RepTrak 2019: Reputation scores increase worldwide and in Belgium
The publication of the Reputation Institute’s RepTrak®, the annual ranking of the most renowned companies in the world and in Belgium, of which akkanto is the exclusive partner in Belgium, is the ideal time to take a closer look at the current reputation trends. After a period of corporate confidence crises, the trend in 2019 is slightly positive with increasing reputation scores of 1 point on average worldwide and 2.1 points on average in Belgium.
In Belgium, the (mainly financial) performance of our companies is causing a slight increase, while the impact of the perceived innovation on the reputation score is considerably lower. While last year’s products & services and ethics were still drivers of the reputation scores, in 2019 we see a greater balance between the seven dimensions (work environment, citizenship, innovation, governance, leadership, products & services and performance) that determine the reputation.
Rolex and Colruyt still in the lead
Rolex at world level and Colruyt at Belgian level are still in the lead. Rolex for the third year in a row, Colruyt for the eighth year in a row. Why does the general public have such great confidence in them? On closer inspection, these companies have undertaken a complete and systematic approach with all the drivers of their reputation, leaving nothing to chance. So one might think that the same recipe could work for all companies? Unfortunately, that is not the case. For each company, different factors must be taken into account: the country in which they operate, the sector, the drivers of their reputation and the expectations of their stakeholders. These can vary from year to year, hence the importance of continuously monitoring and measuring your reputation.
If we look at the 2019 results in Belgium, for example, the three elements that most influenced the reputation of companies in the financial sector are: financial performance, innovation and governance. For the retail sector, it’s more about their products and services, the workplace and governance. If we look at the results through the eyes of millennials, only Colruyt remains on the ranking and other companies appear in the Top 10.
In addition to the results of which we have given a brief summary here, the members of the Reputation Institute in Belgium present at our Reputation event were also able to become acquainted with the best practices in the field of reputation management of two important companies: Proximus and AG Insurance.
CEOs have understood it well: managing their corporate reputation is a cross-cutting challenge that goes far beyond communication actions. A tailor-made approach is required and must be constantly adapted.