Corporate Meetings
February 12, 2025
Imagine a world without communication! You have a brilliant idea with you but don’t possess the power of communication. You have a strong desire for something, but cannot express your desires. Life would be dull, blank and the world would not be worth living. Such is the power of communication. Communication is the essence of […]
Management is essential in every walk of life. Even what we eat should be managed. You just can’t put anything in your mouth. One needs to be cautious. In the same way, a team must be managed effectively to expect the best from the team members. The team leader plays an essential role in managing […]
The Basel norms suggest that organizations assess their own credit risk internally. In order to do so, they are required to calculate the probability of default, exposure at default, and loss given default. The loss given default is the amount of money that is not recovered in the event of a default. Earlier financial statistical […]
The business of reinsurance is to provide coverage against catastrophic events which may be caused by the wrath of nature. We are well aware of the fact that nature can be unpredictable. Even though reinsurance companies are able to predict the timing as well as the impact of natural calamities with a high degree of […]
Leaders, Managers, and Crisis Leaders Often, there is some confusion about what managers do and what leaders do. While the former and the latter perform similarly, the essential difference between them is the vision, the charisma, and the ability to persuade and convince their followers to “walk on water” if need be are the key […]
Effective Communication is significant for managers in the organizations so as to perform the basic functions of management, i.e., Planning, Organizing, Leading and Controlling.
Communication helps managers to perform their jobs and responsibilities. Communication serves as a foundation for planning.
All the essential information must be communicated to the managers who in-turn must communicate the plans so as to implement them.
Organizing also requires effective communication with others about their job task. Similarly leaders as managers must communicate effectively with their subordinates so as to achieve the team goals.
Controlling is not possible without written and oral communication.
Managers devote a great part of their time in communication. They generally devote approximately 6 hours per day in communicating. They spend great time on face to face or telephonic communication with their superiors, subordinates, colleagues, customers or suppliers.
Managers also use Written Communication in form of letters, reports or memos wherever oral communication is not feasible.
Thus, we can say that “effective communication is a building block of successful organizations”. In other words, communication acts as organizational blood.
The importance of communication in an organization can be summarized as follows:
There are various levels of hierarchy and certain principles and guidelines that employees must follow in an organization. They must comply with organizational policies, perform their job role efficiently and communicate any work problem and grievance to their superiors.
Thus, communication helps in controlling function of management.
An effective and efficient communication system requires managerial proficiency in delivering and receiving messages.
A manager must discover various barriers to communication, analyze the reasons for their occurrence and take preventive steps to avoid those barriers.
Thus, the primary responsibility of a manager is to develop and maintain an effective communication system in the organization.
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