CEOs and TRUST in BUSINESS
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After a year of unprecedented disaster and turbulence the 2021 Edelman Trust Barometer* reveals an epidemic of misinformation and widespread mistrust of societal institutions and leaders around the world.
“Adding to this is a failing trust ecosystem unable to confront the rampant infodemic, leaving the four institutions – business, government, NGOs and media – in an environment of information bankruptcy and a mandate to rebuild trust and chart a new path forward.
Without a trusted leadership source to look to, people don’t know where or who to get reliable information. The global infodemic has driven trust in all news sources to record lows with social media (35 percent) and owned media (41 percent) the least trusted; traditional media (53 percent) saw the largest drop in trust at eight points globally.”
High Stakes for Business
“While the world seems to be clouded by mistrust and misinformation, there is a glimmer of hope in business. This year’s study shows that business is not only the most trusted institution among the four studied, but it is also the only trusted institution with a 61 percent trust level globally, and the only institution seen as both ethical and competent.“
“Not only have the expectations of business to lead been heightened, but we are also seeing new areas of focus that business must address; for example, the top trust-building action for business is now guarding information quality, ensuring that reliable trustworthy information goes out to their employees, and, by extension, the community. In fact, more than half of respondents (53 percent) believe that when the news media is absent, corporations have a responsibility to fill the information void.”
The top trust-building action for business is now guarding information quality, ensuring that reliable trustworthy information goes out to their employees, and, by extension, the community.
“Trust remains the most important currency in lasting relationships between the four institutions studied and their various stakeholders. Particularly in times of turbulence and volatility, trust is what holds society together and where growth rebuilds and rebounds. Every institution must play its part in restoring society and emerging from information bankruptcy:
Business must embrace its expanded mandate and expectations, with CEOs leading on a range of familiar and unfamiliar issues. It's important to take meaningful action first and then communicate about it.
Societal leaders must lead with facts and act with empathy. They must have the courage to provide straight talk, but also empathize with and address people's fears.
Provide trustworthy content that is truthful, unbiased and reliable.
Institutions must partner with one another to solve issues. Business, government, media, and NGOs must find a common purpose and take collective action to solve societal problems.”
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* Source and content for this Insights for Action post come directly from 2021 Edelman Trust Barometer
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