“The fourth industrial revolution is disrupting almost every industry in every country and creating massive change in a non-linear way at unprecedented speed.” – Bernard Marr
The fourth industrial revolution (4IR) has shaped the new way of how businesses are run. What is the fourth industrial revolution?
Klaus Schwab, the founder and chairman of the World Economic Forum, in his book titled “The Fourth Industrial Revolution” discussed that the 4IR is shaped by a range of technologies that impacts all the economic and industry disciplines. In its development, the new era even challenges the idea of what it means to be human. The industrial revolution is shaped greatly to change the way humans complete their tasks in the easiest and most low-cost way. This could mean that the industrial revolution has the potential to destroy the past industry and the value of humankind. Therefore, Schwab called all leaders and citizens to together shape future that works for all by putting people first, empowering them and constantly reminding that technology is made by people for people.
The new industry has also brought us to a new age for reputation. Reputation is what leaders need to bond the business and customers or clients. However, the emergence of IoT (internet of things) in the 4IR has challenged the way businesses and executives manage their company reputation. Without understanding trends that underlie, it is almost impossible for businesses to thrive the 4IR.
In this regard, it is important for you to update your knowledge about macro trends emerging the industrial revolution. Without further ado, here are the top ten macro trends in 2019 according to Reputation Institute research.
Reputation and brand purpose and values are tied closely to business outcomes. Therefore, to achieve a better reputation in the new industry, you should be asking yourself “What does your company stand for? is it enough to stay competitive?” You should also set a better and higher purpose to better deliver your corporation brand values to consumers.
Cyber-attacks and data privacy
Cyber-workplace is a risky place to work as it is more prone to cyber-attacks. According to the research, in the time of regulations such as GDPR, billions of data records have been stolen in the past 5 years. This data breaches affect not only customers but also companies as they might lose reputation which results in decreased loyalty and trust from their consumers. So, it is important to update your idea about cyber workplaces in order to save your company’s reputation from collapsing.
You should know about market influencers as they can be your leading indicator of reputation and harbingers of what’s to come. Commonly, market influencers are individuals who are an extraordinary influence and have a huge impact on reputation. They spark and create movements and are passionate about key industries.
Employer of choice
In the business ground that becomes more competitive than ever, knowing what makes a company an employer of choice create long-term business success. Employer of choice is an employer that offers a fantastic work culture and workplace environment to attract and retain superior employees.
CEOs have traditionally been outspoken but now, they are taking a public stand on political and social value-based issues. Society, as well, demands that CEOs do the activism. So, being CEOs who are aware and become of activist that matter can increase your company reputation in the eyes of consumers.
The easy access of media has made the public more choosy for their business input. Reputation Institution reported that since 2015, the trust level has declined by a two-fold making trust a rare commodity. This, then, not only affects a company’s reputation but also negatively affects a business financial performance. Thusly, being and staying transparent and ethical are important.
Nationalism vs. globalism
Company is demanded to think globally but act locally in time of growing national identities. However, what matters most here is that your corporation must have the ability to stay true to its origins and export that heritage to a global audience.
According to the research, there is a growing global political divide in stakeholder opinion affecting company culture, business partnership, and stakeholder support. It creates a dilemma of choosing a side or staying away from being caught in the crossfire. You need to stay sane with the political and, as best as possible, do not involve in political things which risk your business both globally and locally.
Throughout the years, no company is immune to gender inequality and workplace harassment or injury, while society demands a new cultural norm that can empower women and men working together in harmony. That is how you can create a better reputation, by empowering and creating work culture for equality.
There is an (in)direct reputational impact on a company’s perceived national sovereignty. It makes managing your business in a global economy challenging and results in your business trade. Therefore, you need to strike a fine balance in celebrating national heritage while protecting your business from reputational risk.