It is a fact the corporate governance has vastly changed with the emergence of social media. The digital age and the advent of social media have made corporate governance a lot more accountable and transparent. Social media has started influencing companies both externally and internally.
The leadership of many corporate has through social media been able to communicate their management goals to their employees. But companies must take a guarded approach as social media can be both an opportunity and a risk.
The social media risk is that you are exposed at many different platforms. The domain of social media is far too vast and companies should know what exactly to communicate to your customers and prospects, to your stakeholders and to the general public. So, it is crucial that you understand who you are talking to and when and where you are saying it.
At the same time do not forget that social media presents a fabulous opportunity to get your marketing across to the right audience and engage in engrossing conversations. Professionals opine that
“Managed well, social media is a huge opportunity, but there is also an enormous amount of risk that shouldn’t be forgotten”.
It is said that Google is a classic example of model corporate governance and their use of social media is exemplary. Internally, the company is communicating to all of their employees using social media. And, globally, it is communicating effectively to their consumers and other stakeholders using social media.
Ensure that your employees are very passionate about social media technology; they not only relate to their leadership team, but also to the company as a whole.
Social media allows business leaders to communicate their goals directly to employees, rather than allowing them to filter down through the ranks of management.
Company board members should know about social media to the extent it relates to their company’s ability to do business and protects its image. The board must also help a company make the best use of social media -and defend it against misuse.
Social media marketing has come to stay and the new social technologies will henceforth shape the boards’ decisions and boost market confidence. Corporate governance and social media are newly met friends and company managements are only at the very beginning of a learning curve. Experts suggest “Social media has evolved to social business. In keeping with this evolution, corporations must get serious about social media governance, integrating social business and compliance into corporate culture.”