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Using Social Media in the Workplace to Communicate Iinternally with Staff 2A

Social Media has gained momentum in the 21st century and has affected communication in all aspects. The prominent communication in the workplace between employees and systems is termed as internal communication which is the backbone of any organization (Meikle, 2016). There is substantial communication that is recorded and non-recorded and social media has helped the organisation to aid both these aspects. This report explores the implementation of social media-based internal communication within banking organizations, focusing on NAB (Australia). In the ever-changing banking finance landscape, effective and instantaneous communication is critical. In addition to recognizing the crucial role this communication, medium of communication plays in boosting engagement and information exchange, this report explores the advantages and reasoning to this aspect.

Social Media-Based Internal Communication in Banking Organisations

Internal communication via social media has become more popular in banking companies as a way to encourage employee participation, cooperation, and information exchange. Real-time updates, improved accessibility, and the capacity to reach a geographically distributed workforce are just a few benefits of this method. It makes it easier to share information, creates a feeling of community, and even enhances decision-making (Madsen, 2021). However, in the heavily regulated banking industry, ensuring data security, privacy, and regulatory compliance is crucial (Nagachevska et al., 2023). Moreover, a clear regulatory framework is necessary due to the possibility of workplace distractions and social media usage. The effectiveness of social media-driven internal communication in banking establishments depends on a well-rounded strategy that capitalizes on its advantages while reducing related hazards.

Rationale & Benefits

This revolutionary change is based on the need for effective, real-time communication in a sector where timely and accurate information is critical. Meikle (2016) says that social media platforms are a desirable option for facilitating quick, organization-wide communication since banking firms often depend on the fast transmission of information. The multi-generational nature of the banking workforce emphasizes how crucial it is to use communication strategies that appeal to a wide range of employees. Social media platforms are ideal for meeting the needs of younger, tech-savvy workers while being usable by more senior generations. Social media-based internal communication in banking has several advantages. It enables real-time updates, guaranteeing that staff members are promptly informed on internal affairs, market trends, and policy changes. Social media platforms facilitate knowledge exchange and cooperation, improving organizational learning due to their user-friendliness and accessibility (Nagachevska et al., 2023). The need for quick, effective communication among a varied workforce is the justification for banking businesses to use social media-based internal communication. Real-time updates, enhanced accessibility, information exchange, and increased engagement are some of the advantages. These benefits are in line with the changing demands of the banking sector.

Challenges & Regulatory Issues

Within banking businesses, integrating social media-based internal communication is not without its difficulties and regulatory considerations. Ensuring data security and privacy is one of the main obstacles. Because it deals with private and sensitive data, the financial sector is a prominent target for data breaches and cyberattacks. As such, strict protocols are necessary to safeguard confidential information (CA, 2023). Banking organizations need to have strong security measures in place and be aware of the possible threats connected to social media usage. Striking a balance between the potential for employee diversion and the beneficial use of social media for internal communication is another crucial difficulty. Employees may be enticed to abuse social media, specifically in the case of NAB, mobile SMS-based issues have been a concern to the organization. SMS spoofing and this concern have an impact on internal social media-based communication (Financial Review, 2023). Since the banking industry is highly regulated, adhering to legal regulations is a major worry when using social media for internal communication. 

Action Plan

To guarantee a seamless transition and optimize the advantages, NAB’s implementation of social media-based internal communication needs a well-organized action plan. Starting with strategic considerations and ending with efficient monitoring and assessment. A comprehensive internal evaluation to identify the unique requirements, organizational culture, and current communication resources of the company. To create thorough social media rules and guidelines should include matters like privacy, permitted usage, data security, and regulatory compliance (Madsen, 2021). Employee Onboarding and Training are also important while giving staff members programs for onboarding and training. To help workers minimize possible distractions while using social media for internal communication. Select relevant social media channels that meet the communication requirements of the company. The workforce's diversity should be considered in this decision. There should be no problems integrating with the current communication systems and procedures. Implementation should be gradually expanded across the whole company. Keep an eye on how social media is being used for internal communication and utilize feedback methods to improve. To determine the success of social media-based internal communication, put monitoring tools and evaluation metrics into practice. Review the results often and make any necessary adjustments to the plan.

Social Media at Workplace: Workplace (Meta) & Teams (Microsoft)

Introduction

Social media-based internal communication has become a dynamic factor in the banking industry, changing how financial institutions interact with their employees in an ever-changing world (Meikle, 2016). Using social media for internal communication is a notable trend in Australia. Australia has one of the greatest rates of social media penetration in the world, with over 81% of its people actively using social media (We Are Social, 2023). With a focus on National Australia Bank (NAB), this report explores the advantages, challenges, and possible legal concerns related to the use of social media for internal communication in the banking industry. This report also discussed a comparison analysis and implementation advice for two of the selected platforms (Microsoft Teams & Facebook Workplace).

About NAB

National Australia Bank (NAB) is one of Australia's most well-known banks and has a history that dates back to 1858 (NAB, 2023). NAB, along with ANZ, Commonwealth Bank, and Westpac, is regarded as one of Australia's "big four" banks due to its significant market share in both the Australian and New Zealand markets (Yeates, 2023). NAB is committed to technology and innovation. The bank's extensive online and mobile banking offerings attest to its strong investment in digital transformation. This focus on technology is in line with the rising significance of internal communication via social media since the adoption of such tactics requires technical preparedness. NAB has also realized how important it is to promote employee engagement and a healthy workplace culture. The company's commitment to improving employee experiences is consistent with the advantages of social media-based internal communication that have been discussed in earlier sections, such as increased engagement and knowledge exchange (NAB, 2023). Adopting social media-based internal communication requires caution in this legal context, with a particular emphasis on data protection and compliance (Nagachevska et al., 2023).

Social Media Communication

Social media communication is becoming a fundamental aspect of contemporary life, influencing how people interact and exchange information with one another, and with organizations. A recent report by We Are Social (2023) demonstrates the platform's extensive usage. Social networking sites like LinkedIn, Twitter, Instagram, and Facebook have completely changed how we communicate and get information. The vast reach of social media communication is among its most remarkable features. Facebook is the biggest social network in the world, with over 3.03 billion monthly active members (Statista, 2023). Organizations may engage with their target consumers in previously unheard-of ways due to this broad reach. Social media sites are also abundant sources of current data and information. Users contribute their ideas, opinions, and preferences, giving businesses useful information for product and marketing development. Twitter is a go-to source for breaking news and trends because of its fast-paced nature, which makes it an ideal platform for real-time news and event reporting. It is impossible to overestimate the influence social media has on engagement and communication. Businesses have used these channels to market goods and services, establish and preserve connections with clients, and conduct two-way dialogues.

Microsoft Teams

Microsoft Teams provides a strong platform for internal communication and collaboration, but there are important factors that businesses need to take into account. The safety of data and compliance are top priorities (Hubbard et al., 2021). Even though Microsoft Teams is safe, to completely reduce threats, enterprises must establish strong security setups and user access restrictions. Moreover, adhering to regulations may be quite difficult, especially for highly regulated sectors like banking. Businesses need to make sure that their usage of Microsoft Teams complies with industry-specific rules, such as those set down by the Banking Authorities and government laws such as the Banking Act 1959, etc (Yang et al., 2019) The risk of distraction and information overload is another important concern. Users may get overloaded with the continual barrage of messages, alerts, and channel changes, which will reduce their productivity. To efficiently manage and simplify communications, organizations must put plans into place. The platform's ease of use might encourage informal communication, which could have a detrimental effect on the workplace atmosphere and blur the borders between professionalism and non-professionalism. Microsoft Teams is an effective tool for internal collaboration, data security, and legal compliance, and precautions against information overload must be carefully considered. To fully realize the potential of the platform, a critical approach that weighs the advantages and difficulties is necessary.

Workplace by Facebook (Meta)

Meta’s Workplace is a special platform intended to infuse the familiarity of social media into the office setting. Meta’s Workplace offers an easy-to-use platform for internal communication in businesses. It promotes a feeling of community and connection among staff members by enabling them to converse, work together on projects, and communicate information. Workplace groups, live video, and response capabilities all help to foster employee engagement. These resources support the development of a dynamic workplace culture and the fortification of employee bonds. The workplace is well-suited for the contemporary workforce because it places a heavy emphasis on mobile access, which makes it possible for workers to remain engaged and connected even while they're on the road.

Workplace makes use of the easily identifiable Facebook interface, which makes it accessible and easy to use for staff members who are already acquainted with the social media network. As a result, adoption is promoted and the learning curve is lowered. In comparison to other internal communication systems, Workplace provides affordable prices and tiered pricing options. Because of this, it can be a desirable choice for companies trying to control expenses (Meta, 2023).

Organizations may be wary about Workplace's data security because of Meta’s past privacy violations and data breaches (Satariano, 2023). Protecting sensitive data is of utmost importance. The casual nature of social media use in general might make professional lines less clear. Workers could converse casually with one another, which might have a detrimental effect on the workplace atmosphere.

Comparison

Both Facebook Office and Microsoft Teams are well-known systems for internal communication in the office, each having specific features, applications, benefits, and drawbacks. A complete platform for collaboration, Microsoft Teams provides file sharing, video conferencing, real-time chat, and connectivity with other Microsoft Office programs. It is extensively used for internal communication, project management, and team collaboration in a variety of sectors. Microsoft Teams has over 270 million daily active users as of now in 2023 (Ruby, 2023). Microsoft Teams has many benefits, such as an extensive feature set, rigorous security protocols, and a smooth interface with Microsoft 365. But, given its wealth of capabilities, it can be expensive and needs some getting used to for those who are not accustomed to the Microsoft environment.

On the other hand, Workplace aims to provide an atmosphere akin to social media for internal communication in businesses. It places a focus on casual, simple communication among co-workers. Several businesses have embraced Facebook Workplace, even though precise user numbers are not made public. Its benefits are rooted in its mobile accessibility, user interaction features, and recognizable Facebook-like interface.

Microsoft Teams

Meta Workplace

Advantages

1

Teams seamlessly integrate with Microsoft 365

1

It offers a user-friendly interface similar to regular Meta Facebook

2

Offers a wide range of features, including document collaboration, screen sharing, and meeting scheduling.

2

The platform encourages engagement and community-building among employees.

3

Teams place a strong emphasis on data security, with end-to-end encryption and compliance with various data protection regulations.

3

It's designed for mobile use, catering to the modern workforce.

Disadvantages

1

High cost, making it less accessible for small businesses.

1

The informal nature of the Workplace may blur professional boundaries

2

Its extensive features may present a learning curve

2

Privacy Concerns

Implementation Dimensions

When implementing social media-based internal communication in a business, several important elements must be carefully taken into account (Madsen, 2021). First and foremost, privacy and data security need to come first. Strong security measures and data protection processes are required in light of the growing number of data breaches and privacy concerns. Organizations need to guarantee the confidentiality of sensitive information and adhere to data protection requirements. Another crucial component is regulatory compliance. Organizations must comply with industry-specific guidelines and governmental restrictions when using social media for communication in highly regulated fields like banking (Nagachevska et al., 2021). Organizations also need to address the issue of distraction and information overload. Negative effects on worker productivity may result from an incessant barrage of messages and to minimize distractions and manage and simplify communications, effective techniques are required.

References

  1. (2023). Australia’s New Scam Code To Make Banks, Telcos, and Social Media Responsible for Fraud Safety. https://complyadvantage.com/insights/australias-new-scam-code-to-make-banks-telcos-and-social-media-responsible-for-fraud-safety/

Financial Review. (2023). NAB moves on phone scams as agency eyes SMS register. https://www.afr.com/companies/financial-services/nab-moves-on-phone-scams-as-agency-eyes-sms-register-20230214-p5ckbf

Hubbard, M., Bailey, M. J., Hess, D., & Hellebro, M. (2021). Mastering microsoft teams (pp. 57-74). Apress.

Madsen, V. T. (2021). Internal Social Media and Internal Communication. Current Trends and Issues in Internal Communication: Theory and Practice, 57-74.

Meikle, G. (2016). Social media: Communication, sharing and visibility. Routledge.

Meta. (2023). Workplace. https://about.meta.com/technologies/workplace/

NAB. (2023). About us. https://www.nab.com.au/about-us

NAB. (2023). Annual Report 2022. https://www.nab.com.au/content/dam/nab/documents/reports/corporate/2022-annual-report.pdf

Nagachevska, O., Dzhereleiko, S., & Kushka, P. (2023). Efficient internal communications in the banking sector: significance, functions, and techniques of their implementation. Journal of Innovations and Sustainability7(2), 13-13.

Ruby. D. (2023). 52 Microsoft Teams Statistics For 2023 (Users, Trends & Data). https://www.demandsage.com/microsoft-teams-statistics/

Satariano. A. (2023). Meta Fined $1.3 Billion for Violating E.U. Data Privacy Rules. NY Times https://www.nytimes.com/2023/05/22/business/meta-facebook-eu-privacy-fine.html#:~:text=Meta%20on%20Monday%20was%20fined,European%20Union%20data%20protection%20rules.

Statista. (2023). Most popular social networks worldwide as of October 2023, ranked by number of monthly active users. https://www.statista.com/statistics/272014/global-social-networks-ranked-by-number-of-users/#:~:text=Global%20social%20networks%20ranked%20by%20number%20of%20users%202023&text=Market%20leader%20Facebook%20was%20the,three%20billion%20monthly%20active%20users.

We are social. (2023). DIGITAL 2023 AUSTRALIA: 1 IN 3 AUSTRALIANS USE SOCIAL NETWORKS FOR BRAND RESEARCH. https://wearesocial.com/au/blog/2023/02/digital-2023-australia-1-in-3-australians-use-social-networks-for-brand-research/#:~:text=According%20to%20the%20study%2C%2025.31,or%2081%25%20of%20the%20population.

Yang, Z., Gan, C., & Li, Z. (2019). Role of bank regulation on bank performance: Evidence from Asia-Pacific commercial banks. Journal of risk and financial management, 12(3), 131.

Yeates. C. (2023). Australian banks’ ‘consistently high’ NZ profits face new inquiry. The Sydney Morning Herald. https://www.smh.com.au/business/banking-and-finance/australian-banks-consistently-high-nz-profits-face-new-inquiry-20230620-p5di16.html

  1. (2023). Australia’s New Scam Code To Make Banks, Telcos, and Social Media Responsible for Fraud Safety. https://complyadvantage.com/insights/australias-new-scam-code-to-make-banks-telcos-and-social-media-responsible-for-fraud-safety/

Financial Review. (2023). NAB moves on phone scams as agency eyes SMS register. https://www.afr.com/companies/financial-services/nab-moves-on-phone-scams-as-agency-eyes-sms-register-20230214-p5ckbf

Madsen, V. T. (2021). Internal Social Media and Internal Communication. Current Trends and Issues in Internal Communication: Theory and Practice, 57-74.

Meikle, G. (2016). Social media: Communication, sharing, and visibility. Routledge.

Nagachevska, O., Dzhereleiko, S., & Kushka, P. (2023). Efficient internal communications in the banking sector: significance, functions, and techniques of their implementation. Journal of Innovations and Sustainability7(2), 13-13.

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