Every industry bears massive influence, far beyond the economic one, at the social and cultural levels, affecting and being affected by a multitude of stakeholders. Inexorably, this phenomenon of multi-stakeholder envelopment, entails a wide set of challenges, risks and considerations for organisations that need to develop the requisite strategies that identify, interrelate and, ultimately, balance the value exchanges involved towards a business and socially sustainable future. This highlights the imperative of understanding the nature and role of key stakeholders and delineate the value they each expect to provide. This is, however, not a set of individual and/or independent linkages, but a systemic network of stakeholders and values, whose collective effect shapes the very essence of organisations, both in their economic and social sense.
Organisations, thus share value and align interests and strategies with each stakeholder, forming alliances and partnerships that are founded on a win-win principle; and the collection and interconnection of these relationships constitute the backbone of a strategic framework, that considers every stakeholder and its corresponding value, not in isolation, but in conjunction with each other, merging them into a unified value-based system. A system that enables organisations to respond efficiently and effectively to the incessant environmental changes that are redefining the business world across industries and organisational typologies; and facilitates the appropriate strategic adaptations
George Yiapanas on Value-based approach
Since receiving his PhD with an emphasis on stakeholders management and the value-based approach, he continued studying on the importance of identifying these unique (for every industry) values, that enable organisations to create and maintain sustainability. Value creation is one of the main issues in stakeholder theory from the perspective of the organisation vs stakeholder relationship. Value arises from specific needs; thus, the value creation concept relies on the fact that organisations satisfy the desired needs of their stakeholders and in return, stakeholders satisfy their needs.
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