Component 1Businesses while looking to work in the society has to fulfil their obligations towards various sections of the society by identifying their roles and responsibilities. Irrespective of the organization or the nature of business or the size of business organizations have to continuosly deal with the different type of stakeholders and ensure that they are provided with their interest so that their interest can be protected and managed effectively in the organization. This paper presents the manner in which the different stakeholders of Tesco Limited are looked into and the manner in which their interest are protected so that the business is able to ensure effectiveness while managing the resources of the organizationThis brings to the fact that stakeholders are individual or groups of people who look towards a particular interest while dealing with the organization and it is the prime responsibility of the organization to ensure that the rights of the persons are protected and are managed effectively in the organization.
There are various stakeholders that Tesco has to deal with and includes workers, employers, customers, insurers, researchers, society, government and environmental bodies that are associated with the business in some way or the other (Czinkota & Ronkainen, 2004).
Tesco has to look towards ensuring that the interest of all the stakeholders is protected and a mechanism is developed which will help to manage them effectively. This is seen that the various stakeholders have different interest and role in the organization. Despite the different interest that the stakeholders have it is witnessed that they also have something in common. The foremost interest which every stakeholder looks towards is protecting the right and welfare of the entire person associated with the company.
This will look towards ensuring that the entire stakeholders look towards getting what is due to them and will help in the creation of positive relations within the organization (Kramar, Bartram, Cieri, Noe, Hollenbeck, Gerhart and Wright, 2011). This will also require that the stakeholders of Tesco comply with the rules and regulations that have been laid as it will require a two way traffic to address their issues and ensure proper welfare programs for all. Some differences also exist in the interest of a particular stakeholder in comparison to another stakeholder.
This makes it important to understand the interest of different stakeholders in the business. Workers have a huge role in ensuring that they are able to work towards the betterment of the company. Some of the interest of the workers is the freedom to participate or decline when something is perceived correct or wrong. The workers have interest in their pay structure, the benefits apart from the normal salary they are going to receive, job security, medical benefits, pensions, confidentiality of the information supplied about them to the company to name a few (Doole and Lowe, 2001).
The workers thereby have interest in the organization pertaining to their benefit and long term future and association with the company. Employer also has certain interest in the business similarly like the employees and looks towards protecting their interest for the betterment of the business. The employer are seen to have interest pertaining to matter which are confiedential and should not be leaked to the competitors as it will have an effect on the business strategy.
The employer have interest in the profits, the growth of the business, third party issues, and other related facts to the business which will help them to grow and stay ahead of competion and their competitors (Fletcher and Crawford, 2011).