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Submitted by rotaspain on July 14, 2007
Category: Miscellaneous
Words: 3516 | Pages: 15
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Communication is a major and essential part of any business relationships. In today’s business world communication and miscommunication can make or break an organization. Recently, Standard and Poor (S&P) made a serious error in its calculations and communicated wrong information to the world in regards to 612 mortgage securities. “Standard & Poor\'s admitted to making a nearly $5 billion blunder in correcting its own estimate for subprime securities it is reviewing for ratings cuts” (CNN.COM). “ S&P corrected the volume of residential mortgage-backed securities it placed under review for downgrade on Tuesday to $7.35 billion from $12.1 billion” (CNN.COM). This error has cost hundreds of thousand s of dollars from potential investors. The errors communicated to the public by the well-respected S&P are socially irresponsible, but reveal how important accurate communication is.
People in organizations typically spend over 75% of their time in an interpersonal situation, thus it is no surprise to find that at the root of a large number of organizational problems is poor communication. Effective communication is an essential component of organizational success whether it is at the interpersonal, intergroup, intragroup, organizational, or external levels.
In order to be an effective manager in the work force today, one must have a very good understanding of the various ways in which people interact and communicate with one another. It is critical that good leaders display the ability to effectively communicate with their associates and subordinates as well as train and encourage others to demonstrate those same communication skills. By doing so, they will promote both a healthy and efficient work environment that everyone will be sure to enjoy.
The first challenge in effectively communicating with today’s workforce is diversity. The work force today is more diverse than ever and is rapidly becoming even more diversified as time passes....
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