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Corporate Communication

Strategic Adaptation for Global Practice

Michael B. Goodman and Peter B. Hirsch

The chief communication officer at a Fortune 500 multinational corporation today faces the challenges of a rapidly changing global economy, a revolution in communications channels fueled by the Internet, and a substantially transformed understanding of what a 21st-century corporation stands for. This book provides an accessible framework for describing these forces and the specific communication challenges that they have thrown at the global corporation.
The text reviews the evolution of society’s response to the development of the modern company and the corporate communication practices that grew up in response to it, as well as examining the impact of globalization, Web 2.0 and the networked enterprise on current corporate relationships with key stakeholders such as customers, employees, shareholders, communities and regulators. In examining these forces and how they are interwoven, the authors offer insights and strategies for deploying effective communication as a strategic business asset in today’s global economy. Designed for the advanced student of corporate communication, the book contains updated guidelines for the management of investor relations, community relations and other corporate relationships in the age of social media. Specific recommendations for how to organize and execute effective communication for the contemporary practitioner working in the communication field are also provided.

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Part 5: Guidelines

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Introduction Parts 1 through 4 of this work have provided a theoretical framework for understanding the forcesthat influence corporate communication. We have explored the strategies necessary for the chief communication officer at a large, multinational corporation to meet the challenges of the trans- forming global economy, the revolution fueled by digital media, and a substantially changed busi- ness model in the 21st century. We have analyzed the forces and the communication challenges that they represent for the global corporation. In examining these forces and how they are interwoven, we have presented strategies for the corporate communication professional and business leaders to help them deploy effective communication as a strategic business asset in today’s global economy. In Part 5 we provide concrete and specific guidelines, tactics for how to organize and execute effective communication for the contemporary practitioner. Based on our research (see Chapter 1, Table 1.1, “Core Functional and Budget Responsibilities of Corporate Communication”), we iden- tified eight functions that, taken together, form the core functions of contemporary corporate com- munication practice—Media Relations, Public Relations, Communication Strategy, Crisis Communication, Communication Policy, Executive Communication, Reputation Management, and Employee Communication. A strategic framework with tactical guidelines for effective com- munication offers a powerful and valuable combination for effective practice. In Part 5, more than a dozen “Guidelines” offer leading practices for putting corporate commu- nication strategy into action.This part also provides caveats for practice by suggesting situations that might require actions that seem counter-intuitive—especially guidelines for when to close the...

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