Social Media Power-How it Impacts Your Compliance Program

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In a September 26, 2011 article in Forbes magazine, entitled “Social Power and the Coming Corporate Revolution”, author David Kirkpatrick argues that the social media revolution has so empowered employees and customers that these groups will soon be calling the shots in companies and not management. He bases this on the use by these groups of social media to obtain and convey information. In the past, management traditionally controlled information and, in a top down hierarchy, would usually dole it out on a need-to-know basis and those who hoarded the information were more powerful within an organization. However, the power and speed of social media have taken this most powerful leverage out of the hands of management and relocated it. Kirkpatrick believes that business leaders now need to demonstrate “authenticity, fairness, transparency and good faith.” If the leaders do not do so, then employees may well come to distrust them, which can lead to disastrous results.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Thomas Fox, Compliance Evangelist | Attorney Advertising

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