Curious Observation – First Step in Decision Making Process
February 12, 2025
In the previous articles, we have studied how the value at risk (VaR) models should be used to calculate risks. However, the calculation of risks is not the ultimate end goal. Instead, it is efficient management of this risk that makes the value at risk (VaR) model valuable. Let’s assume that in a particular instance, […]
The fourth and last step for risk management suggested by the Bank of International Settlements in its Basel Norms is the continuous monitoring of key risk indicators. Key risk indicators are important metrics that can track the business environment and internal control factors. They can help an organization keep track of a rapidly changing internal […]
Joseph Stiglitz is one of the most renowned economists of our time. He once criticized the current economic system after the great recession of 2008. He said that the current system is skewed in favor of the rich. This economic system is no longer capitalism. It is a strange combination of capitalism and socialism wherein […]
To understand the meaning of “Total quality management”, let us first know what does Quality mean? Quality refers to a parameter which decides the superiority or inferiority of a product or service. Quality can be defined as an attribute which differentiates a product or service from its competitors. Quality plays an essential role in every […]
Any Importer wishing to bring in cargo into the country may do so through air, ship, and road or multi modal transport. Every import consignment is required to be deposited by the transportation agency or the freight forwarder into the Customs Designated Bonded warehouse for Customs Clearance. Customs Clearance is facilitated by Customs Clearance Agent […]
High-Performance teams can be of various types depending upon the objectives or the goals which are required to be fulfilled, which can be distinguished on the basis of the characteristics. Communication is the most pertinent factor which determines the level of cohesion or effectiveness of a team.
According to the research study conducted by Ashridge Business School, communication takes almost 50%-70% of the team of a leader for providing a strong foundation to the high-performance team.
In such teams, the members should be able to competencies in handling interactions and communicating with others in terms of giving and receiving feedback, conflict resolution or handling disagreements.
The success of a high-performance team will depend upon the strategies of communication which is followed by a leader for keeping all the team members informed about the major decisions and involving them in the process.
Communication strategies do play a pivotal role in facilitating a positive change in the organizational environment and boosting high-performance. A comprehensive communication strategy sets the direction and the tone for progressive reforms and strengthens the relationship between the team members.
Effective communication make every team member more focused towards their goals and exchange of feedback on the possible areas of improvements and strengths. It has a considerable impact on the organization’s capacity to learn, evolve and innovate.
For reducing the possible time wastage in a meeting, the meeting should be scheduled for not more than 50 minutes, as that will provide enough time to all the team members to share their views and handle the required administrative requirements.
To ensure that the meetings are held within the schedule, the following steps can be followed:
During the kick-off meeting, the leader of the team should start with taking the consent of all the team members on their preferred modes of communication. Unlike sharing the reports via emails, a portal could be developed that may serve as a central hub for exchanging information, reports and participating in conversation having the involvement of each team member.
Cohesive teams deliver exemplary outcomes and achieve superior benchmarks in the projects by practising equity and having respect for each other’s position as a vital member in the team.
Advancements in the field of communication technology have provided a broad array of choices for choosing the best of the communication tools or methods for passing on the information.
To conclude, effective communication strategy should pay a great deal of importance to the following factors:
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