A new study has shown the majority of New Zealand companies believe reputation is a primary asset of their organisation, but less than half discuss reputation formally at monthly or quarterly board meetings.
Australasian communications consultants SenateSHJ and the Institute of Directors New Zealand jointly conducted the study through surveying more than 80 Kiwi chairmen, CEOs and top managers for their views on reputation management.
The surveys are sent out to New Zealand business every few years to track how reputation management within organisations evolves with changes in the digital world.
This year’s research shows businesses are increasingly aware of the threat reputational harm can cause, but alarmingly only 40 percent have communication crisis plans in place.
“Given the number of regulatory and corporate crises that have occurred in the past year, and the way the media and public increasingly react to such events, it is critical that companies are prepared for when something goes wrong,” says SenateSHJ Chief Executive Neil Green.
The study also reveals that only seven percent of respondents see social media as a potential threat. While it is clear that social media has changed the way businesses can build and maintain a reputation, Mr Green says organisations need to be more aware that it is also a medium that can create reputational risk and harm.
He says, “reputational storms are hitting harder and faster than ever before. Directors and CEOs need to understand that how their companies engage in social media will have a disproportionate impact on corporate reputation.”
Air New Zealand was selected as the top company in the country at managing their reputation, while Solid Energy and ACC were picked as the worst.
A full copy of the report can be found here.
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