In: Economics
Introduction
Over the years, companies have realized that profits are no longer limited to demand, supply or marketing efforts but extend to other internal dynamics such as employee turnovers and satisfaction levels also.
In Micro economics, the role of effective communication has rapidly increased over a period of time. This is because economics is no longer limited to the effects of demand and supply alone but rather takes a broader view of the society or company and then gives alternative answers to a better strategy of managing an enterprise.
Effective communication has rightly been described as one in which the message of the sender gets clearly identified by the receiver and actionable items can be identified and taken consideration off in the time in which it had to be.
A recent happening at the office has been highlighted and how it should have been dealt and corrective measures are as indicated.
Case Specifics: -
In a recent interaction with my manager, we had to deliver a data set requirement and had multiple people working on the same. During our interaction it was decided that a different team member would provide relevant data for analysis post which I would start working on the analytical part.
Since this task then was between us, my assumption was that the other team member would be providing the data himself, whereas his was that I would reach out whenever the data would be required. The end result was that communication was flawed and we did not meet the deadline.
This is a classic case of communication gaps which takes place due to lack of documentation and mis understanding.
Solution: -
When we analysed the short comings of this communication exercise, we got to know that the problem lied in the way we expected communication to happen and the lack of documentation.
It was then decided by us, that at the end of a meeting we would circulate minutes of the meeting which would clearly beforehand indicate future tasks for us.
Once documented it becomes easier to understand and point out any misconceptions at an earlier stage and avoid delayed timelines.
Please feel free to ask your doubts in the comments section if any.