Evolution of Public relations - Essay Example

Public Relations Evolution of Public relations Applied public relation provides companies an opportunity to analyze and observe how businesses interact with the key influencers and groups. Organization needs to embrace public relations to maintain and develop relationships (McKee & Lamb, 2009). It offers valuable insights on the contemporary organizations conduct their businesses. Public relation is a critical management function in planning and coordinating activities in a business entity. It needs to have a commitment to ethical practice to avoid government intervention, enhance public trust, and investor confidence. The company has realized success owing to research strategy, social media campaign, budgeting, and global public relations (Morley, 2002). On the local front, companies need have conducted local events and partnership, tactical campaign, local outreach, and public relation initiatives to drive their success. Companies expect lawyers, public relation, sales and marketers, and procurement staff to enhance service delivery. The employees are expected to have high ethical standards since the company reputation is critical. The Foreign market is diverse and requires careful management of operations to enhance reputation and patronage (Moss & DeSanto, 2002). As a company grows we are optimistic that we shall create employment opportunities for the locals, both directly and indirectly Notably, the first investor function started in America after Second World War; the country had not been affected economically compared to nations such as Germany, France, or Japan. More so, the country had been awash with investment capital by retail investors (Haig, 2006). The democratization of shares ownership increased the appetite for investment in the country. Companies started realizing the need for management of the shareholders communication. These were aimed at differentiating the public relation functions from marketing. In the same way, companies felt the need for relieving the function of shareholders communication from the finance department, who lacked communication skills (McKee & Lamb, 2009). Shareholder communications were aimed at exploring the needs of the shareholders and communicate to them the best approach that firms adopted. Change in companies is caused by government intervention and the crisis in the market; inherently, this is the case with private equity industry. The current business environment is dynamic and changing making the fund investor and managers develop new strategies. There is an overhaul of the Public relations to ensure that managers receive granular information that is critical in decision making. They have aligned policies and practices to ensure that the evolving regulatory environment does not affect operations. In essence, Public relation has become an integral part of the listed companies worldwide. Evidence shows that the industry alignment between investors and fund managers is heading towards the right path. There has been capability and process building that commensurate with the needs of the investors. However, the challenge is the ability of the regulatory overhang to influence the industry progression. McKee & Lamb (2009) says integration of technology has been introduced in the industry to increase the role in reporting, managing, and capturing data for communication purposes. Many firms are investing in technology to meet the needs of the customers. In the same regards, the technology companies have been designing products to increase their presence in private equity space. Other changes in the industry include the focus of the historical reporting and core accounting practices. This has necessitated the expansion of the benchmarking, portfolio transparency, data feeds, investor reporting tools, and aggregation of portfolio information. Public relations (PR) is a phrase used to explain the ongoing action of organizations interacting with the economic and investment society, local and international. Investor interaction is an aspect of inventory exchange lifestyle (McKee & Lamb, 2009). This recognizes companies getting current investors, potential traders, experts, and reporters. PR is a conversation and is more about organizations describing their company to the investors’ team; it is about companies paying attention to the opinions and reviews from such a team. Objectives of Public relations Why commit or even participate in Public relations? Fundamentally, the significance of PR is not just to make an attention about any given organization amongst the investor community; it also helps estimate organizations get accessibility to capital and achieve the desired economies of scale (McKee & Lamb, 2009). In other words, PR plays several roles include increasing financial investment and the convenience. In addition, they develop efficient a company-investor interaction programs. Additionally, PR activities enhance liquidity. Profiling and describing the organization to the investment group on a constant foundation can assist in developing greater attention of the company. Overtly, accessibility to stocks provides firms with pools of buyers and suppliers and, this can be a good strategy of avoiding liquidation. Similarly, one of the other priorities of PR is for an organization to accomplish a reasonable industry valuation by managing objectives in regards to the company’s current and upcoming production efficiencies. However, it should be noted that practicing PR alone would not instantly guarantee an organization increased profile, simple access to investment or a reasonable share price. Public relation is one of the necessities in the marketplace for both domestic and international companies. It encompasses institutional and private investors, financial analysts and the media. Institutional Investors are an essential type of trader to estimated companies due to the actual weight of resources that they handle and the level to which they can invest. It is commonly recognized that institutional investors own many value market. In some situations, institutional investors may also own nearly all of the companys released financial capital. All estimated organizations should aim to have a diverse variety of traders who are not only within their reach but also reliable. Typically, most investors will consist of a variety of institutional traders whose spending nature, according to a range of specifications, is determined by the structure and specifications of the resources they manage. A few finical investors in organizations are usually longer-term investors, whereas many, who will ensure the stability of the sign-up is a shorter-term partner. The role that experts perform in predicting a company’s performance is essential in establishing market objectives about its likely profitability and future establishment and development. Overtly, such have become the main standard by which companies are assessed and judged by investors. In this regard, an organization must stay very conscious of the markets objectives of its performance, and this is only possible with the assistance of independent financial analyst The strategic use of public relation in growing businesses, cultural institution, government, and social service agencies have increased in the recent past. Paralleling the growth in the use of public relation, are issues related to globalization, use of new technologies, and complexity in public relation. The authors offer insight to the development of the practice in the business world. It can be noted that the practice of public relation in an organization is to enhance openness. Public relation requires that an organization develop an effective open communication system. The practice requires the open system to make sure that the business environment is healthy. It is critical to note the key interrelated system and how they are applied in an organization setting. There is a need for an organization to understand the processes and of communicating the needs, concerns, and priorities to the media. Public relation enhances communication patterns and the commitment of the stakeholders in enhancing the better working environment. The stakeholder theory argues that the firms should be able to develop the power to influence operations. Plans are essential in an organization, but their execution needs to be in tandem with the environmental setting. In many situations, organizations find themselves in a tough situation where the decision to communicate the mishaps should be done appropriately. Finally, media forms the sole base that defines not only the organizations financial standing but also its reputation (Morley, 2002). Recent financial circumstances have significantly influenced many organizations standing that have been built up for over decades. In essence, such publicists have improved the investors desire for organizations information especially during the times when financial experiences are invisible from a companys economic papers. Employee relations in this global environment is essential in enhancing productivity. The diverse business environment requires public relations to enhance the image of the company to employees and investors. Competitiveness and challenging business environment have led to a controlling and centralized governance in organizations that increases the lack of energy and initiative. When employees are less motivated then the organization faces low productivity, but effective PR strategies are critical in increasing relations. However, globalization is changing how institutions in the local and regional levels are governed. It should be understood that globalization unlocks prospects for development; hence, the need to policies that will take advantage of the enhanced market. The increased interest in globalization shows the pervasive feeling that important issues are happening in the world. The world is interconnected and people meet and communicate easily Effective public relations strategies help in minimizing the challenges faced by the human resources such as teaching a new language, customs, and accommodation. However, self-learning and virtual training should be encouraged to reduce operational cost. Moreover, the time difference makes it difficult to communicate critical information in time (Morley, 2002). The hyper-globalizers argue that globalization presents problems than a solution to the issues facing the world. The anti-globalizers say that the existence of the free market is killing the market. They say that it has increased the extent and scale to which inequalities exist in the market. This destructive and malign force has led to unregulated markets, created environmental pollution, and loss of values. Globalization has transformed the human resource as competent and skilled employees can be outsourced. The integration of the processes, operations and human resources have enhanced competency. In Addition, this has enhanced diversity at the workplace as employees come from different background. The push for professional development is increasing through emphasize on further education, retraining, and seminar. Globalization encourages benchmarking practices that have enhanced performance. Similarly, the advancement in information technology has played a critical role business operations, enhancing competence, and edging competitors. The strategic importance of human resource information systems increases the value dimensions and changes the competencies that define the HR practitioner and professional success. Information technology has transformed human resource to provide information relevant to forecasting, training programs, staffing, and supply and demand for workforce planning. Inherently, information technology has made it possible for the corporation to train their employees regardless of the distance. The ability of employees to gain access to the company training materials is critical. The use of virtual training has made it possible for managers to train a large number of workers at the same time (Morley, 2002). The managers can advertise job applications worldwide to attract the best brains. In essence, recruitment has been made easier and efficient with the advent of the information system. The computers provide the managers with the tool to measure the employees performance. Legal and ethical perspectives in an organization and public entities is governed by regulations, laws and torts. The system theory says that the good of very elements in an organization is critical in enhancing the health of other organs. The relations between employees in an organization cut across every department in an organization. Notably, promoting morale and motivating employees at the workplace is critical in boosting the productivity. Scholars posit that enhancing positive psychology helps in increasing employee health and talent retention. Employees should be trained to enhance their skills and strengthen their capacity to perform. Arguably, there are many human resource practices that organizations use to enhance positive psychology at the workplace, but the best-known practices include high compensation, employee training, appraisal and job security, and recruitment. Skills enhancement, opportunity to participate and incentives play a critical role in increasing the motivations of employees to perform. The effectiveness of the human resource practices depends on the ability of the organization to support the external and internal environment. There are many stresses causing factors in this competitive market; hence, need for strategies of minimizing risks and stress Public relations understand that people are the greatest asset in any organization, which means that making them feel valued and satisfied is critical in enhancing success. The more employees are happier, the more productive they will become. Therefore, organizations need to create an innovative and attractive workplace for employees to be motivated. It is critical that the management develops creative ways of engaging employees in offering their ideas for developing new products, improving processes, and enhance better communication. Communication within an organization is essential in encouraging creativity at places of work starts with communication. Therefore, there should well establish communication avenues between employees and management. The management should also pair the new employees with experienced workers for mentorship (Morley, 2002). This helps them to learn new skills and culture, which is essential in employee retention and productivity. The public relation in an organization is also responsible for making sure that employees remain positive. It can be done by making honest and genuine compliments are essential in supporting positive behaviors. Positive compliments enhance the individual self-esteem and mood, which makes the brain activated and creative. When employees get a positive feedback, their behaviors changes and creativity is enhanced. Corrections and criticisms should be done in a respectable manner so that employees can feel appreciated. The organization should create goals for the employees so that when they realize it they can feel they are productive. Notably, the organizations that embrace positive psychology need to have a harmonious and balanced office environment. According to McKee & Lamb (2009), effective PR starts with good communication is a critical management tool that managers should embrace as its a function of change management. Management should ensure that they establish a good communication channel. Communication is critical in motivating the employees and problem-solving. The managers should learn to identify the issues and challenges that employees face. Moreover, change management should be graduate as resistance to change is inevitable by the employees. They should communicate to the employees the need for changing the organization structure and the plans that the organization seeks to introduce. This is critical in gaining the support from the employees. The managers should take charge of the change process and the need for the change. The constant meeting gives the employees the opportunity to give their input and create the sense of belonging. Conclusion However, it should be noted that practicing PR alone would not instantly guarantee an organization increased profile, simple access to investment or a reasonable share price. Normally, other aspects outside and in addition to the companys actions will play greater roles in achieving some key desired ends. PR is applied in companys economic scenario and basic principles, confidence in its control group and human resource. Moreover, the provision of stocks and competitiveness can have an effect on how an organization is recognized, and by the industry (McKee & Lamb, 2009). It can be noted that currently, many corporations in Brazil, Egypt, Bulgaria, UK, and other European nations are embracing Public relations. The rapid growth of the concept is the target of many companies. Essentially, PR is expected to hold up against several changes and modifications to the threats from activism. The future of PR will be extremely complex, and it will need the alteration of the entire profession in order to meet up with the specifications of the future. Nevertheless, it is very unlikely that the purpose of PR will change significantly. The primary procedure of the PR department will still be to create a useful relationship between companies and their investors. References Graham, S. (2005). The Ultimate Guide to Management and Marketing. London: Irwin Professional Pub. Haig, M. (2006). Brand Royalty: How the Worlds Top 100 Brands Thrive & Survive. New York: Kogan Page Publishers. Maidment, F. (2009). Management: Annual Edition. New York: McGraw Hill McKee, K. B. & Lamb, L. (2009) Applied Public Relations: Cases in Stakeholder Management (second edition). New York: Routledge, Publisher. Morley, M. (2002) How to Manage your Global Reputation: Aguide to the Dynamics of International Public Relation. Washington Square, NY: New York University Press Moss, D. & DeSanto, B. (2002) Public Relations Cases: International Perspectives. New York: Routledge/Taylor & Francis Group. Stauble, V. R. (2012). Marketing Strategy: A Global Perspective. London: Dryden Press Read More