Can a Business Case for Trust Be Made?
Contrary to what many executives are lead to believe, trust is not a “soft” skill. In fact in today’s challenging business environment it may mean the difference between survival and failure. Trust impacts an organization in multiple ways, from profitability to workplace stress and wellness, stakeholder relationships, regulatory costs and beyond. The following represents some of the more current and less biased research/surveys supporting the business case for trust:
Profitability:
According to the proprietary FACTS® Framework research conducted by Trust Across America-Trust Around the World, over a 10-year period the most trustworthy public companies outperformed the S&P 500. 2022
Companies that actively and consistently build trust amongst consumers across their entire spectrum of brands gain greater marketing efficiency. They face fewer headwinds in marketing and selling their products and services, have more effective advertising due to higher believability, and can charge a premium for their products. Ipsos Mori Trust the Truth, September, 2019
Accenture Strategy Global Consumer Pulse Report surveyed 24,877 consumers worldwide about their evolving expectations towards companies. Lack of trust costs global brands $2.5 trillion per year. This compares to $756 billion lost by U.S. companies and 41…
