How Do the Attributes of Power, Legitimacy, and Urgency Work?
- Power: Power refers to the ability of a stakeholder to influence the organization. This could be through financial means, legal standing, or social influence. Leaders must recognize stakeholders who can significantly impact the company's operations.
- Legitimacy: Legitimacy concerns the perceived validity or appropriateness of a stakeholder's involvement. Stakeholders with legitimate claims are often those who have a direct or indirect stake in the company’s activities, such as employees, customers, and investors.
- Urgency: Urgency is the degree to which stakeholder claims require immediate attention. This could be due to time sensitivity or critical issues that need to be addressed to prevent negative outcomes.