This paper will evaluate the communication strategy of the fictional new CEO of XYZ global financial services firm, which has been negatively impacted by a national investment crisis. It will include communication strategies to release to its target audience and stakeholders utilizing tools learned in Mary Munter’s Guide to Managerial Communication.
The stakeholders have been identified as the firm’s employees, customers, shareholders, and the financial regulators. The shared common concerns of this group are the financial health of XYZ global financial services firm balance sheet, and the plans to meet regulatory obligations and compliance, and the lessons ...view middle of the document...
It is management's responsibility to define, communicate, and implement values in the workplace. The specific set of values management instills in the work environment depends on the type of business and the organization’s mission. However, values that foster teamwork, candor, integrity, motivate employees, encourage innovation and decrease workplace politics improve the cohesiveness of the workplace and serve as a tool for crisis prevention (Dietrich, 2013). According to Whitmire, “To be effective, leadership must be shared widely. Building an organization or coalition of leaders who share the same priority values is the task of a leader who aspires to great accomplishment.” (Whitmire, Pg 54).
Key Stakeholder Communication
As the new CEO of XYZ global financial services firm that has been negatively impacted by a national investment crisis, I plan to successfully lead the firm by first engaging with the identified key stakeholder groups: employees, customers, shareholders, and the financial regulators. The common concerns of this group are the financial health of our balance sheet, what our plans are to meet regulatory obligations and compliance, lessons learned from the national investment crisis and plans for risk management.
It is also important to provide an update or review of the national and global economy, our approach to strategy and focus for our clients, along with plans to continually train our next-generation management and continue to successfully attract high-quality people (Gogoi, 2013). Each communication strategy will employ the framework of the problem and the risk associated, and how the resolution going forward will address concerns, and how we will avoid the issue going forward.
Critical to the success of this strategy is being candid with the stakeholders. In this instance, the stakeholders will be more concerned with understanding how the issues occurred, and how it will be avoided in the future. The timeline of events and how it came to surface and the competent grasp of these issues must be included in the communication strategy. In a time of crisis, it is imperative that the company develop, “a coherent and comprehensive plan to fix its problems, including all operational, strategic, financial and transactional elements. This plan is the blueprint for survival and management must go to the mountaintop and tell the world – ‘We have a plan, we’re going to share it with you and we’re going to show you how it works for you’.” (Epstein, Pg 30).
As the new CEO of XYZ global financial services, I will immediately engage and communicate with the firms stakeholders via hosting a webcast in order to inform and empower the firms stakeholders (JWMI 505, Wk 1, Lecture 1). I will increase the knowledge of our employees and shareholders by reviewing our capital strengths, reduce uncertainty about the new regulatory environment and our new compliance plans, and define our new customer focus. I will...