Our blog features how communication has changed in the banking sector, much like it has changed in the rest of the world. It has experienced an array of unprecedented challenges set in motion by the onset of the pandemic. Our goal is to find new and innovative solutions to a collection of concerns that have arisen on a global scale within the communication sector of banking.
Over the last year, the surge of Covid-19 infections has had a tremendous impact on the world and rendered business as usual impossible (Hawser, 2020). Managers in the banking sector have involuntarily undergone the uncertainty of collaborating, guiding, and supporting their employees virtually. They have had to navigate through new and inventive solutions to keep the lines of communication flowing smoothly between employees during the transition from an office workspace to a virtual workspace at home.
As normal life was abruptly halted, and a vast majority of job tasks were moved online, issues were bound to arise within the subfields of communication and collaboration. In the past, office space afforded banking institutions the luxury for collaboration, but with in-person interaction having been removed, management was challenged to continue collaborating with employees remotely. It proved more difficult to receive information as an employee, and thus, it became more difficult to communicate problems or potential pitfalls with management. Without some level of collaboration, the ability to problem-solve and innovate were extremely weakened. It is crucial, for a successful team, to have the ability to learn from each other and knowledge share (Waizeneggar, 2020). Therefore, being unable to learn and gain crucial knowledge from an onsite environment has proven detrimental to the flow of information as well as disruption to the level of communication and teamwork.
One solution to the challenge of collaboration has been resolved through leveraging new methods that have been made readily available, which are the result of rapid technological improvements during Covid-19. While many have faced difficulties transitioning to remote work, there is more to focus on than the technological aspects alone. More face time with peers is a goal that can be achieved even online by setting standard routines to give some normalcy to managers and employees alike. To collaborate remotely, managers are having more scheduled communications. The added scheduled communications are for colleagues, without management present, to allow positive work experiences for teams to bond and collaborate ideas (Wilk, 2020). Scheduled video conferences will aid in bringing people back into the world of banking, as this will likely kickstart group thinking and more fluid collaboration. It is stated that “These avenues of inquiry and knowledge sharing will help define, motivate, and promote future teamwork research in extreme contexts” (Maynard, 2018). As this is demonstrative of how collaborative efforts can be made during a time of crisis, the fact remains that the ability to have face-to-face interactions is perhaps the key to having success collaboratively. Maintaining teamwork and collaboration is fundamental to creating a successful work environment: The major solution is to facilitate interaction between employees in a safe environment, without management present, to support collaboration and information flow.
Another challenge that has arisen for managers in the banking sector is providing guidance and support to their employees. A survey of 787 business professionals in 93 countries earlier this year was conducted to find out how well they were prepared to manage the Covid-19 pandemic. According to their findings, just over 64% of business leaders were well prepared to lead and coordinate the pandemic response (How Has Business Continuity Management Fared During Covid-19,2020). Business leaders focused on disaster scenarios that would force an office to move its operation to another site and did not factor in a work-from-home-scenario, leaving business leaders unprepared. M. Travis Maynard et al. (2012) suggest that although working from home and using technology has been able to bring diverse and dispersed members together, teams that interact virtually often find it difficult to gain a shared understanding regarding their task. Groups of employees working together virtually struggle to coordinate their work and establish a common goal. (Maynard et al., 2012). This has led to managerial staff adjusting too slowly to the remote setting. As a result, employees have been left with little to no guidance on their projects, which has contributed to the lack of understanding between teams.
To provide necessary guidance and support to employees, managers in the banking sector have adopted new strategies. Some of the deficiencies that reduce collaboration can be diminished or eliminated by properly preparing and planning for each task. Preparation activities are even more instrumental to a group’s successful collaboration in a remote setting. These allow the team to better leverage the skills and knowledge that each individual brings (Maynard et al., 2012). To prepare participants for the role they are expected to play it is best to “plan the logistics and determine the best medium to support the meeting” (Gillcrist, 2020).
The flexibility of managers to support and guide employees has been challenged throughout the year. Through the exploration of new methods, they were able to determine which strategies were effective. Managers can take the time to do this with employees, and host reflection or mediation sessions to receive employee feedback as well (Gibson, 2020). Managers strive for a balance between the interests of employees and management by considering employee well-being (Bailey & Breslin, 2021). Also contributing to morale, managers support employees by being a source of positivity and resilience, enhancing the synergy of the team. Even over virtual communication, people can still feel and be influenced by the emotions of those around them (Gibson, 2020). Taking the time to check in with employees helps them feel supported. Managers can take this a step further by going beyond asking the employee how they are doing by also asking if there is anything that the manager themselves can help with (Geisler, 2020).
In a year that has played witness to one of the worst widespread pandemics in recorded history, it is now more important than ever for managers in the banking sector to effectively support, guide, and collaborate with their employees. Managers have embraced change as communicating effectively has become much more challenging. They have been able to maintain the ability to have face-to-face interaction with employees, while creating a space for collaboration, which is key to contributing to the overall organizational success of a firm. By taking advantage of virtual communication and creating deep, interpersonal connections with employees, managers have helped strengthen their guidance, support, and collaborative effort during this challenging time.
References:
Bailey, K., & Breslin, D. (2021). The COVID‐19 Pandemic: What can we learn from past research in organizations and management? International Journal of Management Reviews, 23(1), 3–6. https://doi-org.ezproxy.library.wwu.edu/10.1111/ijmr.12237
Geisler, J. (2020). Tamping down fear: How leaders can help their employees manage unprecedented anxiety levels. Hfm (Healthcare Financial Management), 74(8), 44–45.
Gibson, C. (2020). From “Social Distancing” to “Care in Connecting”: An Emerging Organizational Research Agenda for Turbulent Times. Academy of Management Discoveries, 6(2), 165–169. https://doi-org.ezproxy.library.wwu.edu/10.5465/amd.2020.0062
Gillcrist, Ed. (2020). How to lead and participate in a virtual environment. HR Future, 1608-8506, 18-19. HR-Future-June-2020-DIGITAL-1-compressed.pdf
Hawser, A. (2020). Innovation Catalyst: Covid-29 Has Supercharged Digital Innovation
As Banks, Financial Services and Many Other Sectors Adopt Workarounds That Are Pushing Then More Rapidly into a Virtual Future. Global Finance, 34(6), 14– 17. Innovation Catalyst: Covid-19 has supercharged digital innovation as banks,…: EBSCOhost (wwu.edu)
How Has Business Continuity Management Fared During COVID-19. (2020). South African Food Review, N.PAG.
*Maynard, M. T., Kennedy, D. M., & Resick, C. J. (2018). Teamwork in extreme environments: Lessons, challenges, and opportunities. Journal of Organizational Behavior, 39(6), 695–700. https://doi-org.ezproxy.library.wwu.edu/10.1002/job.2302
Maynard, M. T., Mathieu, J. E., Rapp, T. L., & Gilson, L. L. (2012). Something(s) old and something(s) new: Modeling drivers of global virtual team effectiveness. Journal of Organizational Behavior, 33(3), 342–365. https://doi-org.ezproxy.library.wwu.edu/10.1002/job.1772
Tjosvold, D., & Yuan Tsao. (1989). Productive organizational collaboration: The role of values and cooperation. Journal of Organizational Behavior, 10(2), 189–195. https://doi-org.ezproxy.library.wwu.edu/10.1002/job.4030100209
Waizenegger, L., McKenna, B., Cai, W., & Bendz, T. (2020). An affordance perspective of team collaboration and enforced working from home during covid-19. European Journal of Information Systems, 29(4), 429-442
Wilk, Peter. (2020). Reimagine your workplace. HR Future, 1608-8506, 14-15. HR-Future-June-2020-DIGITAL-1-compressed.pdf
Carly Biebl, Evan Hunt, Malcolm Kerr, Nicole Given and Ryan Hayton
(*all authors contributed equally to this paper)