The following blog was written by Richard Thrapp, Deputy Managing Partner at Ice Miller LLP.
Corporate reputation matters. Period. For the second year in a row, when asked to rate how important thirteen different issues, ranging from topics such as business growth to raw material prices, the CEOs surveyed picked corporate reputation as the most important issue. This should be no surprise given the events of the past month.
Corporate reputation matters. Period. For the second year in a row, when asked to rate how important thirteen different issues, ranging from topics such as business growth to raw material prices, the CEOs surveyed picked corporate reputation as the most important issue. This should be no surprise given the events of the past month.
As Warren Buffet aptly noted, a good reputation takes years of good deeds to build, but it can be lost in a second due to one bad move or event. Most of us have made purchases or decisions based on corporate reputation. The "green movement" and diversity initiatives are just two such examples of how reputation can frame a company's image in the marketplace.
Maintaining open lines of communication with employees, creating a friendly work environment and culture and adopting a code of conduct for directors and officers are just a few ways a company can help manage their reputation. As the British writer Joseph Hall once said, "A reputation once broken may possibly be repaired, but the world will always keep their eyes on the spot where the crack was."
