Over the past 20 years, Zena has worked for some of the biggest international and national brands. Having worked both agency and client side, Zena has strong insight and experience across most facets of marketing, specialising in media, strategy and BTL. From the client perspective we only had one agency relationship to manage, and as a result we invested a lot of energy into making sure it ran smoothly.
In addition, it can make it an unpleasant place to work and can lead to higher employee turnover, which can lead to even lower efficiency. Therefore, it is within the agency's best interest to attempt to mend the relationships among its staff.
This process can be done in various ways. Discussion One way in which problems can be resolved is by creating an open forum for discussion. If problems are not brought out into the open, then they tend to fester.
By creating a forum in which employees can bring management's attention to problems, without fear of reprisal, the agency takes a first step to resolving the issues that need addressing.
An agency should consider a town hall forum or other public space. Mediation When a problem has been made public, then an agency can attempt to solve the problem by mediating the conflict between the involved. In some cases, a senior member of the company may act as mediator.
However, in other cases, to maintain impartiality, the company may hire an outside mediator to come in and help the warring parties solve their differences.
The mediation is designed to satisfy both parties as much as possible. Video of the Day Brought to you by Techwalla Brought to you by Techwalla Arbitration In some cases, if a problem cannot be successfully mediated, then the two parties may choose to arbitrate the dispute.
In this case, both parties agree to let another person hear their sides of the disagreement and abide by the decision rendered. This is less preferable to mediation in that it will more often leave one party feeling cheated.
However, if a dispute can be resolved amicably, judgment must be rendered. Segregation In some cases, conflict can be resolved by allowing two or more parties to keep their distance from each other. If two employees, or two factions of employees, cannot get along, then it may be preferable to limit their contact with each other.
This can be done by moving one party to another location or changing the agency structure so the two parties don't interact.
References "The Dynamics of Conflict Resolution"; Bernard Mayer; About the Author Michael Wolfe has been writing and editing sincewith a background including both business and creative writing.
He has worked as a reporter for a community newspaper in New York City and a federal policy newsletter in Washington, D. Wolfe holds a B.The principal–agent problem, in political science and economics, (also known as agency dilemma or the agency problem) occurs when one person or entity (the "agent") is able to make decisions and/or take actions on behalf of, or that impact, another person or entity: the "principal".
The principal and agent create an agency relationship. This is a business relationship where a principal gives legal authority to an agent to act on the principal's behalf when dealing with a third party. An agency relationship is a fiduciary relationship. This reversed relationship resulted in the agency problem between Lehman’s shareholders and directors.
Conclusion The agency problem cannot be eliminated as long as there is an agent who is not the percent true owner of the company. Types of Agency Relationships Agency is a relationship between a principal and an agent in which the principal confers his/her rights on the agent to act on behalf of the principal.
An agency relationship is fiduciary in nature and the actions and words of an agent exchanged with a third party bind the principal.
· Agency by Operation of Law: Agencies recognized by courts -- e.g., family relationships, emergency situations -- in the absence of any formal agreement, confirmation, or act or omission by the principal that implied the agent's authority.
Usually deals with necessities. What is the 'Agency Problem' The agency problem is a conflict of interest inherent in any relationship where one party is expected to act in another's best interests.
In corporate finance, the.