Leveraging corporate communication for national prosperity

For many decades, the relationship between the corporate world and the state has largely determined whether a society thrives, stagnates or withers. And this is because, in great measure, the state typically creates, or does not create, an enabling environment for the private sector. Likewise for the private sector, aligning state and industry objectives  to spur national prosperity through economic development has typically been the goal.

Modern history has shown that for the corporate world to create goods and services as well as employment opportunities and boost overall economic growth, institutional communications must be leveraged. Fundamentally, we have seen that states no longer rely solely on the accumulation of tangible assets. Now, however, they are banking on the affordances of the information age through reliance on intangible inputs to build knowledge- and information-based economies.

One of the major pointers as to how corporate communication could be fundamental in this regard is the promotion of a sustainable innovation culture. This could be achieved by way of stimulating cutting-edge ideas and activities, investing in research and development, as well as the dissemination of ideas and processes via appropriate channels.

This will not only help cultivate a culture of resilience, especially for the young minds in the state but it will also help develop bleeding-edge solutions. It will help attract investment opportunities as well as provide access to emerging or new markets, thereby expanding business opportunities and revenue streams.

Transparent, clear and concise communication at all times by industry leaders, spokespersons and representatives is another crucial and vital variable. In a world where many stakeholders of the truth economy believe that we are slowly but surely getting to the end of truth, information, communication and data must be carefully managed by the corporate world.

This will not only stimulate trust and confidence building, attract talent, as well as create a strong bond between investors, liaison officers and regulators; it will also enhance societal cohesion which would help in the prevention of crises, promotion of dialogue, and a shared understanding of national goals and challenges.

Furthermore, effective knowledge-sharing is fundamental in stimulating national prosperity because typically, new insights as well as advances in the modus operandi of an industry, can be adapted or fully adopted by another in the same economy. Usually, the way to achieve this is through strategic communication. When organizations and industries share their strategies, methods and procedures, they do not only help other industries thrive but they receive good-faith feedback from other stakeholders.

Overall, it is evident that corporate communication is a strategic tool that holds sway more than we typically think, and is perhaps a suitable topic for further scholarly study.

• Dr. Musaab bin Faleh Al-Harbi is the media center director at King Abdulaziz University in Jeddah.