Which organizations do you trust? Government? The media? Business? The Covid-19 pandemic has had a keen impact on how consumers feel about institutions, and it may surprise you that business is actually the most trusted institution in the U.S. — for the fourth year in a row, according to Edelman’s Trust Barometer. A PwC study yielded similar results, finding that 63% of consumers say they have trust in U.S. companies.
How Business Can Build and Maintain Trust
Trust is fragile. Businesses must manage it as carefully as they do their balance sheets.
February 07, 2022
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Summary.
For the fourth year in a row, business has been named the most trusted institution in America. And a recent PwC survey yielded similar results, with 63% of consumers saying they have trust in U.S. companies. But trust is fragile and businesses must manage it as carefully as they do their balance sheets, writes Tim Ryan, U.S. chair of PwC and founder of the Trust Leadership Institute. He details where consumers and business leaders agree on which actions drive trust and offers three takeaways for the business community: 1) It’s time for business to galvanize around trust and transparency; 2) To build trust, leaders must communicate the why behind their decisions; and 3) Leaders need to act with integrity, courage, and vulnerability.