Evidence-Based Management Presentation: Commonwealth Bank

This presentation explores the application of evidence-based management practices at the Commonwealth Bank, focusing on the impact of social media on employee productivity and potential risks to the organization. It examines the pros and cons of social media use in the workplace, including reduced marketing costs and increased customer engagement versus potential risks like cybercrimes and reputational damage. The presentation discusses the bank's consideration of banning social media during work hours and recommends a strict social media policy with clear guidelines and consequences. It emphasizes the importance of distinguishing between personal and corporate social media channels, continuous monitoring, and employee training to mitigate risks and protect the bank's brand. The presentation concludes by highlighting the need for crisis management plans to address potential social media-related issues.

SOCIAL MEDIA AT
THE WORKPLACE
NAME
UNIVERSITY

COMMONWEALTH BANK
• THE COMMONWEALTH BANK OF AUSTRALIAN IS A MULTINATIONAL BANK WITH
BRANCHES IN THE UNITED STATES, NEW ZEALAND, UNITED KINGDOM, AND
ASIA.
• IT IS THE LARGEST FINANCIAL INSTITUTION BANK LISTED IN THE AUSTRALIAN
SECURITIES EXCHANGE AND THE LARGEST BANK IN THE SOUTHERN
HEMISPHERE.

SOCIAL MEDIA AT WORK
• PERCEPTION: TIME SPENT ON SOCIAL MEDIA IS WASTED TIME MEANING
PRODUCTIVITY DRAINED DOWN THE DRAIN.
• EMPLOYEES ARE INCREASINGLY INCORPORATING SOCIAL MEDIA INTO A WIDE
RANGE OF ACTIVITIES WHILE AT WORK
• THE REASONS FOR USING SOCIAL MEDIA VARY AMONG EMPLOYEES
INCLUDING USING SOCIAL MEDIA AS A DISTRACTION DURING MENTAL BREAK
AND TO KEEP IN TOUCH WITH FAMILY AND FRIENDS

SOCIAL MEDIA SITES
• FACEBOOK
• TWITTER
• TINDER
• INSTAGRAM
• SNAP CHAT
• YOUTUBE
• LINKEDIN

SOCIAL MEDIA RISKS
• HUMAN ERROR
• MALICIOUS APPS AND ATTACKS
• PHISHING SCAMS

PROS OF SOCIAL MEDIA
• REDUCED MARKETING COSTS
• INCREASED SALES
• INCREASED TRAFFIC TO YOUR WEBSITE
• IMPROVED RANKING ON SEARCH ENGINES
• GREATER CUSTOMER ENGAGEMENT
• GREATER ACCESS TO INTERNATIONAL MARKETS
• OPPORTUNITY FOR CUSTOMER FEEDBACK
• OPPORTUNITY TO CONDUCT MARKET RESEARCH ABOUT YOUR CUSTOMERS
• IMPROVED NETWORKING OPPORTUNITIES WITH CUSTOMERS AND OTHER BUSINESSES.

CONS OF SOCIAL MEDIA
• NOT HAVING A CLEAR MARKETING OR SOCIAL MEDIA STRATEGY MAY RESULT IN REDUCED BENEFITS FOR
YOUR BUSINESS.
• ADDITIONAL RESOURCES MAY BE NEEDED TO MANAGE YOUR ONLINE PRESENCE.
• SOCIAL MEDIA IS IMMEDIATE AND NEEDS DAILY MONITORING.
• IF YOU DON'T ACTIVELY MANAGE YOUR SOCIAL MEDIA PRESENCE, YOU MAY NOT SEE ANY REAL BENEFITS.
• RISK OF UNWANTED OR INAPPROPRIATE BEHAVIOR ON YOUR SITE, INCLUDING BULLYING AND
HARASSMENT.
• GREATER EXPOSURE ONLINE HAS THE POTENTIAL TO ATTRACT RISKS. RISKS CAN INCLUDE NEGATIVE
FEEDBACK, INFORMATION LEAKS OR HACKING.

SOCIAL MEDIA POLICY AT COMMONWEALTH BANK
• COMMONWEALTH BANK IS CONSIDERING BANNING SOCIAL MEDIA USE
DURING WORK HOURS.
• THE TRANSPARENCY OFFERED BY SOCIAL MEDIA PLATFORMS COME WITH
BOTH BENEFITS AND COSTS.
• BESIDES HAVING THE POTENTIAL FOR ADDICTION, SOCIAL MEDIA INCREASES
THE CHANCES OF RUINING THE BUSINESS REPUTATION
• OTHER THREATS TO THE ORGANIZATION INCLUDE DECREASED
PRODUCTIVITY, CYBERCRIMES, ACCESS TO ORGANIZATION NETWORK
EXPOSING THE INSTITUTION TO HACKS AND VIRUSES THROUGH THIRD PARTY
APPS

RECOMMENDATIONS
• THE MOST SUITABLE APPROACH IS TO INSTITUTE A STRICT SOCIAL MEDIA
POLICY FOR THE BANK.
• IF PEOPLE ARE COMFORTABLE WITH SOCIAL MEDIA THEY CAN FREELY
INTERACT WITH EACH OTHER ENABLING A COHESIVE CULTURE IN THE
ORGANIZATION BY ENCOURAGING THEM TO COMMUNICATE OPENLY WITH
EACH OTHER.
• A WORKPLACE SOCIAL MEDIA POLICY GIVES EMPLOYEES A CLEAR
UNDERSTANDING OF WHAT THEY CAN AND WHAT THEY CANNOT POST
ONLINE

IMPLEMENTATION
• THERE SHOULD BE A PERSONAL SOCIAL MEDIA CHANNELS AND CORPORATE
SOCIAL MEDIA CHANNELS BOTH TO BE USED FOR DIFFERENT PURPOSES
• BESIDES DIFFERENTIATING BETWEEN THE CORPORATE SOCIAL MEDIA AND
THE PRIVATE SOCIAL MEDIA, THE CONTENT SHARED IN BOTH PLATFORMS
MUST BE CLOSELY MONITORED.
• THESE MUST BE ENFORCED BY STRICT CONSEQUENCES FOR THOSE WHO
BREAK THESE CODES OF CONDUCT.

IMPLEMENTATION CONT’D
• EMPLOYEES NEED TO BE REMINDED THAT WHATEVER THEY POST ON SOCIAL
MEDIA REPRESENTS THEIR OWN PROFESSIONAL BRAND.
• CONTINUOUSLY MONITORING THROUGH THE HELP OF A SOCIAL MEDIA
LISTENING TOOL OR DOING SIMPLE BRAND NAME SEARCHES ON TWITTER
AND INSTAGRAM.
• COMMONWEALTH BANK CAN MITIGATE THIS RISK BY EDUCATING EMPLOYEES
AND PROTECTING THE BRAND AT THE SAME TIME

SOCIAL MEDIA POLICY
• INSISIT ON PASSWORD PROTECTION
• ENGAGE ON SOCIAL MEDIA FOLLOWING A CORPORATE CRISIS
• SHARE ON-BRAND APPROVED CONTENT
• AVOID MALWARE AND RELATED MALICIOUS SOFTWARE