In their 11th annual global survey on trust, Edelman research reports that people’s trust of institutions and returned to levels comparable to the height of the worldwide financial crises in 2009.
When asked how much they trust various institutions, only NGO’s were trusted by the majority of U.S. respondents. Business, government and the media are not trusted by the majority of people and media’s trustworthiness as reached record lows.
- 55% trust non-government organizations
- 46% trust business.
- 40% trust government.
- 27% trust the media.
The drivers to corporate reputations are quality, transparency, trustworthiness and employee well-being.
The study concludes that businesses must align profit and purpose for social benefit. It reports that people’s demands for authority and accountability are setting new expectations for corporate leadership and that trust is the essential component to both protect reputations and gain tangible benefits. Lack of trust is a barrier to change.