Abstract
<p>In an ever-changing global marketplace, organizations must adapt and renew to survive. To achieve such strategic renewal, however, organizations must overcome the inertial forces of existing competencies to evolve and develop new ones. Drawing on relational and behavioral theory, we describe how three aspects of stakeholder relationship management-employee alertness, openness to change, and knowledge exchange-both facilitate the exploration activities necessary for strategic renewal and avert the behavioral tendency toward strategic inertia. Our analysis of stakeholder-driven strategic renewal not only extends and elaborates the concept of stakeholder relationship management by making explicit its connections to strategic renewal, but it also highlights the importance of the proper fit between employee roles and dispositions in shaping the effectiveness of the managing for stakeholders approach.</p>
Highlights
Organizations today must be nimble to survive the pressures of an increasingly complex global marketplace
Drawing upon the relational view (e.g., Dyer & Singh, 1998) and behavioral theory (e.g., Cyert & March, 1963), we propose a framework for stakeholder-driven strategic renewal that specifies both how stakeholder relationship management encourages the exploratory activities necessary for strategic renewal and who plays a role in this process
Viewed through the lens of employee relationships, we see that the unique interactions that occur amongst individual stakeholders may provide opportunities to co-create new opportunities and encourage more exploration. As we explore this people-centric, behavioral understanding of strategic renewal aligns with a management philosophy that has garnered a great deal of interest from both practitioners and academics in recent years-namely, stakeholder relationship management
Summary
Organizations today must be nimble to survive the pressures of an increasingly complex global marketplace. Drawing upon the relational view (e.g., Dyer & Singh, 1998) and behavioral theory (e.g., Cyert & March, 1963), we propose a framework for stakeholder-driven strategic renewal that specifies both how stakeholder relationship management encourages the exploratory activities necessary for strategic renewal and who plays a role in this process. We propose that stakeholder-driven strategic renewal is a process of alertness, openness to change, and knowledge exchange that facilitates the core strategic renewal activities of learning, collaborating, and creating opportunities in the organizational environment. By exploring this process of stakeholder-driven strategic renewal and further identifying its boundary conditions, this paper makes several theoretical contributions. Our analysis of stakeholder-driven strategic renewal extends and elaborates the concept of stakeholder relationship management by making explicit its connections to strategic renewal, but it highlights the importance of the proper fit between employee roles and dispositions in shaping the effectiveness of the managing for stakeholders approach
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