Stakeholders are organizations or individuals who may have one or more interests in the Woolly Bears decisions and activities. Stakeholders may also be affected by the company’s activities and therefore create a relationship with the company. This relationship do not need to be formal and it is not certain to always identify all the stakeholders. Therefore Woolly Bear seeks as broad a survey as possible from our products and operations. Product value chains is about the bulk of the company’s business are identified stakeholders primarily through the LCA (Life Cycle Analysis) analysis. It identifies the products full value chain and their impacts throughout the life span. The companies operation itself may also effect other types of stakeholders such as local agents, environmental agencies or similar.
When starting any new project, the following parameters are analyzed in order to map out relevant stakeholders:
- Against whom does the company has legal obligations?
- Who / what may be positively or negatively affected by the organization’s decisions or activities?
- Who / what is likely to express the organization’s decisions and activities affect them?
- Who / what have been involved in the past when similar issues needed to be handled?
- Who / what can help the organization to manage a specific impact?
- Who / what may affect the organization’s ability to take responsibility?
- Who / what would be disadvantaged if they were excluded when the stakeholders involved?
- Who / what in the value chain is affected?
Important considerations in the process regarding stakeholder analysis is that different stakeholders can have different and sometimes competing interests. For example, local community residents’ interests comprise an organization’s positive impact, for example, employment, as well as the organization’s negative impacts, such as pollution. Some stakeholders are an integral part of an organization. They include members of the organization. In these cases the situation is evaluated on the basis of the company’s goals, requirements and regulations to make the most appropriate decision.
Woolly Bear also aims to exploit stakeholder interest and knowledge to develop the business and its efficiency. It can be done either through informal or formal meetings and can take various forms such as individual meetings, conferences, workshops, public hearings, round-table discussions, advisory committees, regular and structured information and consultation procedures, collective bargaining and web-based forums.
Woolly Bear sees many advantages to this approach and believe it can help to:
- Increase the organization’s understanding of the likely impacts of decisions and activities for specific stakeholders.
- Find the best way to increase the positive impact of the organization’s decisions and activities. Also, how it can reduce any negative impact.
- Determine whether the companys claims to be socially responsible is perceived as trustworthy,
- Help Wolly Bear to follow up the results so that it can improve them.
- Reconcile conflicts involving the company’s own interests, the interests of stakeholders and expectations of society at large.
- Managing the link between the stakeholders’ interests and the company’s responsibility to society at large.
- Contributing to the continuous updating of the company.
- Fulfill legal obligations (for instance to employees).
- Managing conflicting interests, either between the company and the stakeholder or between stakeholders.
- Bring benefits of getting diverse perspectives.
- Increased transparency on decisions and activities.
- Enter into partnerships to achieve mutually beneficial objectives.