Reputacion in Mexico
Just returned from Mexico City where Weber Shandwick opened a new office as part of our LatAm network. We held a terrific event to officially officially declare that we are open for business! At the spectacular breakfast event, we released our results on CEO and corporate reputation conducted among Mexican executives. Juan Pardinas, director of the Mexican Institute for Competitiveness (IMCO), also participated in the event to share his perspectives on the findings. He related our findings to the David Brooks’ book, The Road to Character.
I found it particularly interesting how important CEO reputation is in Mexico considering how many family-led and privately-held businesses there are. These types of companies are less apt than publicly-held companies to worry about building reputations, including external profiles, because they are not beholden to investors. In our research, we learned the following about Mexican executives’ perceptions of CEO and corporate reputation: executives in Mexico attribute 59% of their company’s reputation and 56% of their market value to the reputation of their CEO, on average. Also 78% of executives in Mexico agree that external CEO engagement is now a mandate for building company reputation.
Like many other companies around the world, the demand to find the best talent is of major concern in Mexico. When asked about the extent to which a CEO’s reputation impacts people’s interest in joining an organization and staying, nearly 8 in 10 executives in Mexico agreed with the statements. These figures were higher in Mexico than in many other markets (except for Turkey, India, China and Malaysia) which seems to indicate that attracting the best talent is high on executives’ agendas. Since the Millennial generation in Mexico is its most digital one, there must be a demand for finding and retaining these 18 to 34 year olds which everyone is looking for.
When asked how CEOs should engage today, we learned that executives believe CEOs should speak at public events and hold leadership positions outside their companies. In addition, 87% agreed that CEOs should be visible on the Internet and 41% would like to see CEOs engage in social media. When we looked at the top 10 Mexican companies and CEO social engagement, we found 50% on Twitter (although two were hard to verify) but less so elsewhere in social media. Only one appeared on their company website. I’d have to say that Mexican executives have work to do to attract those Millennials, 34% of their population, to their companies and one way would be by engaging socially.
Here is the infographic for more information.
We also introduced our firebell simulation product which helps prepare executives for crisis situations. That’s a good thing because 91% of executives in Mexico said that a strong CEO reputation helps protect against crisis and gives a company that needed benefit of a doubt.