‘It was the best of times, it was the worst of times.’ So far this year, it seems only the latter is true. With talk of war ringing in everyone’s ears, the markets are depressed, investors are cautious, and IROs are under pressure (see Pre-war IR).
We may be talking about geopolitics, but what goes on in the Security Council chamber doesn’t move markets; individuals do. And the view from the 41st floor of Canary Wharf or from the corner of Wall and Broad is grim. Helicopters and slow planes circle London, sirens down Broadway raise a sweat on Big Board traders huddled round their cigarettes. The stink of fear goes beyond the Street or the City. Wal-Mart is sold out of duct tape in Wichita, too, and even tropical islands are all out of idylls.
Even if the bubble hadn’t burst, if Enron hadn’t imploded, if the earnings game hadn’t been busted, nervousness about war and terrorism would be having a domino effect all the way from the factory floor to the bottom line, from the trading desk to the stock ticker.
It’s enough to send the most jubilant, just-won-an-IR magazine-award IRO into depression. But while investors are clamoring for answers, and there are none to give, remember that this is a long, uphill journey. And, as with any journey, it’s what you learn along the way that is most important. Crisis prevention might not be possible – this is beyond any individual’s control – but turning a crisis to an advantage may be. Never has the gap between good and bad communication been clearer, or the opportunity to master IR been better.
You have a choice: hunker down and wait for peace, or stand tall and be good at your job. But is it a real choice? Government PR would have us believe the invasion of Iraq will put an end to our fear. The war will certainly be short (getting a country to start disarming before attacking it is a good way to achieve that). It may eradicate evil, but only one among many. It will definitely mark the beginning of a new phase of anti-western violence. Didn’t Al Qaeda itself spring out of years of harsh Russian occupation of Afghanistan? What further horrors might be spawned by the occupation of Iraq?
Indefinite world crisis means a persistent crisis in investor confidence. Add the increased focus on compliance, disclosure and transparency to the mix, and IROs are in the spotlight while everything around them is in shades of gray.
The future may not look bright, but as everyone knows, black makes white all the more striking. As Dickens also wrote, ‘There are dark shadows on the earth, but its lights are stronger in the contrast.’ Now’s the time to switch on the lights.
