(Ezra Bailey/Getty Images, n.d.)
1.0 Introduction
This report explores the potential use of social media in the workplace to address the communication issues Westpac Banking Corporation faces. The company has a considerable reputation and requires efficient communication to smoothen operations, satisfy employees, and provide better customer service. This report will analyse different digital communications, compare Yammer and Slack, which are social media platforms used in internal communication, identify the implementation factors, and provide recommendations for the organisation.
1.1 The Problem
Most organisations have embraced social media, which has revolved around how the current business operates in its marketing, internal communication, and offering customer feedback (Dantas et al., 2022). With this trend of social media use, the main question is how Westpac Banking Corporation can utilise social media in the workplace to communicate internally and fix the organisation’s communication issues.
1.2 Overview of Westpac Banking Corporation
Bank of South Wales was established in 1817 at changed its name to Westpac Banking Corporation in 1982 (Westpac Banking Corporation, 2023). As one of the oldest and largest financial institutions with a presence in Australia’s market, the company is forefront in offering financial services. The company’s core business activities include investment, wealth management, insurance, and retail and corporate banking. Boasting a vast national and international presence, Westpac serves millions of customers, making digital communication technology integral to its business strategy, as outlined by Forsgren & Byström (2018) in their study.
2.0 Analysis of Digital Communication
GovOS Team (2022) defines Digital communication technology as the use of online platforms such as texting, email, and social media messaging to reach specific audiences or individuals in passing information. Digital communication technology has immensely transformed the normal operations of businesses (Forsgren & Byström, 2018). This banking institution embraces a variety of digital communication, which are essential to daily operations. These technologies facilitate seamless customer experiences, efficient internal communication, and access to financial services across multiple channels. Westpac employs mobile apps, online banking platforms, and chatbots and maintains a robust social media presence. In the context of Westpac, it refers to utilising social media platforms with the organisation’s internal communication strategy. Social has impacted the business by fostering collaboration, information sharing, and enhancing employee transparency (Ewing et al., 2019).
3.0 Comparison of two social media platforms used in internal communication
This section compares two social platforms, “Yammer” and “Slack”, for their potential use in Westpac Banking Corporation’s internal communication.
3.1 Yammer
Yammer is a social media platform owned by Microsoft designed to allow collaboration and communication by employees within an organisation (Johnson, 2023). According to Johnson (2023), this platform functions like Facebook, allowing employees to create profiles, join groups, and share updates with colleagues. Additionally, the platform is accessible as a stand-alone app or via a browser with features such as a newsfeed with the latest posts by co-workers and departments. Finally, it has an instant messaging tool that allows direct employee communication.
3.1.2 Advantages of Yammer
Yammer enhances collaboration among employees in an organisation which is justified by Bizzi (2021) in his research article on the benefits of social media on employees. This platform improves collaboration by allowing employees to share ideas and expertise across departments and within departments of a given institution. According to (Johnson, 2023), the organisation can use this platform to share policies, procedures, announcements, and news directly with its employees. Since this app operates like Facebook, employees can ask prompt questions and get feedback when they do not know whom to ask. The platform can build camaraderie, which makes employees co-exist peacefully with friendship through the informal interaction offered by this platform. Subsequently, employees can share images, videos, and documents, enhancing knowledge exchange. Finally, the platform allows the company to conduct surveys and polls.
3.1.3 Disadvantages of Yammer
Although the marvellous advantages of Yammer, the social media platform also has weaknesses and disadvantages. Sharing sensitive information on an external platform might raise privacy concerns and hurt users (Alam, 2018). Finally, with large companies, there is a massive volume of messages causing information overload. The information overload causes employees to need help tracking essential updates so that they might miss valuable communications.
3.2 Slack
Slack was developed for organisational and professional use but is now considered a social platform (Gofine & Clark, 2017). Slack is a real-time messaging platform that offers channels for team communication. It allows teams, groups, or communities to join a “workspace” via an invitation link or specific URL sent by an admin.
3.2.1 Advantages of Slack
Slack gives corporations and individuals several benefits, highlighted by Texas Creative (2019). Firstly, the platform’s channels are well organised as they allow for an organised and focused discussion; hence it is transparent and objective oriented. Secondly, the platform has integration capabilities since it can integrate with project management tools and other applications, streamlining the workflow. The platform allows users to find past information and conversation through its robust search functionality. Slack is more secure than email collaboration since the latter has the risk of phishing and spam. Slack Connect allows one to securely work with customers, vendors, and partners.
3.2.2 Disadvantages of Slack
Slack is accompanied by some disadvantages that users and companies must consider. The platform is costly since its advanced features are expensive; hence its implementation will require a significant capital outlay (Müller, 2023). Some employees have initial difficulty learning how to navigate Slack’s features and interface. Subsequently, Slack’s messages are deleted after 14 days, and one might lose information if they did not note them. Finally, the usage of the platform is distracting and addictive hence can make some employees not perform effectively.
3.3 Factors to Consider for Implementation
If it implements social media platforms like Yammer and Slack, Westpac Banking Corporation must consider the following factors. Firstly, the firm needs to consider if the chosen platforms comply with national and international laws on security and privacy (Ewing et al., 2019). The platform must also comply with the organisation’s security and privacy to protect sensitive information. Westpac needs to consider the resources to facilitate user training and support. The organisation must provide employees comprehensive training and ongoing support to maximise platform usage and adoption. Finally, the firm must consider how the platform chosen integrates with the company’s existing communication tools and systems.
4.0 Recommendations
Based on the above analysis and comparison of Yammer and Slack, the following actions are recommendable for Westpac’s management. Firstly, Westpac should implement Slack since it has robust features and integration. The platform is a suitable choice for the firm. However, management should conduct a cost-benefit analysis to assess its feasibility. The company should, after that, conduct a phased implementation that gradually rolls out across the departments for a smooth transition and to manage the learning curve. Finally, the organisation needs to develop a clear communication plan informing staff about the benefits and guidelines for using the new platform.
5.0 Conclusion
Implementing social platforms in the workplace to communicate internally with staff has significant potential benefits. Adopting and embracing technological platforms such as Slack fosters collaboration enhances information sharing, and creates an efficient work environment. However, Westpac’s management must consider some implementation factors before implementing the technology. Embracing social media in the workplace can transform Westpac’s internal communication, positioning the bank for continued success in the dynamic financial landscape.
References
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