Communication of strategy in a South African bank
Date
2015-05-21
Authors
Maudu, Pfarelo Dzivhuluwani
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Abstract
The banking industry is a volatile environment and the heart of a country’s economy. The financial crisis in 2008/2009 called for better controls within these organisations. The recent euro crisis called for even further detailed monitoring in order to ensure the safety of the industry is secured. The banks do not only contend nationally, however have to be adequately robust to compete globally. The management and coordination of activities within the banks is absolutely vital to remain successful in the business of money which is subject to amongst others: Volatility in currency, commodities, political stability in a country, economic position, labour practices and other factors within the country and external forces directly or indirectly impacting the operating environment.
The purpose of this study was to investigate effective communication to management levels who in turn communicate to their teams. The effectiveness of the communication process in the organisation is reviewed with the related enablers and challenges.
The research data was gathered by conducting interviews with middle and senior managers within the bank, aided by a case study approach as the adopted methodology. The key findings were centred on:
Low awareness levels to strategy in the management teams
Multitudes of modes utilised within the bank, however preferences lean to the face to face modes of communication. Practicality could be an issue.
Levels of empowerment are varied across the similar and dissimilar ranks of management, impacting the awareness and inclination based on experience and personal preference
Communication is not only implicit however explicit communication has its place within organisations and seen to be a big contributor to effective communication.
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The key message relates to effective communication contributing to awareness of strategy and enhancements of modes utilised in communications.
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Keywords
Banks and banking -- South Africa.Communication in management.