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A reputation as trustworthy is a must for any organization
Edelman’s Trust Barometer is an annual report that seeks to measure trust in business and government. It analyzes both hard data and sentiment in a number of categories, and the results help guide the decision-making and priorities of intelligent organizations the world over.
This year’s report showed an even further erosion of trust across the board, and highlighted the significant issues this lack of trust creates. Here are a few key findings from the report:
- Government remains the least trusted institution for the fourth consecutive year, with trust levels below 50 percent in 19 of 27 countries, including the U.S. (41 percent), U.K. (43 percent) and Japan (40 percent).
- Media as an institution is distrusted by 60 percent of countries and for the first time, online search engines are now a more trusted source for general news and information (64 percent) than traditional media (62 percent).
- Trust in NGOs declined for only the second time but remained the most trusted institution. In 19 of 27 countries, trust in NGOs fell or remained at equal levels to the previous year and saw dramatic drops in the U.K. (16 points) and China (12 points).
- There is a tangible impact of trust. Nearly two-thirds (63 percent) of respondents refuse to buy products and services from a company they do not trust, while 58 percent will criticize them to a friend or colleague. Conversely, 80 percent chose to buy products from companies they trusted, with 68 percent recommending those companies to a friend.
- A majority of respondents (81 percent) believe a company can take specific actions that both increase profits and improve the economic and social conditions in the community where it operates, while three-quarters (75 percent) feel a company can be more profitable by finding ways to solve social and community problems.
Trust is a valuable commodity, yet organizations continue to throw it aside. One of Bernstein Crisis Management’s core tenets is the belief that reputation truly is your most valuable asset, and, as the study clearly shows, a reputation of being trustworthy is a must for success today.
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For more resources, see the Free Management Library topic: Crisis Management
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[Jonathan Bernstein is president of Bernstein Crisis Management, Inc., an international crisis management consultancy, author of Manager’s Guide to Crisis Management and Keeping the Wolves at Bay – Media Training. Erik Bernstein is vice president for the firm, and also editor of its newsletter, Crisis Manager]
– See more at: https://management.org/blogs/crisis-management/?p=5764&preview=true#sthash.nQELfpZS.dpuf
