BCOM 206 Report Template (1) (2) (1) (1)

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Communication Best Practices Report BUSINESS COMMUNICATION 206

TO: Professor Orwig FROM: Grant Trygstad, Cassandra Riehle, and Patrick Lubben DATE: 11/13/2023 SUBJECT: Business Communication Introduction Communication is the backbone of any business, organization, or firm. In order for it to run smoothly, everyone needs to be on the same page. Communicating effectively both to other departments within an organization and to clients or customers is key for success. There are lots of strategies one can use to ensure effective communication in the workplace. The specific communication strategy used may vary by domain. Moreover, the three domains researched were real estate, human resources, and banking. Both similarities and differences were found between the approaches for effective communication between different domains. Both external and internal communication are necessary for success. Within real-estate, for an employee to be successful external communication is key. This involves both reaching out to external parties and forming a relationship with a client through communication. Staying in touch with business partners and coworkers internally is important as well. Human Resources deals with a little bit of external communication when it comes to communicating with prospective employees, but most of the communication is done internally. Making sure employees are informed and valued is important to maintain a well-run organization. For banking, the main communication occurs when dealing with members, whether that involves relaying information to the members, protecting their privacy, or member interaction. Coworkers and different departments need to communicate with each other as well. Effective Communication in Real Estate In the world of real estate, there is much more to it than just selling houses and working with clients. Many problems arise daily that need to be addressed immediately. I reached out to a current real estate agent who gave insight into their daily life as a realtor and addressed all the ways in which they go about working through the problems that they face at work. After connecting with Trisha through email, I learned that the most valuable things to do in order to prevent problems in real estate is to network with anyone you can because you never know

when someone can help you down the road, having good communication and forming relationships can determine if a deal closes or not, avoid assuming people know what you’re talking about, be sure to use confident phrasing instead of using filler words, and be sure to follow up and make phone calls if messages are not being understood over email. In real estate, I learned how losing connection with partners often leads to much less sales, worse customer connections, and overall, less profit for the company. As a real estate agent, you work off commission based on how many homes you sell to clients. This leads to a huge amount of competition inside of the business. This is something that makes real estate unique and as I researched more into ways in which agents counteract this, I was able to find that by being sure to communicate with all external parties involved in a home sale, puts that agent at a major advantage in the long run. As Trisha mentioned, it is easy to forget about these external parties since they usually do not talk in person much, but doing so can determine if they are willing to go above and beyond for you which can lead to more sales, in turn meaning more profit for the company and individual. According to Forbes, “as the real estate agent, it's important that you reach out first. Every tiny step in the buying/selling process is an opportunity for a touch point, and every time you do that, your customer satisfaction rating goes up a notch.” 1 It is easy to be in the real estate business and sit back and let the clients come to you. From further research, I have found this practice to be incredibly ineffective and leads to the poorest performing agents in the firm. The main thing that sets the top performers apart from the lower is that they continue to stay in touch with clients, business partners, and even their coworkers in whatever ways possible. Some like to send out seasonal gift baskets or cards to previous clients but with the rapid expansion of social media, as the graphic below shows, it is important to keep a strong presence on social media and remain active to remain ahead of the competition. In the real estate business, many sales come from prior clients referencing their agent to a friend, so staying in touch with past clients can serve as a reminder to them that they can refer their friends to that agent. Overall, there are many problems that can arise in the world of real estate but with these issues comes a simple set of solutions that can solve and serve as a protection against future issues. If an agent gives some time out of their day to being sure to communicate and stay in touch with all internal and external business partners and clients, they are much more likely to be successful and sell more houses compared to someone who does not. Effective communication is not something that can be learned and mastered overnight. “Good communication takes practice, but it’s well worth the effort. Improving your communication skills will not only improve your real estate career, but also your life.” 2 1 Dwyer, Susanne. 2021. “7 Ways Real Estate Agents Can Master Communication. July 19. Accessed November 13, 2023. https://www.rismedia.com/2021/07/19/ways-real-estate-agents-master-communication/. 2 Markarian, Kevin. 2020. Council Post: Successful Real Estate Agents Know: Communication Is Key. January 2. Accessed November 13, 2023. https://www.forbes.com/sites/forbesrealestatecouncil/2020/01/02/successful-real-

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3 Effective Communication within Human Resources Human Resources is a vital part of every business no matter the field of interest. Furthermore, having an effective communication strategy within HR is important to connect every area of an organization, establishing a collaborative and inclusive environment. For employees to contain the knowledge needed to help the organization reach its goals and make enlightened decisions, there needs to be a coherent information exchange between HR and employees. Increased engagement, a drive for success, and productivity is seen from employees when there is effective communication from HR. 4 Establishing a clear communication process is one communication strategy that benefits communication between HR and employees within the workplace. Knowing when and how communication should happen is necessary to ensure everyone is on the same page regarding updates, employees are aware of their duties. This allows for the efficient sharing of information across an organization. An effectual process for this should include multiple different methods including emails, meetings, newsletters, postings, and more. A feedback loop should also be included to make sure that any questions or concerns are responded to within a estate-agents-know-communication-is-key/?sh=54dc4bc96a7c. 3 McGuire, Sara. 2018. 12 Real Estate Infographics to Improve Your Business Communications. February 24. Accessed November 13, 2023. https://venngage.com/blog/real-estate-infographics/. 4 Yarooms. 2023. Mastering HR Communication Strategy: From Theory to Practice. August 16. Accessed November 15, 2023. https://www.yarooms.com/blog/mastering-hr-communication-strategy-from-thoery-to-practice.

reasonable amount of time. 5 I was able to use email to connect with an HR manager. She was able to give me the update of a position, as I was a potential candidate for an internship. HR managers need to know how to effectively communicate with people outside of their organization on top of the communication practices they need to develop to be an effective communicator within. Setting expectations for communication within a business is another vital communication strategy. Ensuring all employees are aware of what is expected of them when communicating will guarantee that the communication used is respectful, professional, and appropriate. Setting expectations regarding language use, tone, and volume will help achieve this communication strategy. HR managers should also make sure their communication is given in a timely manner in respect for the employees cultivating a successful and positive workplace. Utilizing modern communication tools is another communication strategy utilized by HR managers. There are many tools in today’s digital world available for businesses to use to make communication efficient and quick. Popular examples of this include Microsoft Teams, Trella, Asana, Zoom, and Slack. Social media is another great tool necessary for businesses to create relationships and reach more people. Advertisement and recruitment are also made possible by social media. Investing in employee engagement is another important communication strategy. Activities including team building, feedback, and performance reviews help to improve the working environment. Feedback and constructive criticism offered in a supportive way can help employees grow and further develop their skills. 6 89% of HR managers believe that employee check-ins and feedback are necessary for success within an organization. 7 The encouragement of free expression of opinions and ideas by facilitating open dialogue is another great strategy. Having open forums or a suggestion box can help achieve this strategy. A culture where employees feel included when it comes to making important decisions for the 5 Handbook, HRM. 2021. Communication Strategies for Human Resources Management. November 1. Accessed November 15, 2023. https://hrmhandbook.com/general/hr-communication-strategies/#:~:text=Communication %20Strategy%20for%20Human%20Resources%201%20Establish%20a,Establish%20a%20culture%20of%20trust %20and%20respect%20. 6 Handbook, HRM. 2021. Communication Strategies for Human Resources Management. November 1. Accessed November 15, 2023. https://hrmhandbook.com/general/hr-communication-strategies/#:~:text=Communication %20Strategy%20for%20Human%20Resources%201%20Establish%20a,Establish%20a%20culture%20of%20trust %20and%20respect%20. 7 Beheshti, Naz. 2019. 10 Timely Statistics About The Connection Between Employee Engagement And Wellness. January 16. Accessed November 15, 2023. https://www.forbes.com/sites/nazbeheshti/2019/01/16/10-timely- statistics-about-the-connection-between-employee-engagement-and-wellness/?sh=1d89674a22a0.

company because their voices are heard and valued leads to a much better work environment. 8 Employees are 4.6 times more committed to putting forward their best possible work when employees believe their voices are valued according to the article “10 Timely Statistics About the Connection Between Employee Engagement and Wellness” by Naz Beheshati. 9 Following these effective communication strategies for HR management is essential for a workplace to have success. Organizations that want to be successful and carry their success into the organization’s future need an excellent communication strategy from HR. Effective Communications within Banking The best practices of communicating within a local bank are very similar to those within other business fields. Like other business fields, local banks communicate with their customers every day. These communications are vital to the success of the bank because, without effective communication, the relationship between the bank and the people becomes poor. One approach to communication is to categorize. This means categorizing digital, hard copy, and oral communications. Banks also must consider how many mediums of communication they want to use per customer interaction. They must also figure out when they should use their own automated systems, or when it would make more sense to use a third-party system. Banks also need to make sure their communication accurately reflects their services. Failure to do so not only bear financial consequences but can also bear legal ones as well. There are several laws that require the oral and written statements of banks to be fully accurate, so as to protect those who use their service. This includes the accurate timing of information as well. 10 For example, if a bank is closing a branch and does not post any sign about it to alert consumers, there will be an influx of complaints, and likely a loss of business for that bank. Another thing that is important in communication within a bank is protecting customer privacy. Privacy requirements need to be met in more formal ways like through an email or notice, but also in something as informal as conversations within a bank's lobby. An example of protecting customer privacy being breached is if a teller were to state the funds remaining in the account 8 Handbook, HRM. 2021. Communication Strategies for Human Resources Management. November 1. Accessed November 15, 2023. https://hrmhandbook.com/general/hr-communication-strategies/#:~:text=Communication %20Strategy%20for%20Human%20Resources%201%20Establish%20a,Establish%20a%20culture%20of%20trust %20and%20respect%20. 9 Beheshti, Naz. 2019. 10 Timely Statistics About The Connection Between Employee Engagement And Wellness. January 16. Accessed November 15, 2023. https://www.forbes.com/sites/nazbeheshti/2019/01/16/10-timely- statistics-about-the-connection-between-employee-engagement-and-wellness/?sh=1d89674a22a0. 10 Armstrong, Joel. 2020. Effective Bank Communications Enhance Compliance. January 1. Accessed November 18, 2023. https://www.consumercomplianceoutlook.org/2020/third-issue/effective-bank-communications-enhance- compliance/.

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of a customer loud enough that others who are not involved in the conversation could hear. This makes public the private information of the customer, putting them at increased risk of fraud, and violating their privacy. 20% 20% 20% 20% 20% Business Communication Strategies Oral Comprehension Oral Expression Written Comprehension Deductive Reasoning Speech Clarity Conclusion Even though business communication strategies vary depending on the domain, it is critical that all businesses practice effective communication. Poor communication can damage relationships both inside and outside of the business, which will likely result in a loss of sales, whereas effective communication is beneficial for maintaining good relations both inside and outside of a business. In our research, we have found many commonalities between different business on best practices of communication. Within Real Estate, Human Resources, and Banking, it is crucial That communication is clear and effective, both within the business between workers and outside of the business between customers. There are also differences between the three types of business that we research on how they should communicate. In Real Estate, it is very important that communication is assertive, it is likely more aggressive than communication should be within a Human Resources office or a bank. Other differences are that Human Resources is more concerned with internal communication, whereas banking and real estate are more concerned with external communication. Regardless of these differences, effective communication is critical to the success of a business.

Bibliography Armstrong, Joel. 2020. Effective Bank Communications Enhance Compliance. January 1. Accessed November 18, 2023. https://www.consumercomplianceoutlook.org/2020/third-issue/effective-bank- communications-enhance-compliance/. Beheshti, Naz. 2019. 10 Timely Statistics About The Connection Between Employee Engagement And Wellness. January 16. Accessed November 15, 2023. https://www.forbes.com/sites/nazbeheshti/2019/01/16/10-timely-statistics-about-the- connection-between-employee-engagement-and-wellness/?sh=1d89674a22a0. Dwyer, Susanne. 2021. “7 Ways Real Estate Agents Can Master Communication. July 19. Accessed November 13, 2023. https://www.rismedia.com/2021/07/19/ways-real- estate-agents-master-communication/. Handbook, HRM. 2021. Communication Strategies for Human Resources Management. November 1. Accessed November 15, 2023. https://hrmhandbook.com/general/hr- communication-strategies/#:~:text=Communication%20Strategy%20for%20Human %20Resources%201%20Establish%20a,Establish%20a%20culture%20of%20trust%20and %20respect%20. Markarian, Kevin. 2020. Council Post: Successful Real Estate Agents Know: Communication Is Key. January 2. Accessed November 13, 2023. https://www.forbes.com/sites/forbesrealestatecouncil/2020/01/02/successful-real- estate-agents-know-communication-is-key/?sh=54dc4bc96a7c. Mcguire, Sara. 2018. 12 Real Estate Infographics to Improve Your Business Communications. February 24. Accessed November 13, 2023. https://venngage.com/blog/real-estate- infographics/. Yarooms. 2023. Mastering HR Communication Strategy: From Theory to Practice. August 16. Accessed November 15, 2023. https://www.yarooms.com/blog/mastering-hr- communication-strategy-from-theory-to-practice.

BCOM 206 Report Template (1) (2) (1) (1)

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