Approaches of Organizations Research Paper Example | Topics and Well Written Essays - 2500 words

Approaches of Organizations - Research Paper Example The idea of invisible hand dictates that if all the individuals of the society would go on to pursue their own self-interests then not only they would achieve their own goals and objectives but at the same time, they will also satisfy the societal needs and expectations (Dyck & Neubert, 2008). Even if the company and its managers appear to be focusing on other variables such as environmental preservation, employee development, stakeholder management and others, that is only because they want to achieve the financial result which is the bottom line of the company. Much of the productivity and development that we witness today is actually a result of mainstream approach, which ruled the management and industrial scene for decades. On the other hand, multistream management refers to the approach, which calls for taking the holistic view of well being of multiple stakeholders associated with the operations of the business. Managers using the multistream management approach are more likel y to focus on practical wisdom, experimentation, workplace democracy, self-control, dignification, ethical conduct, and others. The company and its managers realize that they are operating in a wider other, where the extended society and its members are also the stakeholders of the company. Financial numbers and quarterly results become a secondary concern for the company and its managers and the prime focus become managing and balancing the company’s expectations with the well being and requirements of all stakeholders.