According to a nationwide survey conducted by Speakers Corner, the major concern companies face is reputational damage with data procured from over 500 businesses.

Speakers Corner gathered data from other 500 businesses that had at least 20% equity and a minimum of 100 working employees. Half of the businesses that participated in the study answered their most worrying concerns regarded reputation and public perception compared to issues regarding profit, employee behaviour or high inflation. At least 50% answered they are more worried about reputation than a potential recession, potential re-lockdown or the green agenda including zero net targets.

88% of owners and directors answered that managing their reputation was more important than employee training and 86% answered that it was more important than sustainability practices.

Nick Gold, managing director at Speakers Corner, says: “Alongside delivering value to shareholders and stakeholders, businesses are also expected to lead the way in corporate social responsibility and ethical practices, as well as having a positive impact on their communities.”

The potential of major reputational damage varied throughout the study. 23% answered that financial issues are the most harmful to business while 16% answered toxic work environments. Another 16% said data breaches can be the most harmful while 11% cited environmental concerns.

Speakers Corner’s survey also gathered the top five impacts reputational damage can have which were based in low staff morale, staff leaving, effected profits, company culture and investments being withdrawn.

Internally, businesses are concerned with how the public views them and how that will affect their company profits and environment.