ABSTRACT
This chapter aims to bring out the potential of stake-holder interaction and to find methods to help assess the expectations of stake-holders. Results are presented from an empirical study conducted at a typical integrated steel plant located in a central-eastern part of India, determining the key stakeholders, assessing their expectations, examining the interaction of stakeholders with the organization, and the views and perceptions of managers and stakeholders. Organizations need to discuss successes and failures with a clear focus on the sustainability issues pertaining to short-term and long-term perspectives. Relationships and trust should be built with stakeholders. The other stakeholders who can be influenced by the company are shareholders, the community, suppliers and subcontractors. The outcome of the research is that stakeholder relationships can be improved by categorizing the stakeholders, developing stakeholder-specific strategies and strengthening communication. Communication with stakeholders can be further strengthened through various dialogue mechanisms.
