Stakeholders’ Unification Model: A Neo Stakeholder Management Approach

While stakeholder theory has gained significant traction in the business world over the years, there is a growing recognition that the traditional model may need to be improved to address the complexities of modern business environments. In today’s globalized and interconnected world, stakeholders often have diverse and sometimes conflicting interests. Managing these complex interactions requires a more nuanced approach that goes beyond the traditional stakeholder model. More so, the rapid pace of technological advancements has transformed how businesses interact with stakeholders. Social media and digital platforms have given stakeholders more power and influence, necessitating a reevaluation of how companies engage with them. Furthermore, while stakeholder theory emphasizes creating value for all stakeholders, there is a need for a more robust framework that focuses on long-term value creation rather than short-term gains. This requires a shift towards sustainable business practices that benefit all stakeholders in the long run.