Moving into the future has become synonymous with disruption and uncertainty, and global societies are responding accordingly, as fear of the unknown takes hold. Confidence in institutions to propel innovation is strained as redundancy concerns plague workforces.
The 2024 edition of the Edelman Trust Barometer illuminates the ongoing division in global societies, particularly the disunity between the public and institutional leaders. “Business remains [the] only trusted institution,” the report said. Sixty-three per cent of respondents trust businesses, compared with 51% and 50%, respectively, who find the government and the media trustworthy.
As a result, more people have confidence in businesses to drive innovation than government entities, the report said. On average, 59% of respondents have more confidence in businesses to integrate innovation into society, compared with 50% who trust government institutions to do so.
“Government [is] seen as far less competent and ethical than business; government regulators lack adequate understanding of emerging technologies to regulate them effectively,” the report said. Fifty-nine per cent of respondents say governments lack the competence required to regulate emerging innovations.
However, established leaders in general are losing public trust, the report said. Sixty-four per cent of respondents believe that journalists and reporters “are purposely trying to mislead people by saying things they know are false or gross exaggerations”, the report said. Sixty-three per cent feel that way about government and 61% about business leaders.
Job loss is the most pressing concern for the global population, according to the report, with 88% of respondents saying they fear redundancy. A main driver of those fears is automation and other innovations replacing jobs.
Unsurprisingly, such equates to mixed feelings on innovation, particularly when it comes to artificial intelligence (AI). Innovation is “at a crossroads”, the report noted, with some respondents (35%) resisting AI innovations and another 30% embracing these changes with enthusiasm.
In response to these concerns, employees want CEOs to speak publicly about job skills of the future (82%), ethical use of technology (79%), and automation’s impact on jobs (78%), the report said. “Sixty-two per cent of employees expect CEOs to manage changes occurring in society, not just those occurring in their business.”
When institutions mismanage innovation, there is more rejection and less enthusiasm for emerging technologies, the report said. Respondents in nearly all countries believe innovation has not been well managed.
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