The benefits of embracing change outweigh the risks of inaction.
Communication leaders at the World Economic Forum said that companies who claim to be “purpose-driven” but don’t take action, may risk alienating their stakeholders. Weber Shandwick’s Jack Leslie argues that communications teams “don’t have much margin of error”, given the deteriorating trust in capitalism and institutions.
The panellists said that brands must strategise in areas such as proving commitment, balancing interest and wisely choosing and prioritising the issues to engage in. They should involve stakeholders in this process to avoid the risk of losing buy-ins.
Companies and CEOs should refrain from taking a stand on multiple issues, or on subjects irrelevant to the business, as that could damage their reputation. VMware’s Joan Stone added that the younger generation is less likely to join a company whose purpose doesn’t resonate with theirs.
[4 minute read]