In the business world, ‘REPUTATION’ is linked to the financial analysis of any organization. Financial crisis can ruin running businesses to their bottom lines which in turn effects shareholder’s perceptions. The financial industry itself also plays a negative role in developing a wrong perception regarding company’s reputation.
Firms consider good reputation as a top priority for themselves since any loss in market share could leave their business in the hands of their competitors. Why improving reputation? The answer is extremely simple, “To increase its sales”.
For the top industries to remain in competition, they need to build a strong interaction with their customers. Gaining customer’s trust will not only benefit the respective brand but the entire industry. Providing better service, innovative products and enabling the customers to build trust on the people with whom they interact i.e. employees will contribute to increased customer satisfaction.
According to heads of public relations, issues with customers can be resolved through issues management center around customer’s needs. Such measures are important to rebuild reputation.
The top management in any firm is responsible for developing a culture where all employees feel themselves responsible in contributing towards good reputation. A written code of conduct is present at each firm which assures that each employee will do right thing to maintain company’s integrity. But when the organization fails to provide opportunities or any financial incentives to its staff, this is the point where employs lose their values. Most often, it is done in the form of internal trading and get their benefits from wrong side.
This is verified from a report conducted on Wall Street where 38% of the respondents admit that they would go for internal trading if danger of being caught is absent. The study also indicated that basic reason of this greed among employees is due to studying Economics subject which promotes positive attitude towards greed.
Absence of ethics in any organization is a societal problem. As everyone thinks if the other person is breaking the rules, why can’t I? When such culture spreads in the entire area, then business goals cannot be achieved. As vast majority of business is done at high ethical standards.
So the whole game is in the hands of the top management. The owners who toss ethics aside by promising one thing and delivering entirely different cannot make their place for longer time. Plus, customers cannot stay unaware of the fact for a longer time and will shift their business elsewhere.
All employees must be treated equally and any unfair dealing should be dealt and sorted out quickly. Therefore, ethical values, whether unarticulated or properly documented, play a vital role in ensuring that a business succeeds and in creating a positive image in market.