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Are You Protecting Your Company’s Most Valuable Asset?
Understanding Effective Reputation Management
MAY 2019
By Daniel Diermeier, Academic Advisor of CEO Perspectives; Provost and David Lee Shillinglaw Distinguished Service Professor at The University of Chicago
CEOs and board directors view a company’s reputation as one of its most valuable assets. Recently however, there is a growing gap between the rise in corporate reputational risk and companies’ capabilities to manage it.
Every month a new reputational disaster makes the headlines, destroying shareholder value and trust among customers and other stakeholders. But the loss of public trust is just the beginning of a company’s troubles -- lawsuits, public hearings, and investigations often follow. Management missteps may be a part of the problem, but there are broader trends in these ever more frequent and severe corporate crises.
A company’s reputation needs to be actively managed like any other core business asset.
Executive Summary
Companies should build effective reputation management capabilities based on the following principles:
- Reputation consists of the perception of customers and other constituencies.
- In many cases, these perceptions are derived not from direct experience with the company or a deep knowledge of any given issue, but from an ever-changing mixture of opinion and information driven by traditional and social media, as well as a range of influencers, from experts to advocacy groups.
- Proactive reputation management requires companies to identify issues early, connect them with the business strategy, develop prevention and preparation strategies, and implement changes to business practices in advance of an issue gaining momentum.
- Executives must play roles as stewards of the company’s reputation.
Read the entire white paper, including topics relating to:
- Managing Reputational Risk
- Developing a Reputation Management Capability
- Anticipatory Issues Management
Slideshare
A Video interview with Christian Beaudoin Director of Research and Strategy, ILL
Slideshow
A Video interview with Christian Beaudoin Director of Research and Strategy, ILL
Additional Topics
MARCH 2019 - THE RISE OF URBANIZATION
A recent report in The Economist estimated that the 50 largest urban areas contain only 7% of the world's population but produce 40% of its economic output. Major urban areas are hotbeds for innovation, sources for talent and driving changes in patterns of demand for goods and services. Business leaders need to understand the urban landscape and shape strategies to reflect these growing trends.
To provide greater insights on this topic, Christian Beaudoin, Managing Director, Research, Strategy, Site Selection at JLL, discusses what companies need to consider when selecting a city, and Mark Hacker, Executive Vice President, General Counsel and Chief Administrative Officer at Motorola Solutions, shares how Motorola's move from the suburbs has benefited the company. Read more
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