How companies can mitigate risk to maintain their reputation

How companies can mitigate risk to maintain their reputation

In today’s competitive world, a company’s good reputation has never been so important. The rise in social media has meant that bad news can travel fast, with any problems quickly broadcast to a wider world. However, there are a number of steps companies can take to nip any issues in the bud, allowing them to maintain their reputation for high standards, professionalism and honesty.

Cyber security

When customers purchase goods or services from a company, they trust that company with their personal details such as addresses, dates of birth and financial information. Hackers will often target companies for this information, something that is worrying for customers and companies alike. Investing in good cyber security and having robust cyber policies is a good way to mitigate that risk, reassuring customers that their information is protected.

Employee behaviour

Employees are often the public face of your company, and so it is essential to have a recruitment process that will hire employees of the right calibre who will maintain your values. Upon joining, a good induction program can ensure they help boost your reputation from day one, and regular monitoring and training will help maintain those standards.

Sometimes, personal issues can slip into the workplace. Alcohol or substance abuse can cause a previously satisfactory employee to behave in a way that could damage your company’s reputation. Workplace drug testing can help bring these problems to light before they cause significant problems. Matrix Diagnostics is a company that provides workplace drug testing kits and can also provide impartial advice on an effective workplace drug and alcohol programme. They review existing policies to see where they can be improved to ensure wellbeing and safety for your employees.

Good employee management

To be able to hire and retain the best employees, a company needs a reputation as a good employer. Providing opportunities for employee feedback, regular check-ins and a robust grievances process are all ways to make employees feel valued and respected. A happy employee is likely to be a more motivated employee, further enhancing the company’s reputation.

The company brand

Whatever the values your company holds, you need to make sure this is displayed in everything you do. A poorly thought-out marketing campaign that carries any prejudice, such as racism, sexism or homophobia, no matter how unintended, can do significant damage. Having marketing professionals, whether in-house or external, to oversee any campaigns can reduce this risk.

External threats

Companies rarely do business in isolation, and the risk to reputation can come from outside the company. It might be a supplier who becomes known for dodgy materials or a model used in an advertising campaign who is arrested for drunk driving, but if they are associated in the public’s mind with your company, your reputation can also suffer. These incidents can be hard to avoid, but regularly reviewing all other companies or individuals associated with your business can help you distance yourself from external threats to your reputation.

If the worst happens and something occurs to damage your company’s reputation, have a plan ready to repair it. Do not hide the damage as this can make it even harder for customers to trust you, but instead be honest and be open about how you will improve in the future.

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