Sample Essay On Disaster Management And Strategies
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Management has four different angles in it which are planning, organizing, leading and controlling and all of these elements are essential for the long run growth of an organization (Canary and McPhee, 2011). The risk pertains to a specific field or solution will be recommended as the management of the respective aspect. For instance if it relates to finance, then it will knowing as Financial Management and when it is associated with the Human Resources, it is known as Human Resources Management. Apart from these general management and analytical aspects, there is yet another part of management which known as Risk Management (Clausen, 2006). Risk is the uncertain situation that associated with an organization, and it is very important for the companies to mitigate and manage their risk profile in order to become competitive (Conrad and Poole, 1998).
For an organization, there are two risks known as Micro Risk and Macro Risk, and it is essential for the companies to manage both of these risks in order to flourish positively and effectively in the market place. One of the major things that associated with the mitigation management of riskiness level is communication and consultation with the shareholders (Conrad and Poole, 2005). The main objective of this assignment is to analyze the core importance of communication and consultation with the shareholders in terms of managing both micro and macro risk. It is essential to identify both of the parts and the effects of powerful communication and consultation in perspective of micro and macro risk management.
Analysis & Findings
Shareholders are very important for the sake of an organization, as without effective shareholders management, it is not possible for an entity to bring economic and strategic prosperity and effectiveness within their functionality. There are two different types of shareholders which are internal shareholders and external shareholders (Conrad and Poole, 2005).
Internal shareholders are the type of shareholders which are associated with the internal well-being of an organization that includes the employees and the management, while the shareholders or stakeholders that associated with outside of an organization known as investors and the government authorities (Corman and Poole, 2000). The stance or action to maintain significance among the shareholders is very important as it let the organizations perform their functions in an appropriate manner. Micro Risk associated with the Internal Shareholders and their consultation, while macro risk exclusively associated with the external shareholders and their core consultation. It is important to address both of these points separately and simultaneously to complete the paper in a perfect and organized manner.
Micro Level Risk and Communication
Communication is one of the most incredible activities that associated specifically with the organizations as it is the only activity through which the productivity of the organizations would have been increased perfectly (Corman and Poole, 2000). Communication is a two way process in which two or more than two people involves in this particular category in which people consult and communicate thoroughly which each other to reach on a reliable, powerful and organized solution. Without perfect communication among the parties, it is not possible for the companies to manage the level of effectiveness within their core operations (May and Mumby, 2005).
Micro level risk associated with the internal aspect and profile of an entity, therefore the internal shareholders will be taken into consideration for the consultation and communication process which are Employees and the Management (Miller, 1999).
Importance of Communication and Consultation to Mitigate Micro Risk
Employees are very important for the sake of an organization, and without proper identification and domination of employees, it is very difficult for the companies to maintain their significance in a prescribed and effective manner. In the end of the day, only those companies can get the added advantage which are able to maintain strong significance among their organizational level as far as managing their employees are concerned (Miller, 1999).
Employees’ worth a lot for an organization and it is very important for the enterprises to communicate heavily with their employees, especially prior to take any important decision for the company (Miller, 2005). There is a new and unique technique which is now applied effectively over the organizations with the name of Management Bi Objective (MBO) in which the companies will be in regular and strong communication with their employees in order to have a close look over their issues and problems and give proper recommendations and solutions to overcome on the issues (Miller, Conrad and Poole, 2007).
Communication is extremely important in terms of increasing the level of satisfaction among the employees of an organization, because it gives a power and level of worth like of relief to the employees from which they can work independently and without any sort of pressure and influence on them. The risk level that can be mitigated consequently with the incremental communication among the management and the employees is Employees Turnover (Miller, Conrad and Poole, 2007). Employee’s turnover is a state in which an employee deliberately leaves the job with their own intention or made the employee less productive. Organizations should make an important stance to increase the level of satisfaction among the employees in order to maintain their significance and competition level in a best place. Some of the dominating examples found in the practical world in which the employees involves physically in the communication and consultation process from which their productivity enhances incredibly like Apple Inc, Google and others.
On the other hand, upper management is also important for the level of significance of an organization, because they are very much concerned with the operations of the company. Upper management usually deals with taking effective and timely decisions for the sake of an organization. Consultation and communication with the upper management officials are very important for the companies to maintain strong significance in the market (Mumby, 1988). The riskiness of the companies will make it perfect for the long run significance in the market. Upper management should have a clear picture of the organization from which they can make effective and powerful decisions for the betterment of the company. Through proper communication and consultation, the upper management of an organization can take powerful and timely decisions which will certainly gives superb effectiveness to their future. Hence, it can be said that proper communication is also important for the upper management to take powerful decisions in particular. The risk of taking ineffective decisions for the company will be truncated from the organizational level by consulting and communicating properly with the managerial officials of the company as they have comparatively better ideas than that of other professionals to stand out positively in the market.
Importance of Communication and Consultation to Mitigate Macro Risk
The other part of economics which is Macro Economics is the branch of economics that usually associated with the external challenges of an organization (Mumby, 1988). Macro economics is the branch of economics in which things will be influence from the external source. Likewise Micro based risk, there are macros risks level as well that totally associated and impacted over the organizations. Some of the major macro risks are external investors (shareholders) and Government entities as well.
Investors or External Shareholders are known as the actual owner of an organization as without their appreciation and money, the possibility of maintaining effectiveness in their functions is not at all possible. According to the Business Ethics (BE) and Corporate Social Responsibility (CSR), it is very important for the enterprises to maintain a strong significance with their ling of management for their betterment and powerful course of action (Mumby, 2011).
According to the regulations, it is very important for the organizations to arrange Annual General Meetings (AGMs) and Extraordinary General Meetings (EOGM) in which powerful actions and decisions for the companies should have been taken into prior basis. AGMs and EOGMs are some of the greatest mediums to increase the level of communication among the shareholders at an appropriate manner. Shareholders have the right to incorporate their decision and participation within the decision making stance of the company and suggest the management to take certain decisions accordingly. They also have the proxy rights from which they can hire and fire any managerial officials with strong and concrete evidence. Macro risk associated with an organization, if the external shareholders started to take out their invested money from the stocks of the company as it will be ineffective for the bottom line of the company. Therefore, in order to be competitive and perfect in a given industry engagement of shareholders in terms of communication and consultation with the management of the company is more than necessary, and the practice should be introduce and enhance within the organizational level for their effectiveness and betterment (Mumby, 2011).
Apart from the external investors, government entities and officials are some other regulatory authorizes which are very essential and effective for the organizations as far as managing their power and prosperity. It is important for the companies to have strong communication with the government and legal authorities before expanding their networking and establishing other aspects in line. Consultation with the legal authorities is extremely important for the companies, as it is the only thing that gives power to the companies to exaggerate their things in their own favor. It also prevents an organization to plunge from unnecessary and illegal affairs which will not be essential and effective for their long run effectiveness and productivity (Mumby, 2013). Almost every organization of the world is now considering complying with the industry standards and regulations through proper, timely and detailed communication with the government entities to mitigate the level of macro risk from this analytical view. Therefore, it can be said that likewise the importance of communication in the micro process, it cannot be ignored for the macroeconomic process as well, as both of the risk levels are important to meet and comply by the companies for their better management and prosperity.
Risk Arising From Visitors Behavior and Activities
This particular risk level associated with the multinational organizations in which visitors from outside visited the activities and behavior of the company along with their management styles and operational purposes. It is very important for the companies to increase the level of communication among the visitors through arranging powerful campaigns and functions within their premises (Mumby, 2013). Not only telling them about their process, operations and procedures but also communicates them about the risk they are having during their operations. The behavior and activities of the visitors are more than effective and powerful for the companies, and they are about to maintain this significance in the market for their core effectiveness. Hence, communication is the best method that can be applied for the same position and action for the betterment of the company. Proper consultation and communication with the visitors is also necessary to have an improvement and betterment among their behavior. The level of communication among the visitors should be on a higher level in order to bring all sorts of effectiveness and competitiveness in their core operations and activities and they will be in the fine touch for the entities as far as increasing their revenues and mitigating risk levels.
Apparently, there are two important kinds of communication are there known as Downward Communication and Upward Communication. Both of these types of communications are very effective and essential for the companies to maintain the operations of their going concern in a productive and effective method and manner.
Most of the authors of organizational management are in the fact that proper communication is very important to maintain the level of significance among the operations and mitigating the operational risk. The main objective of this assignment is to use powerful communication as a medium to maintain effective level among the employees. From this entire analysis, it is revealed that proper communication and consultation is very important for the companies to decrease the level of micro and macro risk substantially.
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