Rolex has topped the RepTrack 100 list of the world’s most reputable companies, according to an annual study by US-based Reputation Institute.
The company surveyed more than 230,000 people in 15 countries in the first two months of 2018 to gauge their reaction to the world’s largest corporations.
Rolex was number one in the list of 100 companies for a second consecutive year, but its score of 79.3 out of 100 means that it lost its “excellent” rating.
Rolex was not alone in seeing its reputation dip. The research found that the average reputation of all companies in the study was lower for the first time since Reputation Institute started its research.
“The reputation bubble has burst. Companies are down by an average of 1.4 points globally, representing the first major decline since the end of the Great Recession,” said Stephen Hahn-Griffiths, Executive Partner and Chief Research Officer for Reputation Institute.
Rankings dropped for 58 percent of companies in the RT100.
Aligned with the decline in reputation, garnering support among stakeholders has become more difficult for companies; expectations have risen, making it harder to earn trust, attain benefit of the doubt, create consumer loyalty and entice investors.
“There is a growing crisis of trust in the world, especially among big companies making record profits,” said Hahn-Griffiths. “These companies are increasingly judged on aspects of their morality and ethics. Today, companies are more widely scrutinized based on their alignment with social causes, how they behave, their enterprise-wide values and the internal culture they create – they are not solely measured on what they make or how the make it.”