Is Reputation Risk important? Just take a look at all the corporate and public sector scandals of the past few years coupled with legislation and numerous corporate governance codes and you will understand that building, sustaining and protecting a company’s biggest and most important asset is crucial in an era of eroding trust.
Take a look at COVID19 and how it has become a Reputational Driver.
In January of 2020, the Reputation Institute’s brand new 2020 Global Trends report, indicated that 70.2% of reputation leaders say that managing the reputation of their company is more important now than it has ever been and that, discovering new ways to navigate volatile and uncertain times was critical to staying ahead of the reputational risks facing a business.
This third-annual report took a look at the top 10 global trends impacting reputation this year, why each was critical to a business, how you could learn from companies getting it right, and the ways you can take action now. You can access the report here.
Covid and the quest for survival just came and accelerated this new reality.
I believe that #Reputation has become even more important. Complying with Covid19 and OHASA standards became the new normal, and in some cases, hotels even differentiated themselves using cleaning processes.
Covid19 Compliance became a Reputation driver. Not complying, not keeping staff safe and not being able to gravitate to remote working became reputational risks.
“Regard your good name as the richest jewel you can possibly be possessed of – for credit is like fire; when once you have kindled it you may easily preserve it, but if you once extinguish it, you will find it an arduous task to rekindle it again. The way to gain a good reputation is to endeavour to be what you desire to appear.” (Socrates – 469 BC – 399 BC)
The implications of these words is that reputation is something that needs constant work just like a gardener attending to his flower beds. Like as in gardening it does not take much for weeds to grow, pests to come and flowers to wilt.
Constant attention and vigilance is needed if you want to maintain and safeguard your reputation. Do you know what drives your reputation? Do you know what can add or subtract from that reputation in the new normal?