Business is more trusted than other institutions in the annual Edelman Trust Barometer, and it is regarded as more ethical and competent than government, non-governmental organisations, and the media.
However, businesses must work to build back trust globally, the report said, after an “unprecedented” erosion of trust.
That’s one key takeaway from the report’s 25th edition, which says that institutional failures over the last 25 years have induced feelings and fears of mistreatment, deception, and inequality — a shift referred to in the report as “the crisis of grievance”.
While business remains the most trusted entity in the report, the fear that business leaders lie (68%) is in line with the percentage of respondents who distrust government leaders (69%) and journalists (70%).
Respondents with a higher sense of grievance are more likely to view business as inefficient in addressing societal issues such as affordability (64%), climate change (62%), misinformation (55%), and discrimination (53%), the report said.
The Edelman Trust Institute surveyed over 33,000 people across 28 countries in October and November of last year.
Grievance breeds economic pessimism, stifles growth, and increases resistance to innovation, the report said. Higher grievance is concurrent with distrust; those with a higher sense of grievance have less trust in artificial intelligence (34%) and are less comfortable with its use in business (29%).
“When institutions can’t be trusted to do what is right, grievances fester and outlooks darken,” the report said. Rebuilding trust in organisations and communities, the report said, is one way to elevate optimism and overpower grievance.
Business leaders, the report said, have a global expectation to:
- empower workforces with well-paid jobs and skills for the future;
- address societal issues where they can make meaningful change;
- fix problems to which their business contributes; and
- address problems that pose harm to customers, employees, and communities.
— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.