By
reputation is meant both the fame and the opinion about someone or something
that people have. Meanwhile, for companies, reputation, we say that is the key
to success. Having a good or bad reputation will be decisive for brands, as
this valuation deprives the construction of the image of the organization. The
corporate reputation is closely related to corporate citizenship or Corporate
Social Responsibility (CSR), and a socially responsible company will be similar
to a good person or a good corporate citizen, because it fulfills their
economic, social and environmental duties.
Specialists
in Corporate Social Responsibility understand reputation as the opinion that
stakeholders have about organizations. For many, there is a close relationship
between corporate reputation and social responsibility, since one can’t exist
without the other, without attention, meaning that both concepts are confused. CSR
is a necessary but not sufficient for reputation, as a company with a good
reputation has to be socially responsible, without CSR suffices for good
reputation to occur, and it is that reputation requires, in addition to CSR,
other conditions or variables, which precisely will be those that will allow measuring
it in practice.
Among the
internationally accepted variables are: the commercial or goods and services
supply, the leadership that requires having people with a good reputation, corporate
governance which has to do with ethical values and sound business
administration, corporate citizenship, the quality of work, innovation, the
economic results to be reflected in the financial balance sheet, and while
reputation is not something that is included in business balances, it has a
fundamental weight when it comes to valuing organizations.
Even for
some companies it is the biggest asset, even greater than its machinery and
equipment, the price at which many companies and corporations have been sold
has to do more with their reputation and prestige than with the cost of their
infrastructure. Moreover, companies can make huge profits thanks to their
reputation, but also a bad reputation can be the cause of big losses or
bankruptcy for some organizations, when the quality of the products and / or
services of an organization don’t match their reputation, we are in the
presence of companies with a false reputation, because despite having much
prestige, what they produce is far from having a good quality.
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