How to Build an Agile Business ?
Constant change is a norm in today’s fast-paced business environment. It’s become important for companies to respond almost immediately, in order to sustain in a business world where: Geographical boundaries are continually diminishing; Technology is rapidly advancing; Customer expectations are ever changing; and The whole world is 24/7 connected. Agility is one of the most […]
Setting Up a Virtual Team
The early phase of development of a virtual team is crucial for its success. Just like the foundation defines the strength of the building, the steps involved in establishing a virtual team goes a long way in contributing to its successful functioning in later stages. The two basic questions give skeleton to this phase – […]
Total Returns Swap
Credit default swap is the most commonly known derivative which is based on swaps. However, it is not the only one. There are many types of swaps that are used for managing credit risk. In this article, we will have a look at the total returns swap which is commonly used in credit risk management. […]
Identification of Operational Risks
The fundamental principle of operational risk management is to ensure that all operational risks have been considered and decisions have been taken about the best way to mitigate them. This is because experience has shown organizations that the worst outcomes come from risks that they have knowingly or unknowingly ignored. It is therefore important to […]
Solvency Regulations in the Insurance Industry
In the previous article, we have explained why regulation is important for the insurance industry. We have also understood how the focus of regulation has changed from merely restricting prices to protecting the rights of the consumer. In this article, we will have a closer look at the solvency regulations i.e. the rules regulators create […]
Why do individuals need to communicate with each other ?
Information if not shared is of no use. Communication plays a pivotal role in information sharing. Individuals working together in the same organization need to speak to each other to keep themselves abreast with the latest developments in the organization.
It is practically not possible for an individual to do everything on his own. He needs a medium which helps him discuss various ideas and evaluate pros and cons of proposed strategies with people around. Here comes the role of communication.
Managerial communication is a function which helps managers communicate with each other as well as with employees within the organization.
Communication helps in the transfer of information from one party also called the sender to the other party called the receiver.
Managerial Communication helps in the smooth flow of information among managers working towards a common goal. The message has to be clear and well understood in effective communication.
The team members should know what their manager or team leader intends to communicate.
Effective managerial communication enables the information to flow in its desired form among managers, team leaders and their respective teams.
Managerial communication is of the following two types:
A successful manager is one who communicates effectively with his subordinates. It is really essential for managers to express their views clearly for the team members to understand what exactly is expected out of them.
Usually there are three ways in which managers communicate amongst themselves and with their subordinates:
Communication done with the help of words is called as verbal communication. No written records are available in verbal communication.
In verbal communication individuals need to be very careful about their speech. What they speak and how they speak matter a lot. Managers must choose the right words to address their team members. Make sure you do not confuse your team members.
One has to be loud and clear while interacting with employees at the workplace. Be very clear and precise.
Communication is also done through emails, letters, manuals, notices and so on. Such mode of communication where written records are available is often called written communication.
Managers must inculcate a practice of communicating through emails with their juniors as it is the one of the most reliable modes of communication. It is essential for the managers to master the art of writing emails. Avoid using capitals, bright colours, designer font styles in official mails. Make sure your signatures are correct.
Managers must also take special care of their body language, facial expressions, gestures for effective communication.
A manager who always has a frown on his face is generally not liked and respected by people. Being a Boss does not mean you need to shout at people. Be warm and friendly with your team members.
Organizational Communication is of the following two types:
Communication which follows hierarchy at the workplace is called as formal communication. Employees communicate formally with each other to get work done within the desired time frame.
Employees also communicate with each other just to know what is happening around. Such type of communication is called as informal communication and it has nothing to do with designation of individuals, level in the hierarchy and so on.
Flow of information from employees to managers is called upward communication. Upward communication takes place when employees share their views with their managers on their nature of work, job responsibilities and how they feel about the organization on the whole.
Downward communication takes place when information flows from managers to the subordinates.
Managers often give orders and directions to their subordinates as to what to do and how to do various tasks. Such type of communication is called downward communication.
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