‘Rateocracy’ – the new reality for reputation management
Businesses are now operating in a new reputational landscape where the power of individuals around the world can contribute to a company’s performance. This is in turn placing new pressure on companies to be transparent and up-front with their operations, and communicate these effectively. That’s the finding from the Sodexo 2015 Workplace Trends Report which details…
Businesses are now operating in a new reputational landscape where the power of individuals around the world can contribute to a company’s performance. This is in turn placing new pressure on companies to be transparent and up-front with their operations, and communicate these effectively.
That’s the finding from the Sodexo 2015 Workplace Trends Report which details the growth of a ‘rateocracy’ – where power over an organisation’s success is held by the public and exercised through online discourses.
While the report suggests that a rateocracy has yet to develop, the study argues that it is well on its way, as current communication trends continue to develop. For organisations and communications experts, this development therefore gives a greater insight into how reputational risk management will evolve in the future.
The Sodexo report highlighted three of these new factors that will underpin the development of this new operating environment in the future. These three were:
- Robust, niche communities where ideas are shared and products are rated among high-value users. This can already be seen in the emergence of online communities specifically around shared interests – a development which will only continue in the future.
- Emergence of ‘middleware’ – technology that can collect ratings and reviews that are currently unordered and combine them into a single, accessible format.
- The final step, and the most removed from the current situation, is the development of universal rating platforms where product and corporate information is shared instantly and in a highly accessible manner.
While these trends reflect the long-term future of reputational risk management in the digital era, these developments are already playing a considerable role in organisational performance. Already, online ratings and community forums can play a substantial role in the perception of a brand, and this is clearly expected to increase with time.
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