How Strong Stakeholder Relationships Can Help Your Firm Avoid a Crisis
Episode Description
The best way to handle a crisis is to avoid it. To do that, companies must invest the time in building relationships with stakeholders. More: http://knlg.net/2e9jMrL 📂 Management 🏷️ Research
Brief Summary
Management professors discuss corporate reputation management and stakeholder engagement during crises, using Uber and IKEA as key examples.
Key points
- The Importance of Reputation Management. Companies must proactively manage their reputations to mitigate damage during crises.
- Uber's Rapid Expansion Consequences. Uber's quick international expansion has led to reputational challenges due to lack of stakeholder engagement.
- The Value of Relationships. Building real relationships with stakeholders can protect companies during crises.
- Learning from Mistakes. The mining industry offers crucial lessons in corporate responsibility and stakeholder engagement.
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Episode highlights
- The Importance of Reputation ManagementCompanies must proactively manage their reputations to mitigate damage during crises.“It's worth investing in relationships because once you have a strong positive relationship, your stakeholders will defend you.”3:53Oct 20, 2016
- Uber's Rapid Expansion ConsequencesUber's quick international expansion has led to reputational challenges due to lack of stakeholder engagement.“Uber is an example of a company that's been banned in hundreds of cities.”13:05Oct 20, 2016
- The Value of RelationshipsBuilding real relationships with stakeholders can protect companies during crises.“There's an insurance value in reputation.”20:12Oct 20, 2016
- Learning from MistakesThe mining industry offers crucial lessons in corporate responsibility and stakeholder engagement.“Most firms didn't adopt better practices until a disaster occurred.”23:30Oct 20, 2016
Tension
45/ 100Some tension
