The WSJ Wraps Up 2007
The Wall Street Journal recently published a summary of the events of 2007, as chronicled throughout the year on the paper’s front pages. The Journal did a good job of detailing the course of the year, and as I read over the list, I wondered what last year’s events — the accounting fraud, overpaid executives, insider trading and ethical violations – tell us?
Businesses used to be able to control their reputation. Companies created brands, wrote taglines and positioning statements, designed marketing materials and advertisements, and by and large, those processes worked to define a company for the public. In today’s hyperconnected and hypertransparent world, we can no longer control the story, for it is being written about us without our imput, in blogs and in chat rooms online. The only thing we can control is our conduct, and in 2007, we didn’t do a great job at that. I am again reminded that reputation is our most valuable asset — and a difficult thing to rebuild. There were so many high-profile resignations and damaged reputations last year — from Fortune 500 companies to major league baseball – that I also can’t help but wonder about the profits and productivity lost because of these scandals. Companies paid a high price for not getting their HOWs right.
http://online.wsj.com/article/SB119878980908153545.html
Last 5 posts by Dov Seidman
• The Economy: Don't Hit the Reset Button - May 19th, 2010
• Is There 'Honest Tea' on Wall Street? - May 14th, 2010
• Inspirational Shame in the Era of Behavior - April 14th, 2010
• Philosophy Is Back in Business - January 13th, 2010
• How to Behave Our Way Out of Crisis - December 9th, 2009
