01 December 2014
Boards are still not grasping the importance of social media and prioritising it adequately enough, according to the sixth FT-ICSA Bellwether.
According to the survey, 49% of the respondents stated that their boards had not discussed social media strategy at all. In addition, 25% of respondents said social media is unimportant at board level, while only 31% stated their boards thought that it is important.
Peter Swabey, ICSA Policy & Research Director voiced his concern: ‘Companies should be looking at social media risk in more detail as social media can take an issue and very rapidly send it spiralling out of the control of those involved’.
Speaking to Governance + Compliance, James Leavesley, CEO of CrowdControlHQ said: ‘Perhaps for no other reason than to protect corporate reputation, the spotlight is on the use and control of social media in a business environment’.
Boardrooms’ confidence in the economy, both UK and global, has also dipped. Optimism is lacking about the UK economy and companies’ views about the outlook for their own sectors. Just 45% of respondents answered that they anticipate an improvement in the UK economy in the next 12 months, which is down from 84% in July and 80% in December 2013.
For the first time, this particular survey found that 16% of respondents predict a decline in the UK economy, which no-one at all did in July. In terms of companies’ own specific industries, 35% predict improvement and 29% a decline, which is a worsening in confidence from July (63% and 12%) and December (56% and 13%). There is also less confidence that capital expenditure will rise.
Only 33% of respondents anticipate an improvement in global economic conditions over the coming 12 months, which is a very significant decrease from 81% in July 2014 and 69% in December 2013. The same figure of respondents, 33%, also believe that global economic conditions will decline, which is a substantial increase from 4% in July 2014 and 5% in December 2013.