Knowing how their business operates and what trends are affecting it is becoming more and more of a crucial skill for communication professionals. To be considered strategic advisers, communicators need to have a solid grasp of finance and economics. Easier said than done, right?
CW asked David Remund, APR, Ph.D., professor of public relations at the University of Oregon, to elaborate on how exactly communication professionals can expand their understanding of finance and business concepts, from understanding financial statements to helping organizations respond to global business trends.
Prior to teaching, Remund designed and managed corporate-wide strategic communication programs for Bank of America, Principal Financial Group, and multiple divisions of Wells Fargo & Co. He is the author of The ART of Responsible Communication: Leading with Values Every Day.
Jessica Burnette-Lemon: Why are financial and economic literacy important for communication professionals?
David Remund: Within the coming years, the average lifetime of an American corporation is expected to be about a decade, at best. That’s a stark contrast from the prior century when many corporations thrived for decades. The global economy and increased competition make for an increasingly tough marketplace. Whether you work in business or some other sector, you likely feel these pressures already. Organizations of all types and in all industries must continually and rapidly adapt, and perform both efficiently and sustainably. Communication plays a pivotal role when it comes to this kind of large-scale organizational change and adaptation. Financial and economic literacy are essential for change leadership of this magnitude and for effective organizational communication, in general.
JBL: How does increased financial literacy change the work that communication professionals do?
DR: Most of us in the communication field want to make a meaningful difference within our organizations,...
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