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Learn from Experience

In recent months, top companies have been the topic of conversation because of errors that were made. Now, it is up to other companies to learn from their missteps to avoid the same downfall.

It all starts with leadership…

Since February, the ride-sharing service, Uber, dealt with charges of sexual harassment, disparagement from top management, a federally-charged criminal investigation and publicly shared internal emails encouraging the use of drugs and sexual relations between employees. These conflicts all pointed to weak leadership values as the CEO eventually took a leave of absence in June. Uber’s weaknesses highlight the impact that leadership can have on company culture. By establishing a base of active and value-focused top management, companies will succeed from the top down.

Holding people accountable…

Another scandal that shook the business world was the 2016 Wells Fargo scandal. Found guilty of creating millions of unauthorized bank and credit card accounts, Wells Fargo paid more than $150 million in fines. And, amidst the spotlight shining on its practices, Wells Fargo was recently reported as having charged auto loan customers for unneeded car insurance. Nonetheless, some key players are still being compensated despite the hailstorm brought to the banking industry. Not only does it fall in line with leadership failures, but by holding Wells Fargo executives accountable, the company could have avoided the latest news reports. It is important to look at all factors at stake and take corrective action on those that should be held accountable.

Prepare for anything…

While the Uber and Wells Fargo issues could have been stopped through past choices, Samsung’s Galaxy Note 7 nightmare was something that could not have been predicted. The way Samsung addressed the issue is something to learn from. After reports of the Galaxy 7 catching fire, Samsung posted a statement telling owners to power the phone down immediately and obtain a refund or exchange. That message, however, was posted discretely to consumers – fielding issues of secrecy and complexity. Not only did this cause users to be wary of Samsung products but it lessened the amicable relationship between Samsung and its carriers. By preparing for the worst and placing a priority on public relation messages if anything should go wrong, companies have the ability to come out of any controversy, successful and stronger in the eyes of the public.

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