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Execs & employees, customers: widening trust gap in businesses today.

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Article Summary

TLDR:

Key Points:

  • Business executives are out of touch with their employees and consumers when it comes to trust.
  • PwC’s 2024 Trust Survey shows a widening trust gap between executives and customers.

In PwC’s 2024 Trust Survey, it was revealed that business executives are increasingly disconnected from their employees and customers in terms of trust. The survey, which included responses from 548 businesses, approximately 2,000 employees, and 2,500 consumers, highlighted a significant trust gap between executives and customers. While 90% of executives believe that customers highly trust their companies, only 30% of customers actually do.

The survey also showed that there is a 60-percentage-point trust gap between executives and customers, which has worsened compared to the previous year. Despite 86% of executives believing that employee trust is high, only 67% of employees agree with this assessment.

PwC emphasized the importance of trust in business, especially in a reorganization that divided the firm into two segments – Trust Solutions and Consulting Solutions. Building trust is crucial for companies, as lack of trust can impact customer engagement, profitability, and employee productivity.

Employees who trust their company are more likely to recommend it to others, while lack of trust can lead to employees leaving the company. Trust is built on factors such as protecting data, fair treatment, and ethical behavior for both customers and employees.

The survey also provides a “trust playbook” for executives, which includes acknowledging the trust gap, measuring trust with specific metrics, building a culture of trust from the top down, and integrating trust into new areas like climate and AI.

In conclusion, trust is essential for the success of businesses, and companies need to prioritize building trust with both their customers and employees for long-term sustainability and growth.


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