October 22, 2023
A LinkedIn poll revealed corporations have a negative public image. How can you change that for your organization?
On a LinkedIn poll, Axia Public Relations CEO Jason Mudd asked if corporations exist merely to generate a profit or are beholden to stakeholders. The results showed 82% of respondents thought corporations only exist to maximize profits, while 18% thought corporations were beholden to stakeholders.
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With the majority of respondents holding the belief that corporations exist solely to earn profits, this reveals a largely negative opinion of corporations, which may also imply that individuals view corporations as lacking ethical practice and social responsibility.
The remaining respondents believe corporations should owe thanks to their stakeholders, suggesting they have a larger responsibility for participating within the community, being socially responsible, and providing ethical working conditions. This view presents corporations as putting their employees, customers, and other shareholders before their profits.
To present a more positive view of your corporation, aim to implement these four tactics into your organization:
1. Implement ESG practices within your organization.
By adopting environmental, social, and governance (ESG) practices, you’re showing your company cares about more than just profits. These practices give corporations a voice in social discussions and allow them to grow closer with their consumers. Some examples include:
- Allowing employees time off to volunteer
- Donating to charities or organizations
- Producing products ethically
- Using ethically sourced products
- Paying fair wages
2. Consistently engage with your shareholders.
Regular engagement with your shareholders helps you understand their needs, wants, and concerns. This will help you gauge what you can incorporate into your business to appease them. This also proves to them that they are important to your company and its efforts, allowing you to build long-lasting relationships and maintain life-long customers.
3. Develop long-term goals.
Generating profit is a short-term goal. If you want your shareholders to believe your company exists to benefit its shareholders, you’ll want to create long-term goals. Long-term goals establish that your company will want to better the future and build long-lasting relationships This will additionally establish credibility for your corporation.
4. Promote transparency with your shareholders.
Maintain transparency with your shareholders. This holds your corporation accountable for its actions and for meeting its goals while keeping your shareholders informed.
While our LinkedIn poll revealed corporations have a negative public image, we know many corporations exist for purposes beyond just generating a profit. To change this perspective for your corporation, you need to implement ESG practices, consistently engage with your stakeholders, and maintain transparency.
For additional advice on managing your company’s public image and improving relations with your stakeholders, book a one-on-one consultation to hear from our team of experts.
Photo by Christina Morillo