HC1021 Effective Business Communication Strategies Assignment Sample

Subject Code : HC1021
University : Holmes Institute My Assignment Services is not sponsored or endorsed by this college or university.
Subject Name : Business Communications

Interpersonal And E-Communication - Section 3

Swot Analysis of The Company’s Communication Strategy

The ANZ Bank decided to adapt the SWOT analysis for the effective communication in the company. SWOT analysis refers to the tool that helps a company to evaluate factors like weaknesses, threats, strengths and opportunities that are involved in the organization. It is associated with the company’s objectives and goals.

SWOT helps in identifying the unfavourable and favourable reasons that can affect the external factors as well as internal factors in achieving the objectives of the organization. This technique can be used to improve the communication of an organization effectively by implementing all the factors that are required (Ameer & Othman, 2018). SWOT analysis depends on the four main factors that include internal and external factors. It mainly focuses on the advantages of the company, helps in planning the events that are unforeseen, identifying the problem areas in the organization and also helps in forecasting the areas that can consist of risk to the company. The ANZ Bank decided to imply all the four factors of SWOT that is internal and external -

Internal Factors

Strengths

ANZ Bank used their strengths as the biggest power of their organization that can help in effective communication. Strengths are the things that make us feel good and help in order to search for the work that is in our favour. The work in which anyone is good at should keep on doing for the advantage of the organization.

Example - an organization having a good evidence that is scientific.

Weaknesses

Weaknesses are those things that are not in the favour of the organization. A team or a team member should not be doing the work at which he or she is weak instead they should focus on the things that are easy for them to achieve and beneficial as well for the organization. A team or management should find ways to get rid of those things that are against the company.

Example - not having the proper resources for the effective communication.

External Factors
Opportunities	Opportunities refers to the situation or things that can be favourable if they can be optimized effectively by capitalizing and analyzing the resources that are needed. Recognition of opportunities plays an important role (Jap et al., 2017).
Threats	Threats are those factors that can harm and hamper the work of the organization. An organization should identify the threats and manage the factors while constructing the effective communication principles.

These four factors helped the ANZ Bank for achieving the effective communication practices at organization. ANZ Bank recognized the internal factors of SWOT that are weaknesses and those things that are not in the favor of the organization. A team member should not be doing the work at which he or she is weak instead they should focus on the things that are easy for them to achieve and beneficial as well for the organization (Laing & Dunn 2018). Another internal factor was strengths that can be used to achieve the things that are favorable and at which the organization is good at. ANZ Bank also focused on the external factors of SWOT that includes opportunities as it refers to the situation or things that can be favorable if they can be optimized effectively by capitalizing and analyzing the resources that are needed. ANZ Bank started analyzing the effective opportunities for the communication and the last factor was threats that can be harmful and can also hamper the ANZ Bank’s communication practices. An organization should identify the threats and manage the factors while constructing the effective communication principles. ANZ Bank analyzed and identified the favorable and unfavorable components for the communication and planned the strategic elements.

Interpersonal And E-Communication - Section 4

Comparison of The Company’s Previous and Current Communication Strategies

Previous Communication Strategies of ANZ Bank	Current Communication Strategies of ANZ Bank
Previously, the organization had various methods for effective communication with its customers and that includes ANZ Customer Experience Forum, “You Say” as that was an online customer panel, Forum of Stakeholders, Real Time Program for Feedback for Customers, Customer Research, and Advocate Office for Customers (Carroll, 2018). It helped the organization to resolve the issues that were raised by the customers.	The current strategy for communicating with customers adopted by the ANZ Bank is through social media (Kumar et l., 2018). This strategy helps the organization in providing the updated schemes and different kinds of offers. It also helped the shareholders in better understanding of the organisation that is offering to grow its business which will eventually be beneficial for the shareholders and will helps in decision making
The other strategy of the ANZ Bank was to conduct surveys for the engagement of employees through “My Voice” annually, direct communication as well as appraisal of formal performance with the line managers (McConnell, 2017). The “Town Hall”, ANZ intranet for the employees to provide about the new updates of the organisation and the initiatives, and meetings with the Union of Financial Service were the methods that were also initiated previously for better communication.	The organization decided to establish a proper website for the customers as well as stakeholders. Through the website the company provides knowledge about the operation of the business (McConnell, 2017). The website is an effective way in providing the knowledge about the changes and adaptation in the organization.
The last strategy that was adapted by the ANZ Bank was that the company used to engage the shareholders with the various methods of communication methods including AGM, documents of disclosures like presentation of inventors, annual report, providing interim as well as full year briefing results, and briefings of the business strategy as well as other market updates. The ANZ Bank was also dedicated to communicating with shareholders through the website of ANZ.	One of the major current strategies of the ANZ Bank is the electronic platform that enables the organization to communicate with the shareholders as well as the employees directly. It also helps in maintaining the strong and trustworthy relation between the shareholders by providing them the relevant details for the decision making.

Summary of Findings and Recommendations on Interpersonal And E-Communication

The ANZ Bank is an organization that was using outdated strategies for communicating with shareholders, customers and employees. The strategies included the ANZ Customer Experience Forum, “You Say” as that was an online customer panel, “My Voice” annually, direct communication as well as appraisal of formal performance with the line managers, The “Town Hall”, ANZ intranet for the employees to provide about the new updates of the organisation and the last strategy that was adapted by the ANZ Bank was that the company used to engage the shareholders with the various methods of communication methods such as organizing AGM. Over the time period, the ANZ Bank adapted the new strategies for the customers, shareholders and employees.

The new strategy that were adapted by the organization includes the usage of social media for providing the updates and the different offers, establishing a website for providing the knowledge about the changes in the organization and at last, using the electronic platform for the effective communication with the employees and shareholders to build trustworthy relationship by providing them the relevant details for the better decision making. The ANZ Bank also adapted the strategy of SWOT analysis. SWOT helps in identifying the unfavourable and favourable reasons that can affect the external factors as well as internal factors in achieving the objectives of the organization. It has four factors that can be favourable and unfavourable for the organization. It mainly focuses on the advantages of the company, helps in planning the events that are unforeseen, identifying the problem areas in the organization and also helps in forecasting the areas that can consist of risk to the company.

References for Interpersonal And E-Communication

Ameer, R., & Othman, R. (2018). Corporate Values and Corporate Social Responsibility Communication Strategies in a Small Economy. In Accounting for Sustainability: Asia Pacific Perspectives (pp. 67-100). Springer, Cham.

Laing, G. K., & Dunn, B. F. (2018). Organisational Narcissism: A Review of the Indicators in the Major Australian Banks. e-Journal of Social & Behavioural Research in Business, 9(1), 58-75.

Jap, S., Gould, A. N., & Liu, A. H. (2017). Managing mergers: Why people first can improve brand and IT consolidations. Business Horizons, 60(1), 123-134.

Carroll, T. (2018). 'Frankenwords' creating a communication monster for law firms. Australasian Law Management Journal, (Feb 2018), 1.

Kumar, M., Mishra, R., & Mishra, K. (2019). Correlates of Financial Literacy: Strategic Precursor to Financial Inclusion. SCMS Journal of Indian Management, 16(4), 16-30.

McConnell, P. (2012). The governance of strategic risks in systemically important banks. Journal of Risk Management in Financial Institutions, 5(2), 128-142.

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