Introduction
Communication is the exchange of information through various mediums and is crucial for all organizational processes. As society continues to change fast, communication is also evolving in line with technological advancements and changing employee’s requirements (Shwom & Snyder, 2012). In the finance industry, there is a need to identify the communication trends and skills necessary for high productivity currently and in the future. This report presents the most relevant trends and skills in communication using the acronym V.I.V.I.D., which stands for Virtual Interactions, Visualization, Information, and Digitization.
Virtual Interactions
The high frequency of financial transactions requires a real-time medium of communication to reduce delays in transmitting crucial information for decision-making. Employees need systems that are seamless, easy to handle, yet highly secure in day-to-day operations. The financial sector is witnessing the rise of virtual systems of communication, such as teleconferencing and versatile mobile applications. Further, technological innovations are making bank tellers and other staff redundant, which will increase the physical distance between the remaining employees within the organizations. Financial institutions need to invest in virtual communication systems that will provide seamless interactions between staff. Virtual systems allow the relay of instant information, which saves time. On the contrary, employees spend many hours each day looking for relevant data. In the future, the use of communication systems and work practices that enable the transmission of information within the preferred time will be a prevalent practice.
Visualization
In the age of information overload, data visualization is a rising trend in communication. The method involves the use of visual presentations of data through pictures, videos, and infographics (Davies et al., 2011). It simplifies and quickens the analysis of enormous data loads. Visualization relies on the use of screens to present information in a comprehensive yet straightforward style to ease consumption. The method also makes the process of data analysis engaging, and entertaining. In that case, several businesses are increasingly shifting to visual sharing of information to ensure employees get the right figures on time and in a convenient manner. For example, a staff member who is handling a client may not have the opportunity to take out his or her cellphone to read a message. However, by installing a screen beside the desk, the employee will quickly access relevant information while simultaneously handling a client.
Information
Most organizations have fragmented methods of information generation and sharing. There is a distinct break between internal and external communication where the former is divided into small chunks for different employees. The processes of fragmentation lead to loss of data, inefficiencies, and lack of awareness on crucial organization issues. Therefore, several companies are adopting a holistic approach to communication by merging internal and external briefs. The organizations share the information on a need-to-know basis, which reduces the wastage of resources in meaningless sharing. In an all-inclusive approach, the employees receive tailored messages to ensure their involvement (Hastreiter, n.d.). They also get communication briefs meant for external audiences to keep them at pace with organizational engagements. According to Shonubi and Akintaro (2016), effective communication involves clarity of ideas, understanding of the environment, top-down and bottom-up consultation, and good listening. The generation of such information requires the use of advanced computing skills to gather data, process efficiently, and share it in a manner that appeals to all the recipients. More so, developing a wholesome content requires a combination of computer and communication skills. Some of the communication skills to emphasize include oral, written, non-verbal, and listening skills (Lippman et al., 2015). It is in the best interest of organizational executives in the financial industry to focus on recruiting personnel with relevant content generation skills.
Digitization
The ongoing shift to virtual communication and visualization of data requires organizations and employees to have the set of abilities for the effective use of digital media tools. Digital literacy is a skill that is gaining relevance and will be a crucial determinant of organizational efficiency in the coming years (Davies et al., 2011). Virtual communication requires staff to have the devices, connectivity, and understanding necessary for maintaining seamless connectivity. Therefore, organizations need to invest in equipment that aids the virtual processes. Visualization of data requires employees to have the capability to create informative and entertaining content in a short time. Mobile and computer applications will form the basis of all future organizational communication, which necessitates the need for workers to acquire the set skills for leveraging mobile operating systems to develop applications.
Conclusion
The field of corporate communication is witnessing a variety of disruptive trends and the introduction of new skill sets. The changes point to the need to remain relevant and productive in an evolving society. By leveraging technology and employee skills, organizations can adopt various communications now and in the future. Some of the trends include virtual communication, visualization of data, content generation, and digital literacy. The four patterns and associated skills are already shaping the industry presently, and will play a defining role in the success of corporate organizations in the financial industry. This report sought to present the nature and the impacts of the vital trends in the industry to inform decision making within the organization.
References
Davies, A., Fidler, D., & Gorbis, M. (2011). Future work skills 2020. Institute for the Future for University of Phoenix Research Institute.
Hastreiter, N. (n.d). What’s the future of workplace communication? Future of Everything. Web.
Lippman, L. H., Ryberg, R., Carney, R., Moore, K. A., & Trends, C. (2015). Workforce connections: Key soft skills that foster youth workforce success. Child Trends Inc.
Shonubi, A. O., & Akintaro, A. A. (2016). The impact of effective communication on organizational performance. The International Journal of Social Sciences and Humanities Invention, 3(3), 1904-1914.
Shwom, B. L., & Snyder, L. G. (2012). Business communication: Polishing your professional presence. Pearson.