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 and plans to release to its target audience and stakeholders, utilizing tools such as Mary Munter’s Audience Strategy. 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 learned from the national investment crisis and plans for risk management. In addition, it will discuss the recommendation of three areas that as the new CEO of XYZ global financial services firm needs to focus and apply to influence the values of the firm and prevent a future crises by creating a culture of candor, trust, and learning.
Values are beliefs that people have about what is important or worthwhile to them. Values influence behavior because people seek more of what they value. Values therefore can be seen as the guideposts for behavior. An individual’s values are in large part, derived from the social environment in which he or she lives. For example, in Western democracies, life, liberty and the pursuit of happiness are some of the things we value. Similarly, our home life, our friends, and fraternal societies we join, experiences obtaining an education, and the companies we work for, may influence our
value frameworks (Crossan, M., Gandz, J., & Seijts, G., 2012).
Sharing a common set of core values helps employees work together toward the same goals. 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, and 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).
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 stake holder groups which are the firm’s employees, customers, shareholders, and the financial regulators. The shared common concerns of this group are the financial health of our balance sheet, what our plans 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, but 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. The level of leadership can only be assessed by the individual(s) grasp of the problem and what solutions will be put in place to resolve the issue and ultimately reduce risk to the stakeholders. It is also important to convey how the company has performed prior to the issues and reflection the commitment to social responsibility and federal compliance.
As the new CEO of XYZ global financial services, I will immediately engage and communicate with the firms stakeholders via hosting a Town Hall webcast in order to inform and empower the firms stakeholders (JWI 505, Week 1, Lesson1). I will inform and 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 defines our new customer focus. I will empower and transfer authority to our stakeholders by reviewing our strategy based on the mission and values of the organization to continually train and successfully attract high-quality employees and provide a candid assessment of where our country and the world are today and discuss our opportunities for success and anticipated challenges. My stakeholder communication will incorporate qualities of my “Conscientiousness” DiSC management style. As a result, the stakeholder communication will include an acknowledgement of the firm’s past mistakes, accurate and factual tone, and detail descriptions. In addition, it will positively impact the effectiveness of the presentation because the ideas and key points will be logical, I will put development opportunities into the clear, introduce a well-organized framework, and pinpoint potential problems and address the concerns for regulatory compliance and risk management (http://www.discprofile.com, 2013).
Eight-Minute Persuasive Presentation
As the new CEO, I have a plan to get the firm back into good standings in order to share my vision, I have planned an eight minute presentation to persuade key stakeholders which includes the following six key points and the delivery strategy and expected effect on my target audience: 1) Key Point: XYZ global financial services firm enterprise financial review. a) Delivery Strategy: Direct approach and review the firm’s strong underlying performance across all of our lines of business, stock performance and market share position. b) Expected Effect: Enhanced sense of self-worth and accomplishments as the firm’s strong performance is directly linked to the employee performance and stakeholders investment. In addition, it establishes credibility via shared values and common ground. 2) Key Point: Our control and regulatory agenda is our top priority. a) Delivery Strategy: Direct approach and candidly discuss the lessons learned from the national financial crisis and how we must and will do a better job at compliance. In addition, highlight our shared common interest with financial regulators to build and sustain a strong and safe financial system. b) Expected Effect: My audience will be convinced that there is a problem with our compliance process and will want to come back to equilibrium by accepting the presented solution. 3) Key Point: A candid assessment of where our country and the world are today. a) Delivery Strategy: Provide a list of pros and cons of the firm’s strengths, weaknesses, opportunities and challenges in alignment with the state of our national and global economy and customer’s trends. b) Expected Effect: My audience will accept our opportunities for success and anticipate the obstacles we will need to overcome. 4) Key Point: XYZ global financial services firm faces the future with a strong hand. a) Delivery Strategy: Review and provide direct insight into our lines of businesses. Describe how the lines of business have consistently delivered results and are among the best in its field and how they each gain strength from being part of the organization as a whole. b) Expected Effect: My target audience will perceive that we are consistent in our actions. 5) Key Point: We never will lose focus on the reason we are here. a) Delivery Strategy: Directly review the firm exists to serve our clients and how we will deploy our unique capabilities to do even more for our clients and communities. b) Expected Effect: My target audience will sense the benefits to our clients and social responsibility to our communities and as group achieves a sense of group self worth. 6) Key Point: Our people are our future.
a) Delivery Strategy: Directly describe how we are going to continue to develop and retain our leaders. b) Expected Effect: My target audience will see the career benefits of our firm’s employee career advancement development strategy and show we invest in our people. Core Values
Three areas that as the new CEO of XYZ global financial services firm that I will focus and apply to influence the values of the firm and prevent crises is by creating a culture of candor, trust, and learning. The first way to prevent crises is by creating and rewarding a culture of candor. As a CEO, I must ask for it, reward it, praise it, model it and talk publically about it (Welch, 2010). I must model and explain to the XYZ global financial services firm employees that they are “owners” of the firm and their job-functions, not matter the title, are essential to the firm’s success (DeAngelo, 2013). I will make public heroes out of the leaders and people who demonstrate it via a monthly award and it will be a part of our annual performance reviews. (Welch, 2010). Lastly, I will hold spontaneous, impromptu skip-level meetings with staff, individually and within teams, where I will ask the employees to comment on their working environments, where they are able to speak freely about what bothers them, what they like and don’t like about working in their organization and for their leaders.
The first element of a culture of trust is to sets high standards, in writing. This sets a bar that can be used to judge the tone-at-the-top and model and guide staff all the way down to the newest employee. Secondly, as an organization we will develop the framework which clarifies expectations and promotes an environment of integrity, honesty and fairness. Third, we will openly and actively assess integrity in the individuals and group situations we, as a team, encounter. I will provide XYZ global financial services firm with a framework for discussing the importance of integrity in our daily activities across hierarchical lines, locations and functions and will enable XYZ global financial services firm to develop a shared understanding of integrity derived from the new financial regulations. Finally, when we see areas where integrity is not held in accord with our values, we will take immediate corrective action (Meder, 2011). XYZ global financial services firm needs knowledgeable leaders, our people are our future. As leader, XYZ global financial services firm will enable an education process and encourages ongoing education.
As a group, we must take action to maintain our professional competence and encourage ongoing education. I will encourage and celebrate XYZ global financial services firm leaders when they read a journal article, attend a conference, and are academically inquisitive (Meder, 2011). In addition, the firm will provide communication to our employees on the firm’s robust tuition reimbursement assistance program and provide career models and functioning groups. The functioning groups will serve as communities for the employees to network and learn about the many career opportunities available at the firm. Conclusion
In conclusion, the stakeholder’s communication strategy requires an evaluation or “research” of the target audience’s situation, needs, DiSC management style, competitive landscape, role (such as decision maker, recommender and influencer), beliefs and values, or buying criteria (Munter, 2012). However, 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.
Lastly, in order to prevent a crisis, organizations must influence and create a culture that includes values such as candor, integrity, and learning. Without candor and integrity leaders cannot build good relationships with followers, with their organizational superiors, with allies or partners. Every promise has to be guaranteed and the resulting mistrust slows down decisions and actions.