A shifting landscape, characterised by disruptive new ways of doing business, political movements and fast-changing technology, has had an immense impact on organisational – and broader – reputation.
In the last decade, reputation has become equally as valuable a commodity as human, intellectual and investment capital.
In a largely digitally driven world, where stakeholders hold the power over the information they consume and are able to drive their own news agenda without relying solely on news media anymore, reputation and taking accountability have become the golden thread integral to success.
However, in a world where individuals are constantly bombarded with written, audio and video content, independent media remains the most important conduits of accurate information to help stakeholders and consumers make informed decisions.
As we see greater importance being placed on values, principles, ethics and trust by stakeholders and consumers, the standards by which they measure brands and companies become more sophisticated.
Business with a purpose or shared value – the intertwining of business success and investment into communities and talent – has become an important element of the decision-making process for consumers and other stakeholders.
Modern business, therefore, has to take into account how they operate, who they hire, who their partners are and the role they play in society – without fail, otherwise they will lose the trust (and business) of their stakeholders.
Reputation capital must become a consideration when making business decisions. Organisations that want to enjoy success in the future must invest in talent or partners who can help them manage their reputation – not just at the point of crisis, but continually, as part of the day-to-day business operations.
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*Image courtesy of Freepik