Corporate Reputation in America: A Deep Dive into the 2024 Axios-Harris Poll 100 Findings
May 28, 2024, 3:42 pm
Location: United States, Illinois, Chicago
Employees: 10001+
Founded date: 1916
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The latest Axios-Harris Poll 100 survey paints a concerning picture of corporate reputation in America, with over 70% of companies experiencing a decline in public perception due to their handling of inflation and entanglement in culture wars. The survey, which ranks the reputations of the most visible U.S. companies, highlights the stark contrast between industry leaders like Nvidia, 3M, Fidelity, Sony, and Adidas, who have managed to maintain strong reputations, and struggling entities such as The Trump Organization, X (formerly Twitter), Spirit Airlines, Meta/Facebook, and Fox Corporation, which find themselves at the bottom of the list with poor reputations.
John Gerzema, CEO of The Harris Poll, notes a systemic loss in corporate reputation, attributing it to public backlash over rising prices and perceived lack of transparency in pricing strategies. The survey's Reputation Quotient (RQ) ranking evaluates companies based on key areas such as trust, vision, growth, products and services, culture, ethics, and citizenship. This year, only the pharmaceutical industry showed improvement, with companies like BP, Hobby Lobby, Fidelity, Subway, and eBay making significant gains, while others like Boeing, Shein, Reddit, Starbucks, and Anheuser-Busch faced notable declines.
Ray Day, vice chair of Stagwell, emphasizes the importance of delivering strong business performance, corporate character, and trust to excel in reputation management. The survey reveals that 63 out of 89 companies experienced a decline of half a point or more, marking the lowest number of companies with an "excellent" score in a decade. Reputation scores across the board have dropped to their lowest levels since before the COVID-19 pandemic, with the average score for all 100 companies falling to 72.8.
Top reasons for declining reputations include companies not maintaining fair prices during inflation, engaging in poor ethical behavior related to pricing and cost management, and focusing too much on cultural issues that are not relevant to consumers. The survey also highlights that a significant portion of Americans have stopped doing business with companies due to unreasonably high prices and declining quality, urging companies to prioritize fair pricing, product quality, and employee wages to improve reputation.
The 2024 Axios-Harris Poll 100 underscores the need for companies to prioritize reputation management from the highest levels of leadership down to the operational level. As companies navigate a challenging landscape of public perception, the key to success lies in delivering on strong business performance, maintaining ethical standards, and fostering trust with consumers. The survey serves as a wake-up call for companies to reassess their strategies and prioritize reputation as a critical component of their overall business success.
John Gerzema, CEO of The Harris Poll, notes a systemic loss in corporate reputation, attributing it to public backlash over rising prices and perceived lack of transparency in pricing strategies. The survey's Reputation Quotient (RQ) ranking evaluates companies based on key areas such as trust, vision, growth, products and services, culture, ethics, and citizenship. This year, only the pharmaceutical industry showed improvement, with companies like BP, Hobby Lobby, Fidelity, Subway, and eBay making significant gains, while others like Boeing, Shein, Reddit, Starbucks, and Anheuser-Busch faced notable declines.
Ray Day, vice chair of Stagwell, emphasizes the importance of delivering strong business performance, corporate character, and trust to excel in reputation management. The survey reveals that 63 out of 89 companies experienced a decline of half a point or more, marking the lowest number of companies with an "excellent" score in a decade. Reputation scores across the board have dropped to their lowest levels since before the COVID-19 pandemic, with the average score for all 100 companies falling to 72.8.
Top reasons for declining reputations include companies not maintaining fair prices during inflation, engaging in poor ethical behavior related to pricing and cost management, and focusing too much on cultural issues that are not relevant to consumers. The survey also highlights that a significant portion of Americans have stopped doing business with companies due to unreasonably high prices and declining quality, urging companies to prioritize fair pricing, product quality, and employee wages to improve reputation.
The 2024 Axios-Harris Poll 100 underscores the need for companies to prioritize reputation management from the highest levels of leadership down to the operational level. As companies navigate a challenging landscape of public perception, the key to success lies in delivering on strong business performance, maintaining ethical standards, and fostering trust with consumers. The survey serves as a wake-up call for companies to reassess their strategies and prioritize reputation as a critical component of their overall business success.