Communication in the New Economy

Communication in the New Economy

What is the new economy?

Economy:

‘The very act of maximizing utilities from scarce resources to generate revenue profitability’.

The economy analyzes and evaluates:

a) The standard of living among the population

b) The generation of income by the government from import/export activities and

c) Development in the businesses/entrepreneurial activities in local as well as international markets

THE NEW ECONOMY –

‘Where there is advancement in technology which leads towards increased productivity, international communication and trade networks and increased work conditions’.

The NE (New Economy) essentially encompasses three major, equally vital factors which are globalizations, information technology and last but not least, communication.

THE ROLE OF COMMUNICATION IN THE NEW ECONOMY

The ideal outcome of all communication processes is to be effective as well as efficient. To convey a message, to utilize the ‘right’ channel and then to obviously ensure that your listener gets the message exactly as you desired.

INTERNATIONAL COMMUNICATION TECHNOLOGY

Humanizing Globalization

Globalization:

‘Interconnectedness of political entities, economic relationships or even computer networks’.

GLOBAL ECONOMY REQUIRES GLOCAL COMMUNICATION

Strategic Communication:

‘Getting the right message, through the right media to the right audience at the right time with the right effect (successfully)’.

In order to achieve overall satisfaction and increased performance, communicating copiously in unavoidable. Therefore, global leaders will have to develop two sets of skills.

STRATEGIC HARD SKILLS

• Understanding the needs of customers that want to benefit the Global market.
• Understanding how competitors, whether traditional rivals, newly formed companies/emerging substitutes can challenge your organization.
• Understanding how to review new potential markets
• Understanding how to build global organizations and the global communication structures and strategic pathways of knowledge flow that goes with that.

LEADERSHIP BEHAVIORAL SKILLS

Intellectual Capital

• Knowledge of a range of appropriate and relevant global industries, normally gained by research and reading.
• To have global value networks, to understand social feedbacks, political, economical and technological environments and working with people from diverse cultures.
• Understanding how to build a global organization, remembering the rule of ‘unswerving’ flexibility as there is never on right answer and the answer will always change as more is known and understood.

Psychological Capital

• Strong psychological profile that will value difference, welcome change, accept team think, be curious, be open, give and accept leadership and build an empowered learning environment.
• Display positive attitude toward cultural diversity, and without prejudice while valuing all differences

Social Capital

• Have the ability to connect to and work with people from other parts of the world
• Have the skill to generate positive energy in people from other parts of the world, lead them and excite them
• Build mutually trusting relationships with people from all parts of the world.

COMMUNICATION EXCELLENCE AND GETTING THERE

In every organization communication problems, breakdowns are bound to take place. Managers today are becoming more and more aware of the causes of such issues and seem to be getting better and better at solving them.

One very ‘internationally’ recognized technique or rather compulsory practice is for companies to indulge in frequent communication audits.

COMMUNICATION AUDIT

Do You Need a Communication Audit?

Nothing is more important in building trust and support between your organization and its key stake holders than the quality of your communication efforts. See if you can answer these questions about your organizational communication:

• Are you listening to employees and addressing their concerns?
• Are you communicating with middle managers effectively?
• Do managers understand what they need to communicate to their staff and how to answer their questions about the organization’s initiatives?
• Do employees understand the organization’s strategic goals and objectives and the reasons behind them?
• Are you successfully engaging employees and gaining their support regarding the key challenges of the organization?
• Do you know which of your communication vehicles, and styles, is more effective in reaching, informing, and inspiring your key audiences?
• Do you know if you are investing your communication dollars wisely, and whether you can achieve better returns if you make changes, and how?

If you cannot answer any of these questions in the affirmative, you will benefit from a Communication Audit.

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A COMMUNICATION AUDIT:

- Analyses an organization’s practices to reveal how effective they are throughout the entire company or in specific parts of the organization.

- It can pinpoint areas such as misunderstandings, information blocks, information lacks, information duplications, misinterpretations etc.

- The exact nature of the audit will depend on the type of organization and its particular needs and problems.

- An audit may be carried out by internal experts or by externally hired consultants.

- An audit is a systematic approach that forces an organization to look at what it is really doing as opposed to what it believes it is doing.

SEVEN STAGES

1. PLANNING

2. LAUNCHING

3. OBSERVING & ANALYZING

4. INTERVIEWS (RANK AND FILE, EVERY LEVEL OF THE ORG.)

5. FOCUS GROUPS (QUALITATIVE MEASURES)

6. SURVEYS (QUANTITATIVE MEASURES)

7. REPORTING, EVALUATION, SUPPORT AND CONSULTATION

WHAT DOES AN AUDIT ENTAIL?

An audit primarily investigates all the communication techniques and channels utilized within the organization.

These include:

1. People who send and receive messages
2. Meetings
3. Emails, faxes etc
4. Dress codes, desk tidy policies and office layouts.

PURPOSE OF AN AUDIT

• Enhancing internal motivation, loyalty and efficiency.
• For beefing up the market position.

THE PROCESS AND ITS OUTCOME

• Views existing communication policies, publications and vehicles
• Summarizes comments of focus groups, interviews, survey participants etc
• Gives practical recommendations to help improve communication efforts in an organization.

EIGHT BENEFITS OF A COMMUNICATION AUDIT

1. Helps support your communication/ HR/ organization’s change initiative
2. Demonstrates your commitment to improving communication throughout the organization
3. Demonstrates your willingness to listen and respond to your employees and other stakeholders (key in building relationships)
4. An audit will find out what major segments of employees/ stakeholders think about the organization’s communication and initiatives
5. Will deliver practical recommendations for improving communication.
6. Saves money and effort- you will be able to eliminate programs that do not yield benefits and strengthen your organization.
7. Becomes the basis for creating an effective strategic communication plan for your organization, to increase benefits from your communication investments.
8. Can be a driver for cultural change where you engage everyone in building a new work culture of open communication, credibility and collaboration.

SPECIFIC ROLES OF COMMUNICATION IN THE NEW ECONOMY

ILLUSTRATION (points)

• The global environment provides more sophisticated software programs linked to databases that are capable of addressing individuals by name, refer to specific information.

• Notions about the mass undifferentiated, passive audiences are now outdated and have transformed (using the interactive media) effective two-way communication.

• Technology that was originally developed to increase mass output has often resulted in more individualized interactive communication.

• Talks about the world as a global community where nations and people are one economy, one environment, one language and one community.

• Therefore, the traditional goal of international conflict (politically, economically, socially and technologically) has evolved into building economic advantage in international trade.

• An array of fixed position satellites provides two-way communication anywhere in the world.

• Digital and technological devices that were once science fiction are now common place in the international arena.

• Even though English is the language of international business, computers are extending their reach of the new information age by translating documents and transcribing voice communication.

ROLES YOU NEED TO KNOW

1. Media Relations and Placement

In the world of communication the media and our relationship with them is crucial. Getting the best journalist (wherever they are) becomes priority. Therefore, with the new economy and technologically advance communication tools, we (communicators) are able to virtually get in touch and even have business dealings with international counterparts.

2. Research

Technologically advanced techniques have enabled extensive research to be conducted. For example, on-line services, electronic government databases etc.

3. Speaking

Microchips/ computer generated voice sensors ( for the disabled) have made the impossible become achievable.

4. Production

Quality assured using multimedia knowledge and skills, typography, photography and even computer desktop publishing.

5. Training

Nationally and internationally.

6. Contact

Specifically with the community (community relations) and the media (media relations) on areas such as listening, managing conflict, influencing and reaching external groups.