the college
are affected by its operation. Residents
could be affected by increased traffic where business could benefit from
Professors, faculty and staff would
fall under the category of employees in regards to the college. Students relate to customers because they are
purchasing the service of higher education.
The New Jersey government and the Mahwah community represent government
and communities respectively in regards to stakeholder groups.
Zero Sum and Symbiotic
The nature of a state college
provides Ramapo with the use of both stakeholder strategies. Ramapo operates under a zero sum strategy in relation
to tuition and professor salaries. The
higher the cost of providing education will increase the tuition students will
pay to attend the college. This is a zero
sum strategy because the students’ tuition and the professor salaries have an
inverse relationship. Therefore, if one
stakeholder benefits the opposite stakeholder suffers.
Ramapo College can demonstrate symbiotic stakeholder
strategy which affects multiple stakeholders without any recourse on another
group of stakeholders. For instance, the
addition of the Adler Center in the past few years aided bother students and
professors. Both stakeholder groups are bolstered because
professors now have more advanced classrooms which in turn will raise the
quality of education for the students.
In regards to social responsibility
the gold standard is the triple bottom line approach. The triple bottom line
takes financial, social and environmental practices into account. Therefore, an organization must do its best
to operate respectfully in those three facets of business. Ramapo College is involved in all three categories
to benefit their stakeholders and beyond.
Financially, Ramapo College is a relatively inexpensive college being it
is a 4 year state school. This greatly
benefits families in the area to send a student here. In state tuition offers a lower price to
students that reside in New Jersey. Ramapo
also takes initiative to be honorable in the social community. For instance, in remembrance of the 9/11
tragedy American flags were planted in the ground throughout the center of
campus. The last part of the triple bottom
line deals with the environment. Ramapo
College is currently in the process of installing solar panels over top of their
main parking lots. This upgraded will
allow the college to use the solar power to decrease the electricity burden. The project is extremely beneficial for the environment
as it will reduce the schools amount of power plant electricity needed to
operate the school.
Overall, Ramapo College demonstrates
several stakeholders, different stakeholder strategies and high quality social responsibility. The high level stakeholders include the
students and the professors. These two
groups are essential to the success and wellbeing of Ramapo College. Zero sum and symbiotic management strategies
both take place depending on the event or action that occurs. The triple bottom line approach ensures that
Ramapo College is effectively and efficiently treating their surroundings.