In today’s business environment, shifting regulatory changes, increasingly engaged stakeholders, and a constantly present news cycle can combine to mean significant challenges for your organization, particularly if you don’t have a Corporate Affairs strategy that can keep up.
The role of Corporate Affairs is rapidly gaining importance and shifting from one primarily involved in reactionary crisis management to one that plays an integral role in shaping a company’s overall strategy and anchoring their purpose through navigating multi-dimensional challenges. To get a pulse on the shifting corporate environment, we surveyed 144 experienced GCA professionals to determine the current and future state of your Corporate Affairs department. Here are a few things that your GCA department should consider.
A Focused Role with Broad Scope
The role that Global Corporate Affairs plays in your organization is broad, but should be focused on supporting the management of your reputation, brand and core purpose through marketing and communications.
44% of respondents surveyed by Skylight believe the GCA team has a broad set of responsibilities covering internal and external communications and marketing.
Functions Encompassing Multiple Business Areas
Global Corporate Affairs often overlaps and intersects with other corporate functions to manage a firm’s brand, reputation and guide its overall purpose. GCA teams have transitioned from ex-journalists, media relations specialists and general public relations expertise. In order to keep up with the shifting business environment, members of your team should have backgrounds in the following areas:
Brand Marketing | Corporate Brand Strategy | Government Affairs | Corporate Social Responsibility | Digital Communications | Public Policy | Employee Engagement | Regulatory Affairs | Reputation Management | Business Intelligence | Change Management
Interaction With All Stakeholders
Global Corporate Affairs practitioners should seek to interact and address feedback from both internal and external stakeholders. The most successful GCA professionals deliver messages thoughtfully and deliberately so that all interactions are mutually beneficial.
89% of respondents surveyed by Skylight report that they already regularly interact with both internal and external stakeholders.
A Full Understanding of Operations
Your GCA department should play a crucial role in understanding your organization’s operating environment. GCA practitioners need to develop a global focus and take advantage of technologies or internal networks allowing them to monitor changes in the corporate environment.
Comprehensive Data Tracking
Most GCA professionals track data, such as customer sentiment and market opportunities. To have a comprehensive view of the environment surrounding your organization, your GCA team needs to track long-term metrics affecting the industry and supply chain, so you can be ahead of potential issues or trends.
Only 22% of respondents surveyed report that they monitor supply chain trends and development.
A Well-Thought Out, Measurable Strategy With Insight From the Whole Team
Less than 50% of respondents surveyed by Skylight report following a formal, documented process for seeking input from others in the organization when formulating their GCA strategy.
To realize its objectives and develop a best-in-class Corporate Affairs strategy, your GCA team will need to develop a well-thought out and measurable action plan. We have a full ENGAGE Model to help you get started. Download the framework to learn the functional role Corporate Affairs plays in today’s business environment, 6 key mandates to prepare your GCA action plan for the future and best practices for implementing and auditing an all-encompassing strategy. The full ENGAGE Model is available here.
To learn more about what should go into the GCA Action Plan of the future, download the full ENGAGE Model.