As an intern at Standing Partnership I was introduced to reputation management when I started this position in June. The concept was completely new to me but I quickly realized just how important reputation can be for an organization’s stakeholders, employees and customers.
Standing specializes in helping companies understand and earn trust with those who matter most to them. As reputation management experts, we closely follow what others are saying in the industry and remain well read on the topic.
If you regularly follow our blog, you’re aware that we often like to keep our readers updated on what we’re reading. I recently came across an article written earlier this year from CNBC Magazine entitled “Welcome To the Reputation Economy“, and I just had to share it.
“The Reputation Economy” is not an entirely new concept. Forbes debated the concept in 2011, bringing the evolving nature of trust and the impact of our online interactions to the forefront of our minds. But what does this mean? And why is it more important now than ever?
This article suggests that reputation may have an interesting future ahead. Although online reputation is currently vital to an organization – not only in the eyes of stakeholders but also in potential employees – perceptions of companies and people may become much more concrete.
Still in their formative years, “trust quotients” are becoming the next big thing on the web -assigning a number to every piece of social and professional information about a person or company, including their level of expertise, social attributes and above all: trustworthiness. Startups such as Entelo have formed to capitalize on the new reputation economy, allowing recruiters to search for the best candidates and serving as a tool that may just be an HR manager’s best friend.
While this reputation “hierarchy” is still in need of a great deal of research, it is interesting to imagine the possibilities and opportunities that such rankings could provide in a world of limitless data.However, according to The Reputation Institute, most companies are still not prepared for success in the new reputation economy – possibly impacting their business success in the future.
What do you think? How do you see data playing out in the future of reputation?