How To Become a Hero in the Midst of a Financial Meltdown

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"How To Become a Hero in the Midst of a Financial Meltdown" is a first-of-its kind best practices panel, looking at how companies can maintain and even improve a reputation in times of great potential risk. Reflecting on the September 15th Lehman Brothers collapse, this panel of experts will come together to examine how companies should communicate internally and externally in ways that help maintain your corporate reputation and ensure that employees remain focused and productive. Additionally, the panel will discuss how times of reputation risk can be leveraged to improve your position with key stakeholders and build the next generation of leaders.

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How To Become a Hero in the Midst of a Financial Meltdown

  1. 1. December 03, 2008 How To Become a Hero in the Midst of a Financial Meltdown Panelists: Anthony Johndrow (Reputation Institute) Kathryn Williams (KRW International) Patricia Molino (Johnson & Johnson) Jacqueline Kolek (Peppercom) Moderator: Steve Cody (Peppercom) Twitter tag: #PDHeroes
  2. 2. Reputation Institute Australia • Bolivia • Brazil • Chile • China Croatia • Denmark • France • Germany Greece • India • Italy • Japan • Netherlands Norway • Portugal • Russia • South Africa Spain • Sweden • Switzerland • Turkey Ukraine • United Kingdom • United States Knowledge Advice Academic Network Customized Analysis Corporate Reputation Review Global Benchmarking Research, Insights & Cases Reputational Risk Management Conferences & Seminars Strategy
  3. 3. Three Key Themes for Reputation (RISK) in the US Three Key Themes for Reputation (RISK) in the US 1.  Products/Services Still Most Important 12.1% 18.2% 2.  BUT, Governance now almost 12.2% 13.2% as important 14.6% 13.3% 3.  AND, Citizenship far more important than it used to be 16.4%
  4. 4. Reputation (RISK) in the US (2008): Some Industries to think About Reputation (RISK) in the US (2008): Some Industries to think About Strongest Global Mean 64.20 Most At Risk ( ) indicates number of companies measured in the industry All Pulse scores are standardized on both the country and global level. For further explanation Excellent/Top Tier above 80 see the RepTrak™ Methodology section. Strong/Robust 70 – 79 Average/Moderate 60 – 69 RepTrak™ Pulse scores that are more than +/- 0.5 apart are significantly different at the 95% level. Weak/Vulnerable 40 – 59 Poor/Lowest Tier below 40
  5. 5. 6 Reputation Best Practices Used by Leading Companies 6 Reputation Best Practices Used by Leading Companies 1.  Establish a Common Model — Adopt a common model for evaluating reputation, including common language 2.  Understand Drivers — Understand what drives reputation - this will change among stakeholder sets 3.  Align Activities — Align corporate messaging and activities with key drivers for stakeholders 4.  Align Employees — Create employee alignment with desired reputation 5.  Integrate — Reputation management becomes a decision-making filter 6.  Set Goals & Monitor — Set program success criteria, monitor progress, adjust as necessary
  6. 6. Key to Managing Reputation & Mitigating Risks is focusing “Below the line” Key to Managing Reputation & Mitigating Risks is focusing “Below the line” Initiatives drive perceptions, which drive behavior Strategic Goals Business Corporate Results Initiatives Supportive Perceptions Behaviors of the towards the company company (Reputation) ●  Use/recommend products ●  Products/Services ●  Invest in company ●  Innovation ●  Support company ●  Workplace ●  Say something positive ●  Governance ●  Recommend company ●  Citizenship ●  Leadership ●  Performance
  7. 7. Reputation Systems: From Goals to Business Impact Strategic Corporate 3rd Party Perception Goals Initiatives Influence Impact What Stakeholders 3rd Party (e.g. Media) Stakeholders Want/Expect Corporate Actions Opinions Perception Impact (Perception Research) (Content Analysis) (Content Analysis) (Perception Research) General Public Reputation Drivers Communication Content Focus Print Media Coverage Focus General Public Reputation Scores Supportive Behavior Impact (Support, Ambivalence, Boycott) Policy Elite Reputation Drivers Product Partnership Focus Broadcast Media Coverage Focus Policy Elite Reputation Scores Employee Reputation Drivers Community Project Focus Online/Social Media Content Focus Employee Reputation Scores Business Results Impact ($) Poor Mixed Strong
  8. 8. Anthony Johndrow Partner, Managing Director, USA ajohndrow@reputationinstitute.com www.reputationinstitute.com
  9. 9. Global Leadership Advisors “A better world through better leadership”
  10. 10. “The only safe ship in a storm is leadership.” — Faye Wattleton — Crises bring out the best and worst in people; great leadership encourages the best — Heroes will emerge during this time of crisis…and many may surprise you “A hero is an ordinary individual who finds the strength to persevere and endure in spite of overwhelming obstacles.” — Christopher Reeve
  11. 11. “A real leader faces the music, even when he doesn't like the tune.” — Unknown — Behaviors of leadership “heroes” •  Taking care of yourself •  Expecting the kitchen sink •  Staying true •  Using the team •  Focusing on the future •  Remembering your legacy “A hero has faced it all: he need not be undefeated, but he must be undaunted.” — Andrew Bernstein
  12. 12. INTEGRITY RESPONSIBILITY FORGIVENESS COMPASSION lead to an engaged workforce — Integrity leads to trust — Responsibility leads to inspiration — Forgiveness leads to innovation — Compassion leads to retention An engaged workforce is highly correlated with business success “You must unite your constituents around a common cause and connect with them as human beings.” — James Kouzes
  13. 13. Kathryn Williams Partner krwinternational.com williams@krw-intl.com 1.800.335.3020
  14. 14. About J&J Caring for the world, one person at a time, inspires and unites the people of Johnson & Johnson. We do this by: Focusing on •  Consumer and Personal Care •  Medical Devices & Diagnostics •  Pharmaceuticals Through •  250 operating companies In •  57 countries Employing •  Over 115,000 people
  15. 15. J&J and Crisis Communication 1.  Always focus on the core of our reputation (Our J&J Credo) and how our actions will affect different stakeholder groups 2.  Crisis management training for ALL managers 3.  Advanced early warning systems 4.  Make quick decisions (small groups), but network broadly to ensure buy-in all parts of the business affected
  16. 16. Additional Thoughts on Crisis Communication 1.  Don’t miss the crisis opportunity 2.  Balance short and long term priorities 3.  Communicate! 4.  Authenticity is key 5.  Stay calm and vigilant
  17. 17. Patricia Molino Vice President, Public Affairs and Citizenship
  18. 18. Today’s New Challenges — 24/7 Transparent world — Many, many rumors from non-traditional audiences •  Bloggers •  Consumers on Web •  Media who read and then write stories — The economic situation we’re in supports anything negative and sensationalistic
  19. 19. Key Principles of Crisis Management — Identify and assess your vulnerabilities •  Then take action to prevent from turning into a crisis — How you react/respond to a crisis can ultimately be more important than the crisis itself — Put some goodwill in the bank — Public companies need great integration/communications between four key internal functions: •  Legal •  Investor Relations •  Public Relations •  Employee Communications
  20. 20. Crucial Advice in a Digital Age: — Be the principal trusted source of information about your own affairs “In the age of transparency, the layoff will be blogged.” (NY Times, 11/5/08)
  21. 21. Jacqueline Kolek Senior Director jkolek@peppercom.com http://pepperdigital.typepad.com/ http://www.digitalaptitudetest.com/
  22. 22. Q&A Thank You How To Become a Hero in the Midst of a Financial Meltdown December 03, 2008 Twitter tag: #PDHeroes

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