NickTartaJanuary29, 2018StrategicManagement 495-04SupplementalAssignment: Stakeholder Management at RCNJ Introduction Every organization that exists hasan effect on the people surrounded by it. The different groups of people that are affected by the actions of anorganization are called stakeholders. Thegoal of an organization is to please all of their stakeholders.
The difficulty comes in balancing itsstakeholders to avoid treating one significantly better than another. There are two strategies that can be used tomanage stakeholders. Zero sum is when one stakeholder benefits a differentstakeholder suffers from that action.
The other way managers look atstakeholder management is symbiosis. Symbiosis is the idea that a decision by the organization can benefitstakeholders equally. Social responsibilityis a concept that business feel they are obligated to progress the wellbeing ofthe community they operate in. Ramapo College demonstrates zero sum andsymbiosis strategies with its stakeholders while following a triple bottom linepractice. Various Stakeholder Groups Themost prevalent stakeholders of Ramapo College are students and professors. Students’ education is affected by thedecisions the college makes.
Forexample, the majors, courses and professors that the school provides impactsthe quality of education the students receive. For students that live on campus, the security, food services andhousing quality serve a great impact to the students. Professors are essential in the operation ofRamapo College.
Professors are impactedby decisions such as salary, work atmosphere, health care benefits and studentenrollment. These two stakeholders arethe main focus of Ramapo College’s stakeholder management. Other stakeholders includestaff/faculty, New Jersey government, the Board of Trustees and the Mahwahcommunity. Staff and faculty includepublic safety, maintenance workers and food services. This stakeholder group is exposed toregulatory changes within the college. For example, due to the increase in sexual assaults on campus RamapoCollege implemented a more strict alcohol policy. This requires public safety to increaseawareness on alcohol consumption. RamapoCollege is a New Jersey state school therefore they run the college.
For example, the Board of Trustees is appointedby the governor of New Jersey. The NewJersey government also funds the institution. The Board of Trustees is in charge of the direct operation of thecollege.
Ramapo College is located inthe town of Mahwah therefore the residents and business surrounding the collegeare affected by its operation. Residentscould be affected by increased traffic where business could benefit fromthis. Professors, faculty and staff wouldfall under the category of employees in regards to the college. Students relate to customers because they arepurchasing the service of higher education. The New Jersey government and the Mahwah community represent governmentand communities respectively in regards to stakeholder groups. Zero Sum and Symbiotic The nature of a state collegeprovides Ramapo with the use of both stakeholder strategies.
Ramapo operates under a zero sum strategy in relationto tuition and professor salaries. Thehigher the cost of providing education will increase the tuition students willpay to attend the college. This is a zerosum strategy because the students’ tuition and the professor salaries have aninverse relationship. Therefore, if onestakeholder benefits the opposite stakeholder suffers. Ramapo College can demonstrate symbiotic stakeholderstrategy which affects multiple stakeholders without any recourse on anothergroup of stakeholders. For instance, theaddition of the Adler Center in the past few years aided bother students andprofessors. Both stakeholder groups are bolstered becauseprofessors now have more advanced classrooms which in turn will raise thequality of education for the students.
Social Responsibility In regards to social responsibilitythe gold standard is the triple bottom line approach. The triple bottom linetakes financial, social and environmental practices into account. Therefore, an organization must do its bestto operate respectfully in those three facets of business.
Ramapo College is involved in all three categoriesto benefit their stakeholders and beyond. Financially, Ramapo College is a relatively inexpensive college being itis a 4 year state school. This greatlybenefits families in the area to send a student here. In state tuition offers a lower price tostudents that reside in New Jersey. Ramapoalso takes initiative to be honorable in the social community. For instance, in remembrance of the 9/11tragedy American flags were planted in the ground throughout the center ofcampus. The last part of the triple bottomline deals with the environment. RamapoCollege is currently in the process of installing solar panels over top of theirmain parking lots.
This upgraded willallow the college to use the solar power to decrease the electricity burden. The project is extremely beneficial for the environmentas it will reduce the schools amount of power plant electricity needed tooperate the school. Conclusion Overall, Ramapo College demonstratesseveral stakeholders, different stakeholder strategies and high quality social responsibility. The high level stakeholders include thestudents and the professors. These twogroups are essential to the success and wellbeing of Ramapo College.
Zero sum and symbiotic management strategiesboth take place depending on the event or action that occurs. The triple bottom line approach ensures thatRamapo College is effectively and efficiently treating their surroundings.