Tips on Reputation Recovery & CEO Confidence
The reputation of business leaders continues to fall. We have seen study after study stating that confidence in CEOs is at an all-time low. A Booz & Company survey (Recession Response: Why Companies are Making the Wrong Moves) from December 2008 among senior managers learned that 40% are unsure that their leaders have a credible plan to deal with the economic crisis. And even more—46%, are uncertain that their leaders can carry out the plan even if they believed in the plan’s foundation.
What surprised me was the perceived slowing of “green” efforts. Four out of 10 report that “green” and CSR efforts will “significantly” diminish due to the economic downturn. The industries most expected to experience this slow down are transportation and energy. Booz & Co. suggests the following antidotes to this crisis in confidence:
- Get a clear perspective on your competitive set and your position in it
- Put together a plan that is reasonable considering that time and resources are limited. Choose a plan that can make a difference quickly
- Communicate and execute. Earn your stakeholders confidence by communication and getting things done.
Reputations are tightly linked with good communications. How else to get everyone in lockstep in difficult times and especially as workers are distracted by financial concerns and layoffs.