Corporate Social Responsibility  :Toronto Star  Newspaper  Stakeholder Analysis

Understanding the Stakeholders

Government

The government is an important stakeholder in Toronto Star, the government gives, the opportunities,  needs and the requirements to the investor who is financially interested, noting that in every company operating in Canada the government there is need of economic growth. The government is interested in ensuring that there is legal compliance of Toronto Star. Since we have several rules and the company need to comply (Milenkovic,2018).

Toronto Star has partnered with state, federal and the local governments as well as international governments with the aim of ensuring media policies are sustainable from social, environmental and economic points of view. There is a need for keeping the government as a stakeholder satisfied due to the fact that it has the authority to prohibit or approve the Toronto Star business operations.

Engagement Approach:

Toronto Star  .only share information to the government via the company website and the email this help in updating them with the company legal aspects.

Employees

Toronto Star respects employees and recognizes them among their key stakeholders. The workers have the mandate of making an influence on the clients. Employees play a major role and have financial and motivational interests since they understand that if a newspaper fails in the market there will be consequences alike wage cuts and job failure making workers less satisfied. Employees and at times compensated and appreciated while giving the customer service. From the worker’s point of review, the company is happy with its employees and the way it manages its workers.

The Toronto Star corporate social responsibility has to precisely address the stakeholder interests through reasonable wages, salaries through coming up with seminars and training enhancing careers development. There is a need for doing everything to meaning the workers happiness in their places of work.

Engagement Approach:

The Toronto Star communicates with the employees through, emails,  personal meeting,  newsletters and key persons meeting this is done to maybe inform them on any change that needs focus.

Competitors

Toronto Star considers competitors among the major stakeholders, the competitors have the financial interests in the business based on their profitability and prices. Competitors are interested in their competitors because they are aiming and trying to reach the same kind of customers. They tend to get motivated by the way their competition operates based on their own interests. There is a need for facilitating corporate social responsibility which needs to put in place so as to ensure there is an edge over the competition through maintenance of community and customer satisfaction through efforts of environmental sustainability.

Engagement Approach:

It is very vital for Toronto Star to have proper management of their competitors by keeping them updated on the prices and their advertisement and online research approaches.

Non-Profit and Corporate Partners

Toronto Star also claims that nonprofit partners are great stakeholders since they have some power and interest in the company. Toronto Star has Partnered with the NGOs dedicated to addressing issues of concern.NGOs have high emotional interested in the company because they focus on sustainability issues.

The success of the Toronto Star will result from the CSR effort to make their stakeholders satisfied. The Toronto Star social image should positively address the stakeholders interests by working according to their mission in assisting partners in fighting and protecting the environment.

Engagement Approach:

There is a need for keeping engaged with the nongovernmental organizations as these combined efforts can help in setting strategies and plans to improve the environment. The Toronto Star communicates with its partners by use of emails, websites and some designated meetings.

Media

Toronto Star recognizes media as a key stakeholder.Media focuses on the way they are socially responsible in their operations.

The whole company image can be changed based on the information shared by the journalists and the customers. There is need of Toronto Star to involve itself in the exchange of information as this could make sure any inaccurate data is corrected.It is the media opinion and concern to discuss public interest (Milenkovic,2018).

The company needs to pay attention to both external and internal feedback absolutely as this could make them successful. Toronto Star coporate social responsibility must focus on addressing stakeholder who are interested in becoming honest and participation and response to considerations and stories based on the company.

Engagement Approach: The communication with media is mostly done thought organized interviews, social platforms and live discussions on media.

Financial Institutions

Toronto Star recognizes financial institution as an important stakeholder. The financial institution is very important to the Toronto Star as they can grant funding or can refuse to give funding. The expansion and growing ability of the business Are what motivates this group (Laursen  & Stone, 2016).

Toronto Star has to fulfill its commitment to the financially institution by making and maintaining good reputation and relationships, there is no need of gambling with the clients through bribes, deception or fraudulent activities. The Toronto Star has to be very keen when setting financial structure so as to provide an investment which can be appreciated by the company. The customer’s needs are highly influenced by the way the information is recorded and stored. Money should be used in a wise manner to ensure that the goals of the company are met. Toronto Star has to address the stakeholder interest and commitment so as to expand the venture so as to cope with the financial institution (Cornwell & Rubin, 2019).

Engagement Approach: It is very vital that Toronto Star always make their payment and try to get in touch with the financial institutions to ensure that payments are done in the appropriate time possible.

Suppliers

Suppliers are considered as Toronto Star major stakeholders, they have high interests and impacts the company and vice versa. Suppliers are interested financially in Toronto Star since they can provide mutual benefits to one another. The stakeholder is motivated by business growth as it helps in enhancing their business growth. Toronto Star has the responsibility to manage its supplier closely and build as well as maintaining good relationships as it will influence the business capacity based on the material supplied as this can decide to raise prices of the products purchased which could in negative manner influence the business (Brunet,2016).

Toronto Star gets a competitive advantage from suppliers over the institutions based on technological advancement, pricing,  reliability, and quality in the new modern trends.it is therefore important for Toronto Star to address suppliers interests via efforts so as to make the suppliers grow alongside Toronto Star growth.

Engagement Approach:

Good communication with suppliers is important to the success of the Toronto Star. The most critical way to communicate with suppliers is through emails, meetings, and telephones.

Local Communities

The local community is another stakeholder to Toronto Star they have emotional interests with the company as they are motivated by the way social responsible they are and what they can do so as to help the community (Brown, 2014). They are interested in knowing what Toronto Star can do to give back to the community. Community is happy with Toronto Star marketing approach as it influences the local people’s opinions; they learn Toronto Star efforts in helping in addressing the stakeholders interests through informing them of and consistently improving their commitments in the sustainability of nature and environment.

Engagement Approach: Toronto Star communicates with the community to share information with the local communities through websites and social media platforms.

References

Brown, J. (2014). Leaked memo confirms that Globe and Mail wants journalists to write advertorials. Canadaland [News Brief] June, 10.

Brunet, J. (2016). On the edge of ethics. Ryerson Review of Journalism.

Cornwell, S., & Rubin, V. L. (2019, January). What Am I Reading?: Article-style Native Advertisements in Canadian Newspapers. In Proceedings of the 52nd Hawaii International Conference on System Sciences.

Laursen, J., & Stone, M. (2016). Native advertising trends 2016: The news media industry. Native Advertising Institute.

Milenkovic, D. (2018). Native advertising disclosures in journalism: An assessment on the accurate reporting of disclosure wording in conveying advertising intent.