For the second year in succession indigenous Irish organisations occupy the top three places in the Ireland Reptrak® study. 20% of the firms studied improved their scores significantly this year (by over 3.7 points) whilst only 10% significantly declined. Overall, the public feel more positive about firms this year than last year, when 27% of firms’ reputations significantly declined. This year's average reputation Pulse score is 64.4.
The top 10 companies in the Ireland RepTrak® 2017 study are:
Companies are ranked on a Reputation Pulse score from 0-100 based on levels of Trust, Esteem, Admiration, and good Feeling towards the companies, and are grouped as Excellent (80+), Strong (70-79), Average (60-69), Weak (40-59) or Poor (Below 40).
The biggest movers - companies with largest improvements from 2016 to 2017:
1. eir (+8.3 points)
2. Kerry Group (+ 6.1 points)
3. Apple (+5.4 points)
4. AIB (+ 5.3 points)
5. Irish Distillers (+ 4.9 points)
The Reputations Agency announced the results of the annual Ireland RepTrak® 2017 on Friday last, 5th May. It is based on the perceptions of more than 4,500 respondents who completed the survey in the first quarter of 2017, the survey quantifies the emotional bond stakeholders have with 50 leading companies, and how these connections drive supportive behaviour such as a willingness to purchase a company’s products, recommend the brand, invest, welcome into their community or even work for the company.
Consumer Goods Remain on Top in Ranking by Industry
When looking at industry reputations, the Food & Beverage sector remains the most highly regarded, while the financial services sector is the weakest.
The Financial Services Insurance sector score fell by 3 points amid rising premiums and general consumer dissatisfaction, while the Financial Service Banks sector showed signs of recovery this year, increasing by + 2.25 points.
The nine sectors studied in 2017 were ranked as follows:
1. The Food & Beverage sector (72.20 – Strong)
2. Retail Food sector (70.4 - Strong)
3. Healthcare (69.2 - Average)
4. Airlines & Aerospace (68.8 - Average)
5. Semi-States (65.7- Average)
6. Energy (65.1 - Average)
7. Communications (61.1 - Average)
8. Financial – Insurance (59.8 - Weak)
9. Financial – Banks (54.5 - Weak)
The research shows that reputation substantially drives business results by increasing the propensity to buy, recommend, trust, invest, work for, or welcome companies into the community.
According to Niamh Boyle, Managing Director, The Reputations Agency: “From this year’s study, we can see that consumers in Ireland are ten times more likely to purchase a product or service from a company and seven times more likely to work for a company with an excellent reputation than a company with a poor reputation. 85% of people in Ireland would say something positive about a company with an excellent reputation, while only 7% would do the same for a company with a poor reputation.”
The study found that while Products & Services has the largest impact on corporate reputation Corporate Governance (perceptions of fairness, ethics and transparency) has increased significance to a weighting of 18.4% in 2017 from 16.3% in 2016, while perceptions of Citizenship have also increased to a weighting of 15.8% from 14.7% in 2016. These are followed in importance by perceptions of an organisations Leadership (13.2%), Workplace (11.3%), Innovation (11.3%) and Performance (10%).
“Companies need to invest far more in telling their corporate story in order to build a stronger emotional bond with the public and move the large proportion of fence sitters who really don’t understand the company, to become positive supporters of the company,” says Niamh Boyle.
The Ireland RepTrak® 2017 study surveyed 4,546 members of the public aged 18-64 throughout the ROI in Q1 2017, measuring their perceptions of 50 of the largest and most familiar companies in Ireland, across nine specific sectors – Airlines & Aerospace, Communications, Energy, Financial – Bank, Financial – Insurance, Food & Drink, Healthcare, Retail – Food, and Semi-State.