Global Economics Stakeholders Essay

Any business organization has to be competitive in the business sector so as to keep in line with other competitors, or else getting competitive advantage over the other competitors might not be easy. The business organization has to therefore satisfy all its stakeholders and be in a better business position. The organization has got to ensure that the human resources are completely satisfied. A human resource which is satisfied will ensure that all the strategies of the organization are undertaken so as to achieve the general objectives. With a dedicated human resource, the organization would be able to develop a culture that is completely accepted to all the stakeholders and thus increase output. In many occasion, the way the organization treats its human resource, it will be reflected on how these employees will treat the customers. The customers who are satisfied with organizational activities will tend to have confident in the goods and the services that will be offered and thus be loyal to the organization. Therefore, looking at these cases, it is completely the best ways in which the organization can ensure that it reduces unnecessary costs. With dedicated employees, the rate of turnover will be very low and thus reducing the cost of hiring and the procedures associated with it. Furthermore, with loyal and satisfied customers, the organization will be assured of the continuous available markets. With reduced costs, the organization would be able to have increased profits and thus become the largest motor industry by gaining much larger markets. It is therefore important to seek opportunities in the organization to reduce production costs without having to negatively affect the quality of the product (Galitsky & Worrell 2003). Reference: Galitsky c & Worrell E (2003): Energy Improvement and Cost Saving Opportunities For the Vehicle Assembly Industry, retrieved on 29th Jan 2008 from http://www. energystar. gov/ia/business/industry/LBNL-50939. pdf.