Organizational Effectiveness through Stakeholder Governance Approach and Its Role in Public Administration

Abstract

Background-Business organisations are playing an increasingly complicated and important role in today's society. Some corporate behemoths control massive sums of money and have great power over people's everyday lives. They may have a deeper bond and a more profound influence on society, especially when they enter fields like health care and education. However, the essence of commercial activity is to seek the best interests of all parties involved, which may result in some conflict between them. As a result, good corporate governance must be applied to guarantee that businesses continue to operate normally. Corporate governance, in principle, is a kind of framework that may lead and control businesses. In the past, the goal of corporate governance was to maximise profit for shareholders. Unfortunately, it has been cited as one of the major reasons of the current governance crisis.

Goal- The goal of this study is to know about the important role played by stakeholder governance approach in order to bring about a sound improvement in the organizational effectiveness.

Methodology- To get the best potential outcomes, a mixed technique approach was adopted. Both primary and secondary sources were employed in this study. Data was collected using both primary and secondary approaches. The main sources were gathered via the distribution of questionnaires. This survey comprised around 60 responders from a variety of Indian firms. Secondary sources were drawn from published papers, journals, websites, and other reliable sources.

Result- The result found that more developmental work has to be done in order to develop the stakeholder approach in the organizations in order to work over the organizational effectiveness.

Conclusion-According to the findings, substantial progress has been made in creating the working situation via the use of new technology. One of the most important aspects that businesses must implement is strategic planning in order to concentrate on staff cooperation, employee confidence, and total production. At the same time, efforts must be taken to guarantee that stakeholder satisfaction and regulatory techniques are employed to guarantee that administrative laws are better implemented in a sound and effective way for organisational expertise. The research is important for all businesses that want to improve their overall organisational performance.