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SOURCE The Conference Board
Companies are tackling the current low levels of trust in business by turning to the guardians of reputation, corporate culture, and values-based messaging, reports The Conference Board
NEW YORK, Feb. 28, 2018 /PRNewswire/ -- Corporate communications teams are being called on to reinforce their company's reputation in the face of a skeptical public, concludes a report by The Conference Board, Corporate Communications Practices: 2018 Edition. The survey covers more than 100 publicly traded companies.
The survey finds a movement toward larger team sizes, particularly among larger companies. Among manufacturing, financial services and non-financial services firms, more than 70 percent have increased or maintained the size of their corporate communications teams over the past two years (including more than 90 percent of financial services companies). Among companies with revenue above $25 billion, nearly half said their corporate communications teams comprised more than 50 people, with 35 percent saying their team was over 100. This compares with only nine percent of companies that reported 100 person-plus teams in 2016.
"This is a critical moment for the corporate communications function," said report author Alex Parkinson, Senior Researcher at The Conference Board, and Associate Director of The Society for New Communications Research. "It is both an opportune moment and a challenging one. Organizations need experts who can uncover and disseminate the right messages and deliver them to an audience that needs to be won over. At the same time, these experts need to inspire and motivate employees, and deliver insights to company leaders that can help them make smart strategic decisions."
Communications Practice Unprepared for Digital Transformation
Digital transformation is ushering in a new focus on big data, the survey finds. However, corporate communications departments are not yet equipping themselves to maximize its potential. When looking at the skills that are most sought-after by communications teams, the top ten, led by writing ability, did not include mention of skills that relate to data expertise. In fact, the one skill that is particularly relevant for big data-mathematical and statistical competence-ranked among the lowest levels across all industry and size categories, coming dead last overall.
"The traditional skills, roles, and responsibilities of communicators appear to be in high demand from companies," Parkinson added. "But our findings suggest that although the practice is modernizing in terms of its responsibilities, it needs to better prepare itself with the type of modern data expertise that is beginning to define companies through digital transformation."
Other key findings:
Source: Corporate Communications Practices 2018 Edition / The Conference Board
ABOUT THE CONFERENCE BOARD
The Conference Board is a global, independent business membership and research association working in the public interest. Our mission is unique: To provide the world's leading organizations with the practical knowledge they need to improve their performance and better serve society. Winner of the Consensus Economics 2016 Forecast Accuracy Award (U.S.), The Conference Board is a non-advocacy, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States. www.conference-board.org
The Society for New Communications Research of The Conference Board (SNCR) is dedicated to the advanced study of the latest developments in new and emerging communications tools and technologies, including AI, digital, social media, mobile, and virtual reality, and their effect on business, media, health, law, culture, and society. SNCR's Fellows include a leading group of futurists, scholars, business and communications leaders, members of the media and technologists from around the globe-all collaborating together on research initiatives, educational offerings, and the establishment of standards and best practices. Established as an independent not-for-profit institution in 2005, SNCR joined The Conference Board in 2015 to operate as part of its larger organization. Visit www.conferenceboard.org/sncr for more information.
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