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Effective Communication In The Workplace
Effective Communication In The Workplace
Question 1
The majority of functions in any business is possible when there exists effective communication. This is because the business drive in any organization is passing messages efficiently from the top authorities down members of staff in low ranks. The communication with potential clients of an organization should also be effective to for the firm to build seller customer relationships. This should inculcate mutual understanding to foster success in the end. According to Wrench (2013), effective communication has a number of benefits ranging from clarity and direction. This also includes showing of obvious authority. The ability to have effective communication in organizations is the key tool to achieving long-term success.
My work as a senior salesperson in a car and merchandise business is very wanting in terms of the ability to communicate effectively. The flow of information in the year 2010 from all sectors of the organization was impressive making existing communication memorable and a living testimony. After acquiring a job in the organization at around that time without experience, it becomes difficult for one to cope and make progress. The help accorded to me by the general manager enabled me to organize my team to realize an increase sales from the previous year. All work coordinated in time and through the right channels gave an impressive performance which most competing firms still envy up to this moment (Wrench, 2013). This has kept the organization and its workers at par excellence and still thriving.
The reasons for perceiving communication as effective and the resulting impact
Mutual harmony and organization of workers
The organization recognizes employees from different communities and races. Therefore, this mixture of personnel in terms of culture and beliefs is at times very unconducive for any business to thrive. However, coming together as one people in the business setting enabled us to foster harmony and effective organization of workers in the firm. This made the working environment lively and interactive, as people were willing and eager to share reliable information. The directives from the general manager to my department and ultimately the staff at the ground level increased the success of the business.
Increase in employee performance
The employees will always give their best when proper handling and directions are effective (Gibson, 2012). This makes them eager to work at all times as them existing communicates motivates them greatly. Information sharing from the different existing cultures comes as a relief to the organization that allows forums to learn each other’s culture. This is because the cultures may contribute in different ways in improving the how the organization operates for the best. The forums act as an important gadget in transforming the face of the organization to a great recognizable extent.
Increase in sales volumes due to increase in the number of customers
The perceiving of the sales sector as the senior sales person comes even before computation of final sales. Through monitoring of the inflow of customers, my instincts could tell if the expected performance at the end of a trading period will be good or worse. In the current years since my posting to firm, the handling of customers through effective communication with them has borne fruits. No effort towards proper communication with the clients was a waste of time or resources (Wrench, 2013). The sales persons on the ground have proper training on how to handle clients thus increasing the number of potential clients in the organization. This is an attribute to effective communication employed.
Proper communication skills are very essential if any organization is to realize success. The use of the different existing forms of communication is very effective. The choice of the communication form to use, whether verbal or non-verbal is the choice of the communicator. This is as long as there is the realization of success in the end and achievement of the intended purpose. This also calls for those involved having an endowment of active communication and listening skills (Gibson, 2012).
References
Gibson, P. (2012). The world of customer service. Mason, Ohio: South Western Cengage
Learning.
Wrench, J. S. (2013). Workplace communication for the 21st century: Tools and strategies that
impact the bottom line. Santa Barbara, Calif: Praeger.
Effective Business Writing
Name
Professor
Title
Date
Effective Business Writing
When running a business, one must make sure that communications between the business owner and the customers is comprehensive and effective. There are various factors which must be considered when making communications in writing. This includes making sure that all the objectives of a particular communication are met (MacLennan 60). One must also be aware of the presentation of the writing. The writing should be legible, and understandable at a glance. This means that the audience should know what the writing is all about with a simple glance. There are various other factors involved in business writing which are summed up below.
Content
The content of the communication must be sensible and easy to understand. The content part of the business communication a very important component of the process. The content should be free of jargon and should be understood by the layman. All the points that should be communicated should be included. The most important points should appear first while less important points should follow.
Up & Left
The most important information on the text should appear at the top and left side. This includes the details of whom the communication is addressed to and who the issuer of the information is. Details include the name and date.
Navigability
There should be a sense of organization in the writing. It should be easy to tell between the main heading and subsequent sub-headings (Piotrowski 8-74). This means that the reader should be able to:
Move to sections with distinctly new information from previous sections.
Pick out the salient points from headings, subheadings and numbered sections.
Enumerate the different points or ideas communicated.
Accessibility
The important points should be marked in some way to enable easy location. The reader should be able to tell what the entire document is all about just by glancing at the page(s). This may be achieved by:
Placing key words in the text as bold, italicized, and underlined, for emphasis.
Writing headings and key words in different fonts and sizes.
Conciseness
Writing concisely means using words economically for clarity purposes. Business writing should be straight to the point, while avoiding unnecessary information and fluff.
Audience Customization
The message should be tailored to meet the demands of the audience. This should be achieved through Research. Customization helps in directing the message to the recipients needed.
Style
The wording should be stylish and eye-catching. Catchy phrases and words should be used. This should be done while avoiding ambiguity and redundancy in the writing. The writing should draw the attention of anyone who glances at it to read further. Finally proofreading and editing should be done before submission to the audience (Witt 34). Formatting should be done attractively.
Work Cited
MacLennan, Jennifer. Effective business writing. 2nd ed. Scarborough, Ont.: Prentice-Hall Canada, 1996. Print.
Piotrowski, Maryann V. Effective business writing: strategies and suggestions. New York: Perennial Library, 2011. Print.
Witt, Graham C.. Writing effective business rules. S.l.: Morgan Kaufmann, 2011. Print.
Financial Risk Management
Financial Risk Management
Student’s Name
Institution
Financial Risk Management
Financial firms mainly encounter four common risks: funding risk, market risk, operational risk and credit risk. Market risk involves the possibility of experiencing huge losses as a result of adverse changes in the prices of commodities, such as interest rates or stock prices. Standard risk management consists of using statistical models to predict magnitudes and probabilities of huge adverse changes in prices. Value at risk models is usually used in setting up capital to offset any potential losses. Practically, there are numerous limitations to the ability of models to predict the intensity of potential losses despite the fact that models give a reliable method for computing market risks. As a result of this, many firms have adopted the use of stress tests to observe the impact of huge theoretical movement of markets on their theoretical values.
Credit risk is the risk involving a company when the credit borrowers do not offset their debts when the time is due. Traditionally, this kind of risk has been overcome through establishment of credit limits depending on the financial capability of the individual borrower, geographic area, and industry sector. The limits are usually dependent on internal credit rates. However, quantitative approaches are progressively being adopted in measuring and managing credit risks. Liquidity or funding risk is the risk involving a firm that is unable to acquire the funds it requires to meet its financial objectives such as short-term loan obligations. The three most common methods for mitigating liquidity risk are holding liquid assets, diversifying over funding sources, and setting up contingency plans, for example backup lines of credit. Normally, most firms set goals for funding as reference to track their levels of funding, and take mitigating measures anytime they hit below some specific thresholds.
Operational risk is the risk involving loss of money as a result of failed or inadequate internal operations, systems, and people or from external events. Even though management of operational risk is a field that is rapidly developing, standard techniques of mitigating it are still not developed.
A major aspect of financial risk management is determining which kind of risk to degree and which one to bear. Every financial firm’s value-added is usually its take up some kinds of risks. Similarly, management of risk involving proper evaluation on the kind of risk a financial firm generates and ways that can be employed to effectively avoid the unprofitable risk positions. Equally important is learning the methods of bearing the risks whenever they come about and any workable approaches that the undesirable risks can be given whenever they come about by shifting them to other parties.
To protect themselves from potential risks, financial firms set aside insurance funds to cover losses whenever they arise. These funds are referred to as capital and provisions. Provisions are finances set aside to take care of average or expected losses while capital are finances set aside to compensate extraordinary or unexpected losses whenever they occur. Capital may take different forms on the balance sheets of various financial institutions, though it often includes items such as shareholder equity. The dependence on capital and provisions often vary among various financial institutions that engage in securities, banking, and insurance activities as a result of variances in their fundamental risks.
Due to the similarity in the general goals that financial institutions have regarding bearing of risks, they have almost similar similarity in the methods they use in managing the risks. For example, all financial establishments have techniques to see to it that independent assessment of risk are carried out and that controls are established to regulate the level of risk each business unit takes. In addition, hedging-paying a third party to assume some of the risk is a practice common with all financial activities. Similarly, market risk remains the easiest form of financial risk to hedge. This is because of the different varieties of over-the-counter and exchange traded derivatives available. Progressively, credit risk is getting hedged by use of credit derivatives, that are mainly over the counter derivatives through which payments made are based on credit quality of the borrower. Use of reinsurance market can also be used as an approach in hedging some types of risk exposure that arise from insurance activities.
Reference
Christoffersen, P. F. (2012). Elements of financial risk management. Academic Press.Polak, P., Robertson, D. C., & Lind, M. (2011). The New Role of the Corporate Treasurer: Emerging Trends in Response to the Financial Crisis. International Research Journal of Finance and Economics, (78).Hull, J. (2012). Risk Management and Financial Institutions,+ Web Site (Vol. 733). John Wiley & Sons.