The company that I work for has been in a crisis state almost consistently for the past three years. As a corporate communications teammate, I live in the constant mode of diffusing and responding to industry and company crises. From leadership changes, to stock price plunges, to newly announced debit card fees, we have an ongoing crisis communications plan. It’s almost difficult for me to step back and see it as that because it has just become the nature of my team’s everyday work. Our reputation is almost always at risk. Our responses as a company are generally in the apologia category of responding. Most often, we acknowledge and offer some time of explanation, but rarely engage in a two-way dialogue with our customers and stakeholders. However, there are exceptions.
For the past four years, even prior to working in corporate comm., I have volunteered at the annual shareholders meeting. It’s always an interesting cast of characters- the board of directors, protestors, supporters, the executive team, etc. You never know what to expect. What I have consistently seen is an interactive two way dialogue. Unfortunately, it only happens once a year, but it’s quite impressive nonetheless. For many shareholders, who range from local small business owners who have accounts and loans from BofA, to eccentric wealthy women who are known as “hecklers” at the annual meetings of many Fortune 500 companies, I have seen the CEO and other executives not only respond to the concerns on the spot, but arrange time after the meeting to sit down and discuss their issues. It actually happens. I have seen it with my own eyes. And it’s not just the shareholders with the most stake in the company. I have seen protestors from local charitable foundations receive attention and assistance as well.
Ok, so those are shareholders- of course we are going to coddle them, right? What about the stakeholders?
In March of this year the CEO announced that he was beginning a campaign to shift our culture. In a associate satisfaction survey from 2010 it was learned that the employees were fed up with the way things work here. There is too much rework. It is overly complicated. Navigating the matrix is too hard. The CEO agreed with this feedback. In response, so began the chance for the employees as stakeholders to submit ideas for how to improve our company. There was even a $500 reward given to any employee whose idea is used.
For the past five months the executive team has been vetting the massive pool of submissions. Some changes were enacted immediately, while others will take some time to roll out. In any case, it allowed all of us (employees) as stakeholders to feel valued. In times when what we do faces so much scrutiny, it was refreshing to at least know that our ideas were considered.
Most recently, we have been scrutinized by politicians, including the President for our $5 debit fee. It has been a particularly difficult communications battle for many reasons. We have tried to offer transparency by announcing the change five months prior to its start. We have explained why this charge is necessary- and pointed out that we will not be the only back to use this charge. Our CEO has been particularly vocal towards the politicians who have criticized this move. Still, the reputational stakes are high and the scrutiny continues.
It’s exhausting and sometimes defeating to work in an industry that is always under fire. It doesn’t help that the company I work for seems to be the largest target on the map. I see flaws in our communication plans- or lack thereof in some cases. Our response strategy to our ever faulted reputation isn’t always the best, but I see glimpses of hope in our cultural shift. Perhaps we are learning. Perhaps weathering this economical storm will mean a reinvention of our culture.
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