The subjectof corporate reputation management has come into limelight, and is becomingmore and more important with time. This increasing importance that managersplace on the value of sustaining a favorable corporate reputation (Van Riel etal, 1998), has been reflected through the whole industry being devoted toprofiling corporate reputation.The subjectof corporate reputation management has come into limelight, and is becomingmore and more important with time.
This increasing importance that managersplace on the value of sustaining a favorable corporate reputation (Van Riel etal, 1998), has been reflected through the whole industry being devoted toprofiling corporate reputation.Being awell-established corporate constantly interacting with and depending on manystakeholders (refer appendix 01), it is important that Sampath bank takesmeasures to manage its reputation in an effective manner. It will result in apositive reputation which will act as a distinctive feature from thecompetitors, build trust from within the organization and to attract qualitystaff, partners and allies. (Fombrun and van Kiel, 2004).TheReputation quotient (Fombrun, 1996) in appendix 02 can be used to evaluate thecurrent role and purpose of reputation management within Sampath.· Sampathbank maintains a fairly good reputation with regard to its products andservices where innovation is promoted throughout the portfolio, where theyemerged the winner of Finacle Client Innovation Awards 2016.
(Refer 2.1,appendix 02). As for the workplace environment, the management ensures employeesatisfaction by maintaining extensive programs for employee wellbeing such asthe introduction of the Sampath Special thanks and Recognition Scheme (refer2.2,appendix 02) thus, managing these aspects so as to have a minimum negativeimpact on its reputation.
· However,financial performance works as a drawback on reputation when compared withcompetitor performance where Sampath bank falls to be the 3rd placein its market (refer 2.3, appendix 2). Vision and leadership as well, is seento lacks certain aspects that adds on to the reputation. The positivecontribution from CSR to the reputation of Sampath is fairly low, for instance,the low GHG emissions recorded by Sampath bank is not much related to thebanking industry, where as important aspects such as the ethicalresponsibilities which are of very much relevance given the nature of theindustry, are not given priority and focus (refer 2.5, appendix 02).
· Theconclusion is that Sampath bank’s role and purpose of reputation managementappears to be unevenly distributed among the various aspects that determine thereputation of Sampath, where some areas such as employees are well managed andassociated with reputation management as oppose to some other. The managementhas not clearly identified the importance and thus has failed to maintain aconsistent reputation management strategy which overlooks the entireorganization as a whole.Incidentslike the damage done to the reputation of HSBC bank in Sri Lanka, with theunexpected release of client information, which was due to uncontrollableonline activity, proves as a great example in relation to the importance of properreputation management both online and offline. The following tableadopted from Van Reil and Frombrun further explains the importance ofreputation management for Sampath bank Those mentioned as outcomes in table 2 are what’s considered as the 4facets of corporate reputation by Frombrun (1996), which further establishesthe importance of the management of the above mentioned activities for theeffective management of reputation itself. As of present, Sampath bank isreputed for being an innovative, creative bank which acts as the agent ofchange. Furtherappendix 5 explains the status of Sampath bank’s social media presence and theextent to which they are utilized to improve the image of the bank. As per theanalysis, and no proper social media strategy being mentioned in the annualreports extending from 2011-2016 it is eminent that the online reputation ofSampath is under no proper control. Thus it lacks the proper mechanism tomanage the online reputation especially via social media.
Although Sampathbank’s online presence is marked with the online banking portal and thewebsite, it is clear that enhanced efforts and resources needs to be allocatedfor the optimum results of all onlinechannels possible, through the proper online reputation management. Actual identity The comprehensive reward mechanism constantly drives and motivates the employees to achieve higher levels of performance. A learning culture that promotes innovation and value for customers (Annual report 2016). Operates under the strategy based on innovation and service differentiation. Bureaucratic control systems prevail. (cultural web) Communicated identity Leading bank in the industry with constant value addition to customers through innovation (Daily mirror, 2016). Striving to deliver creative and innovative products and services with enhanced digital engagement (Annual report, 2016) Conceived identity Ambitious, achievement oriented organization which is less biased towards a rough and rugged, arrogant nature.
Is known to be reliable and secure to a fair extent. (as per appendix 3) Ideal identity Being the pioneer in delivering products with new features in par with the updating technology, such as the first robot bank in Sri Lanka. Digitalizing the banking experience further enhancing the customer experience. Desired identity Striving to develop and nurture a healthy and inclusive culture that can inspire people to learn and grow (Annual report, 2015)