Management & Society MGT 3800 Communications Intensive Course February 6, 2018 | Class Three

Today’s Agenda Attendance Communication Exercise: The Handshake Email Acknowledgement on Debate Topics Review of Syllabus Changes + Handout Blackboard Challenges Open Discussion on Corporate Responsibility Review / Summary of Chapter 1

Communication Exercise: The Handshake

Communication Exercise: The Handshake Used often for introduction/greeting Establishes first impression Can be used to “break the ice” Some people use it to feel you out

Communication Exercise: Handshake Mistakes

Communication Exercise: Proper Firm, but gentle Last about 3 seconds Perhaps lift one or twice Release after second lift, even if you continue talking Couple with good eye contact Hold any items in your left hand LET’S PRACTICE

Discussion How Should Organizations Interact With Society?

The Walmart Case

The Organization Sole purpose is to make a profit, or a difference Consider financial institutions who are focused on profits, but often do so for the benefit of their client Also consider non-profit organizations who are looking to make a difference, but can’t do that without money Some organizations fix the mistakes of others.

The Organization Interaction with shareholders and stakeholders Have a responsibility to its shareholders – these are people expecting to profit because they have an investments Also have a responsibility to stakeholders – the customers, employees, creditors, etc.

The Organization

Social Systems Society needs businesses, and businesses need society – it’s all interactive – one cannot exist without the other

Theory Different Approaches to Organizations’ Responsibility Ownership Theory: Make money to those who own the stock Stakeholder Theory: Make money for the public In reality, organizations have a responsibility to both

Theory Theories can be conflicting too Something that benefits the organization, may not benefit its stakeholders and/or shareholder and vice versa One thing that makes one group happy, may upset the other

How Do You Balance? Be clear about decisions and intentions Communicate Be open to discussions – sometimes organizations hold focus groups Don’t be afraid to make a mistake, and be ready to apologize and/or explain

You As a Manager Understand the different kind of stakeholders (even if you work in an individual department). Stakeholder Analysis Who Are They? What Do They Need? What Power Does Each Carry? What Happens When They Are Not Happy?

Do You Know What Your Organization is Working Towards?

You As a Manager Build positive and mutually beneficial relationships, both across the organization, and outside of the organization (Refer to Figure 1.5, on page 18) Increase value (not just in the monetary sense)

You As a Manager Be impeccable with your communication  How? Understand needs: Have regular conversations, not just when things are bad Ask questions. Dig for answers. Be proactive Be open to constructive criticism, or even bad criticism Submit ideas, and look for way to improve

For Next Class: Buy The Textbook: Business and Society Stakeholders, Ethics, Public Policy 15th Edition | Lawrence & Weber Read Chapter 2: Managing Public Issues & Stakeholder Relationships