In any business that involves several stakeholders, it is crucial to maintain a balance of interests. This will make it possible to satisfy each of the parties, although it may require compromise solutions. The result of a balanced approach is the most optimal outcome, even if the requirements for it differ from person to person. The purpose of this paper is to explain how balancing the interests of global and local, occupational, and functional perspectives may play out in a compensation decision scenario.
At the global level, stakeholders can be numerous. At the same time, their opinions often differ so much that a compromise seems impossible. However, if one listens to each side, they can try to find commonalities in the requirements. It is impossible to get an ideal result for everyone, but in some details, it will suit all the stakeholders. At the local level, there are fewer stakeholders, so there are not so many opinions. More detailed negotiations can be carried out in case of substantial discrepancies since there is an opportunity to convince a small group of people. In these cases, the compromise solutions are even more acceptable to the stakeholders and amenable to adjustment.
Occupational perspectives should take into account the interests of enterprises, workers, and the state. However, in this case, employees have priority since they have the opportunity to refuse to perform actions if they are not completely satisfied with the state of affairs. It is crucial here to balance wages, tasks, and other vital aspects. Otherwise, one needs to compensate for the shortcomings with additional worthy bonuses (Seifi, 2018). Functional perspectives affect many enterprise processes, so financial and technical benefits should be considered first. Thus, it is essential to consider the interests of all parties but prioritize the one that is most affected by the changes.
Reference
Seifi, S. (2018). Stakeholders, governance and responsibility. Emerald Publishing Limited.