The holding company for the Magnum Berhad Group of Companies is Magnum Berhad. An earlier name for the company was Kuala Lumpur Stock Exchange Main Board until 11 January 1982, when Multi-Purpose Holdings was renamed Bursa Malaysia Securities Berhad. The company was founded on August 18, 1975, as Multi-Purpose Holdings Berhad(Gomez,2018). On the 28th of June of last year, the company changed its name to reflect this. Magnum Corporation Sdn. Bhd. is a Malaysian company that provides lottery services. Horse racing clubs, four-digit number betting games, and more are all part of what the company does and maintains. There are customers all across the world for Magnum Corporation. Commercial gaming is the primary focus of Magnum Berhad’s operations in Malaysia. Formed in December 1968 as Magnum Corporation Berhad, the firm was Malaysia’s first private company to be awarded a license to promote, administer, and manage 4-digit numbers forecast betting. 1970 marked the year Magnum became a publicly traded business and was listed on the Kuala Lumpur Stock Exchange (KLSE).
An organization’s internal or external communications are referred to as its “corporate communications.” Customers and potential customers are among the most common audiences.
- The most important stakeholders (such as the C-Suite and investors)
- The general public and the media
Federal and state governments, as well as non-governmental organizations that oversee financial institutions
Depending on the target audience, corporate communications can take a variety of formats. The written word (reports, adverts, website copy, promotional materials, emails, memoranda, press releases) and non-spoken word (meetings, press conferences, interviews, video) make up the majority of a company’s communication strategy (photographs, illustrations, infographics, general branding)(triose & Camilleri,2012). When it comes to communicating with consumers, employees, stakeholders, media, the general public, and regulatory authorities, the term “corporate communications” refers to these strategies. Corporate communication may be broken down into three main categories: management communication, marketing communication, and organizational communication. These three areas all work together to form a comprehensive strategy for corporate communication.
TYPES OF CORPORATE COMMUNICATION
Internal and exterior communication helps describe the many functions and techniques of corporate communication. They help CEOs understand what they’re saying, who they’re saying it to, and how it’s being delivered.
When a firm communicates its mission, vision, and strategic goals to its personnel, this is referred to as internal communications. An anticipated change in programs, new guidelines, or information on new products or services could be the subject of this letter. An example of the significance of corporate communication in this context is the acquisition of a company by another corporation.
Communications intended for other organizations, shareholders, or the general public are included here. They aid in disseminating information about the company, as well as new products, services, and technological advancements. For example, it might be used to promote new items or establish customer trust. Public relations and other forms of marketing may play a role. When a corporation improves the environmental aspects of its manufacturing, this could be an example of corporate communication. Advertising and public relations are used as part of the business communication strategy to notify stakeholders about this endeavor. Both of these kinds of internal communication are necessary for a well-functioning company with clear messaging.
Corporate communication tools
A wide range of corporate communication tools is employed by businesses to disseminate information and attract stakeholders’ attention. Every day, new tools are added to the list. These are some of the most often used ones:
Social media has radically revolutionized how businesses connect with customers, we are not exaggerating. The use of social media platforms for business communication has exploded in recent years, particularly Facebook, Twitter, Instagram, Pinterest, and LinkedIn.Using social media, an organization may reach a vast audience rapidly and at a minimal cost. For businesses, this is a terrific way to raise awareness of their products and services, while also enhancing their relationships with their customers. A company’s social media profiles can be used to announce new items or services to the general audience. In-person or online meetings are both options.
Announcements and special offers
Stakeholders can learn about new items and promotions from these. They can also be used to get comments from the public at large. In the past, these would have been given out in physical form, but nowadays, they’re more likely to be distributed via email.
To introduce the organization and its values to stakeholders, video can be utilized as a corporate communication tool. I’m not just talking about social media here. Webcasts allow the combination of text, graphics, audio, and video, which can connect individuals to the same channel at different times and locations. Webcasts are. Alternatively, webinars could be hosted by organizations in the sector or by the general public. New ideas and enterprises can be included in documentaries.
Strategize and Plan Your Communications
When developing an internal communications strategy, it’s important to know what your organizations communication needs are before putting together a plan. The following questions can assist you in developing the most effective communication strategy: In what ways do you envision internal communications benefiting you and your team? In what time frame would you prefer to accomplish your objectives? When it comes to developing an effective internal communications plan for your company, you may choose to make it as simple or complex as necessary. Making the organization more effective in internal communications is always a top priority for every corporation.
Communicate Clearly and Consistently
Consistency between internal and external messaging is hampered by a lack of a strategic and effective internal communications infrastructure. Even in large, decentralized firms, the information does not always flow uniformly between departments and levels. That’s in large part because managers’ capacity to communicate effectively depends on whether or not they share information at their discretion. Provide all personnel with a “core story” that serves as an overview of the organization’s overall mission and values. Internal communication relies as much on employee expectations as it does on the organization’s potential effects to keep things running smoothly. Employees and internal stakeholders will be more likely to trust and support your efforts if you communicate frequently, consistently, and equitably with them.
Whenever Possible, Include Metrics.
It’s possible to learn a lot about a group’s work ethic by tracking how they perform regularly. Measuring progress and sharing metrics with employees can help them better understand the methods communicators use to show the return on their communications investments. Evaluations should consider both the involvement of intermediaries, such as departmental managers and the involvement of end-users when engaging with employees. Businesses can use internal communications software to more easily communicate metrics to remain competitive in a job market that is more dependent on technology.
Provide a means for people to voice their opinions and suggestions
A strong internal communications program requires regular, two-way input. A wide range of options is accessible to corporations, including online software that encourages open communication amongst all employees. Discussions on the workplace, products, procedures, etc. can also benefit from channels of feedback, which don’t limit logistical conversations to in-person meetings and keep the dialogue moving. A company’s ability to achieve its goals, develop new strategies, provide high-quality products and services, and enhance its interpersonal relationships can all benefit from the regular receipt and transmission of feedback and ideas inside the business.
Communicate and collaborate with colleagues from different departments
If a business wants its employees to be able to learn from one another, cross-departmental communication is a must. To facilitate cross-departmental communication, collaboration, and insight sharing, holding Q&A sessions or other special events is a good strategy.
Regular interdepartmental Q&A sessions, for example, can help to promote knowledge exchange across departments and so improve overall employee engagement. Cross-departmental collaboration keeps employees from feeling isolated, making it one of the most effective internal communications strategies.
Ensure Openness and Honesty
More than merely a business practice, transparency is an organizational mindset. An organization’s capacity to foster a culture of openness and cooperation depends on its ability to communicate effectively inside. This can discourage employees from seeking clarification and voicing their opinions and concerns when they feel misinformed. There is a limit to the amount of information that can be shared with everyone at all times. Maintaining some level of openness about what influences an employee’s work effort can have a profound effect on the organization’s morale and productivity.
Avoid Overwhelming Communication
Many internal communication strategies, especially in larger and faster-growing firms, have the potential to cause communication overload. If you want to be heard, make sure you communicate frequently and concisely. Communicate less frequently if you need to distribute significant amounts of information. Communication overload can be minimized by finding a middle ground between what has to be said and what your staff can handle at one time. It’s all about making sure you’re always sending the appropriate message to the right person at the right time.
Encourage the Use of Employee Benefits and Training Programs
Employees should be informed about the benefits and resources available to them through a well-designed internal communications strategy. From health insurance and dental coverage to workplace seminars, off-site training options, and career-building workshops are just some of the topics covered in this section. To motivate employees to participate in their own personal and professional growth through the organization, regular promotion of resources can be achieved by using a combination of email, chat, internal blogs, and in-person team meetings.
Communication practices on the achievement of organizational goals
To achieve company objectives, employees at all levels must be able to communicate effectively within the firm. An effective organizational communication strategy, on the other hand, ensures that employees are equipped with the necessary information, structure, as well as pleasant work environment to handle conflict efficiently. There are numerous ways in which open communication can lead to fresh ideas and creativity. The ability of employees to focus on creating improvements and finding opportunities for innovation that might help advance success is enhanced when they are aware of what is vital to their companies. Employees are more inclined to submit their ideas if they know that their thoughts are valued and that the company’s management is open to their input. Good ideas for products and services can come from customers as well.
Organizational relationships are strengthened and strikes and lockouts are avoided when employees communicate openly. When communication is ineffective, the goals and objectives of an organization might be undermined. Inadequate communication has resulted in waste and costly errors. Bad communication is a primary cause of miscommunication and poor planning in a lot of companies. This is since managers use knowledge gleaned via a communication to make decisions that affect the organization’s performance. The ability of a manager to effectively communicate his or her decisions and the results of those actions to others is critical. For the most part, managers are preoccupied with fulfilling objectives and go to the human resources department for guidance on how to communicate effectively.
The accuracy and speed of employees’ work can be improved by focusing on sound and effective communication, as well as other innovations, such as structures that allow the ease of access and flow of communication. To keep up with today’s increasingly diverse workplaces, firms need to focus more on effective communication methods. An organization’s ability to communicate effectively is an essential part of its success. Progress necessitates that a message is communicated clearly and understood by the intended audience. Moving forward is pointless if the essential message is misunderstood or if obstacles stand in the way.
It is important to understand how the mode of communication affects the quality of communication in an organization to establish effective tactics that support quality communication. Communication between employers and employees must be clear, full, and accurate at all times. There are a variety of obstacles that can stand in the way of clear and effective communication when it comes to intercultural situations.
Communication practices can be further improved for the organization
Embrace the power of the intranet’s social features.
Make sure your employees are connected socially. No matter if you’re already on Facebook, Twitter, or Instagram, you’re bound to run across a problem that affects everyone in the industry at some point or another. Employees today rely on social media platforms like Facebook, Twitter, and Instagram to coexist in social realms, and these platforms are cluttered with worthless media and external connections. There is a good chance that your company’s most talented employees already use social media. Provide a secluded environment.
Make sure your employees can get some alone time if they need it. At work, employees who are always on social media and their mobile devices give off the impression that they’re “always on.” An increasing number of companies are implementing the open office concept, in which employees share a workstation with no partitions or doors between them. However, being in this type of setting can be psychologically taxing. Your company must create an environment that encourages innovation. A little breathing room is frequently just what the creative soul needs. Smaller meetings can be held in private huddle rooms or separate work areas with designated meeting locations.
Consider using video conferencing.
Some work from home. Organizational success depends on meeting the communication demands of even a small number of distant personnel. As a result, a large number of employees use the internet and their mobile devices while at work(gray & Laidlaw,2018). You can improve communication and cooperation by fostering the exchange of knowledge through the use of graphics, information, and on-site services. A fantastic technique to develop teamwork is to see coworkers face-to-face and on-screen rather than reading an email.
Prioritize the culture of the firm.
As the business sector expands, companies now require work methods that emphasize culture. Because millennials care about company reputation, brand philosophy, and new ways of engaging with customers. When it comes to the long-term viability and efficiency of your company, culture is more essential than you think. Individual ideas from employees should be encouraged. In the end, the company is nothing more than the sum of its parts.
Communicate two-way instead.
When it came to encouraging communication and cooperation among employees, many companies relied on a top-down strategy. It’s a tried-and-true strategy, but it’s out of date. Even at the highest echelons of government, all communication channels should be two-way. Content production, social media presence, and mobile apps can all help. Remember that employees have grown accustomed to collaborating digitally.
In conclusion, if an organization wants to succeed both internally and externally, it must have a well-thought-out communications strategy. Despite the difficulty of measuring and navigating the numerous roles of corporate communications, some executives fail to appreciate the importance of these efforts. A basic understanding of corporate communications’ major duties might be helpful if you’re an industry professional or an organization leader trying to update your company’s communications strategy. What are corporate communications? What are its benefits? What skills do communications professionals need to be successful? What are the five primary functions of these initiatives?
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