What Is The Role Of Corporate Affairs In Decision Making?
Today, we see the emergence of a reputation economy.
Social media and review sites have opened a larger area for sharing information, including excellent and unfavourable ratings of everything. According to the World Economic Forum, a company's reputation is directly responsible for more than 25% of its market worth.
Corporate executives have prioritised reputation management, which has boosted the value of corporate affairs and the ability of professionals to make strategic decisions. Corporate affairs directors must shoulder the burden of managing a brand's public relations.
Internal and external communication managers oversee anything from the public, government, and media interactions/campaign messaging to establishing clear internal staff communication channels. Before the development of social media and smartphones, the function of corporate affair officers was more heavily reliant on conventional media, giving professionals a little more control over a company's reputation and public presence.
Information now gets communicated internationally in an instant. It means that a corporate affair leader's job is significantly more demanding and requires higher strategic management than in the past. Corporate affairs executives understand they are never off the clock and that their job is a 24*7 commitment.
The job title is evolving, and corporate affairs professional must embrace their new role with open arms to be successful leaders.
What are the new corporate affairs competencies?
Specialists in international business
These leaders must be well-versed in every aspect of their market, both domestic and internationally. With such a vibrant business environment and the expanding significance of this function, exceptional applicants must possess more business acumen and financial literacy. They must have a global perspective, be politically astute, and acutely aware of the complexities and consequences of global legislative, regulatory, and policy issues.
Information is constantly flowing, and the environment is continuously changing. Professionals in corporate affairs should master new tools and adapt to rapidly changing situations. Their capacity to adapt gives them an advantage in staying on top and maintaining their brand ahead of the competition.
What is the current interaction between corporate affairs and marketing?
Marketers and corporate affairs communicators complement each other's skills to develop a more holistic strategy for increasing exposure, issuing calls to action, and publicising a brand. Marketers and corporate affairs professionals generate a consistent message in their communications and pinpoint a shared purpose to build credibility for their firm by working together and keeping the broader goal in mind.