Abstract
In recent time, details regarding various theoretical aspects of the Stakeholders approach to business have been developed. However, there is a lack of availability of a framework for the purpose of integrating stakeholders into the managerial mindset and decision-making process of the corporations. This has been further verified by the authors with the help of empirical data gathered through a survey, supported by responses from 700 managers across India. This paper attempts the development of a framework for Corporate Stakeholders Management by identifying the stakeholders of the corporation, enumerating their needs and translating them into objectives of the organisation. Further, the relative priority of these objectives for the purpose of organisational decision making is also attempted. This has been achieved through the use of Social Systems engineering tools. Utilising the case study approach, based on secondary data only, the applicability of the above framework has been illustrated. The casestudy of Bharat Heavy Electricals Ltd. (BHEL) — one of the finest Navratnas in the Indian public sector, has been used for this purpose.
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