Trust in Business is More Important Than Ever
(Klaus Vedfelt – Getty Images)
In a new survey of 500 business leaders and 1,000 other members of the U.S. public, PwC found that in their roles as consumers and employees, respondents trust business more now than before the pandemic. And consumers, employees, and leaders agreed that the most important elements of trust right now are, in descending order: protecting data and cybersecurity, treating employees well, ethical business practices, and admitting to mistakes.
The report’s authors also noted that 88% of executives reported higher-than-normal turnover in recent weeks, which they tied to an increased demand for flexible work benefits and career growth opportunities, both of which have become much more attractive or necessary over the past year and a half.
As I discussed with Deepak Chopra during our incredible event yesterday honoring him as JUST’s first Chairman Emeritus, the future of the private sector’s role in our economy will be defined by whether businesses can truly create value for all their stakeholders. We look at a specific example of this in a new JUST article this week, examining how companies like Chipotle, Bank of America, and Hilton have developed recruiting and career development strategies for “opportunity youth,” 16-24 year olds disconnected from school and work. It’s one of many instances of companies linking their business goals with investment across stakeholders – in this case, filling entry-level positions while investing in communities where these companies operate.
As the trust premium grows, and with future ESG regulation looking more and more likely, the need to walk the talk and quantify this value creation process in a meaningful, transparent, and standardized way becomes evermore important. It’s why we are participating in the G7’s Impact Taskforce on the subject, and why we applaud efforts like Engine No. 1’s robust Total Value Framework, which also launched this week.
HP CEO Enrique Lores is one of those leaders at the forefront of this new era of business leadership, and I encourage you to sign up if you haven’t already for my discussion with him next week.