This Just In ...
How's Your Reputation?
According to the latest Edelman's trust and credibility survey, as reported in the Harvard Business Review, in today's world there is a "staggering lack of confidence in leadership: 71% of survey respondents said government officials are not at all or somewhat credible, and 63% said the same about CEOs. The credibility of CEOs fell by 12 points this year, to 37% globally."
We are living in an era of backlash against authority that has been borne mainly by government and the media, but business is no longer above the fray. Today reputation management is critical to businesses that want to protect their credibility and brand. According to Christina Villena of The Hanover Insurance Group, businesses should assess their vulnerability to reputational risk by asking these questions:
Does the company deliver on its promised reputation? Companies spend billions of dollars each year on marketing and branding. Follow through and delivering the promised reputation to stakeholders is critical in maintaining trust.
Have external beliefs and expectations changed? External expectations should influence internal practices. An ongoing assessment of internal policies should lead to important adjustments to an institution’s risk management procedures.
How efficient is internal coordination? Working in silos can lead to inefficiencies, poor performance, more risks and inadequate response to crises. Set compliance expectations with more than written policies and emails. Guide employees at all levels toward truly understanding pertinent laws and regulations and required actions.
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