subject is Business research

ACCOUNTING
INTERNAL RELATIONSHIP MANAGEMENT STRATEGIES AND BUSINESS PERFORMANCE
(BUSINESS RESEARCH FOR COMMONWEALTH BANK OF AUSTRALIA— LITERATURE REVIEW)
Table of Contents
Introduction to Background Information and Relevance of Study    3
Project Objective and Scope    3
Internal Relationship Management Strategies    3
Business Performance    5
Internal Relationship Management and Business Performance    6
Conclusion from Communalities, Similarities and Differences in Literature    7
Identifying Gaps in Literature    8
Quality and Currencies of Selected Literature    9
Summary and Conclusion    9
References    10
Introduction to Background Information and Relevance of Study
Within a business organisation, the management of relationships is very important. It is not necessary that the relation have to be between the seller and the buyer, but also between the employee and the employer of the company. This gives rise to the concept of internal relationship management that helps the employees to associate with their workplace organisation more intricately, as well as perform better. The problem prevailing in this area amongst the business organisations is mainly that they are not being able to manage their internal relations with their employees, which is why the latter are not being able to consider themselves as a part of their organisation dedicatedly. Hence, this area of research is of high relevance to review the prevailing literature because with its help, the problem could be analysed in depth and suitable strategies could be identified for improving internal relationship management. Keeping in mind the Commonwealth Bank of Australia, their business performance could be enhanced.
Project Objective and Scope
The objectives of the project is—
· To analyse the relationship between strategies for internal relationship management and performance of a business, which is measurable through the number of papers delved into for this purpose
· To conduct literature review in this context by critically analysing the sources
· To base the research on the Commonwealth Bank of Australia (CBA) by measuring their business performance in this context
The scope of the research is to review the prevailing literature on the internal relationship management strategies in the organisation. As an example, the prevailing literature has been associated and aligned with the business performance of CBA. Therefore, the literature present in the terms of internal relationship management strategies and the business performance have been assessed for their communalities, similarities and differences in this context only, beyond which the research cannot fathom.
Internal Relationship Management Strategies
The internal relationship management strategies are used in accordance to the organisational demand and situations at hand. Considering the importance of internal relationship management, Eroshkin et al. (2018) suggested that every organisation, with a large human resource dissected in multiple departments must invest and investigate ways to develop proper internal relationship management strategies, for they generate coordination and ultimately the scope of earning consistent profit. The used internal relationship management strategies take note of the specific condition of the internals of an organisation and focus on the sharing of information from one department to another in organisations such as Commonwealth Bank of Australia. The sharing of details, as supported by da Rosa, Lunkes and Brizzola (2018), is one of the best ways of improving the status internal relationship management, which in general remains less emphasised.
Taking a different approach from Eroshkin et al. (2018), and apart from considering the importance of information sharing among different departments of an organisation, Neill (2018) suggested that internal relationship management strategies are important to reduce the communication gap among lower level employees and their managers. As business organisations change over time in an attempt to align themselves with the external market conditions, the existing framework of the human resource layout does not fit properly, requiring abrupt changes in the framework. The employees offer resistance to change if the relationship between the mangers and them are not hospitable, leading to undermining performance and internal conflict, as seen in the case of Commonwealth Bank of Australia. Therefore, Neill (2018) suggested that internal relationship management strategies focus on relationship goals instead of information sharing.
Despite the difference in perspective of Eroshkin et al. (2018) and Neill (2018) as per the objectives of internal relationship management strategies, both agreed on common aspects that are beneficial to the organisation from all aspects. Firstly, both agreed that in order to generate positive attitude in the workforce, the use of internal relationship management strategies are required. In the view of both Eroshkin et al. (2018) and Neill (2018) strategies applied for the improvement of the internal relationship, irrespective of their methods and areas of concern improve the coordination level of upper and lower level employees. The coordination of employees must be improved and the strategies of internal relationship management involve the sharing of information as well as the communication between the different organisational level employees working at Commonwealth Bank of Australia.
The emphasis on the sharing of information, as suggested by Eroshkin et al. (2018) from one department to another within an organisation improved the communication level between upper and lower level employees. While progressing in a reverse manner, Neill (2018) suggests after the upper and lower level employees develop a cordial relationship with one another, the sharing of information becomes unhindered. It is found that in case of both the focus on improving information sharing and communication between the upper and lower level employees, the use of Social Exchange theory are common. As stated by Huang et al. (2018), the social exchange theory suggests that different sides relating to mutual goals always require the sharing of information and communication; both of the aspects complement each other, aiming at refined performance of the organisation.
Business Performance
The business performance of an organisation depends largely on the performance of the human resource at the disposal and the method of motivating them consistently. As stated by Clements and Kamau (2018), the business performance of many business organisations depend on the Goal Setting theory, according to which, common goals, which are specific to individual generates motivation for the attaining of the goal, eventually leading to better performance of...