Key Capability: Trust

Trust can be defined as the firm belief in the reliability, truth, ability, or strength of someone or something. The confidence we may have in that someone or something will usually guide our decision as to what action we may or may not take. In a business environment, the circle of trust must be established between leadership, employees and consumers.

The recent PWC 2024 Trust Survey identified very concerning trust gaps. One example, 90% of business executives thought customers highly trust their company while only 30% of consumers did highly trust the organization. Another example, 86% of business executives felt employee trust was high while only 67% of employees reported they highly trusted their employer. 

Executives cited lost of customer engagement as a leading outcome of lack of trust with customers and lost of productivity if trust is compromised with employees. They also pointed out that capital was at risk if trust was not there with investors.

In today’s environment, building and maintaining the circle of trust mentioned above is not easy. The World Economic Forum predicts misinformation and disinformation to be the number one global risk to the economy in two years. The report points out polarized societies are more likely to believe the information that supports their beliefs whether it is true or not. 

We at CRG believe trust is a foundation block of the teamwork an organization must demonstrate to develop an emotional connection with customers or rapidly mobilize to adeptly respond to changing market conditions. Establishing or maintaining the circle of trust will require an uncompromising dedication to the shared values of the organization.

The Culture Resilience Group stands ready to support your needs as you take on the challenges of trust within your organization.