Consumers look to business for answers

Business remains the most trusted institution around the world, ahead of governments, NGOs and media, according to the latest Edelman Trust Barometer, and consumers want more societal engagement from it, not less.

Of the 28 countries polled for the Barometer, 15 returned a double-digit trust advantage for business over government, with a further seven in single digits; just six (Singapore, Saudi Arabia, UAE, China, Sweden and France) trusted government more than business. 

Why it matters

Government and media are far more likely than business to be seen as sources of the misleading information which contributes to distrust, polarisation and a weakening of the social fabric. 

Business is increasingly regarded as both competent and ethical and both consumers and employees have heightened expectations of it, including choosing to buy a brand based on their own values (62%) or assessing a job offer on the basis of a business’s societal impact (69%). They also want business to tackle the important issues of the day and CEOs to take a stand – easy for respondents to say but harder for business to do. 

The issues where business can do more

• Climate change: 53% say business is not doing enough compared to 8% who say it’s overstepping the issue. 
• Economic inequality: 50% say business is not doing enough compared to 8% who say it’s overstepping. 
• Energy shortages: 50% say business is not doing enough compared to 8% who say it’s overstepping.
• Healthcare access: 47% say business is not doing enough compared to 7% who say it’s overstepping.
• Trustworthy information: 47% say business is not doing enough compared to 9% who say it’s overstepping. 
• Workforce reskilling: 44% say business is not doing enough compared to 9% who say it’s overstepping. 

Key quote 

“Less than the majority in over half of the countries surveyed say that business can avoid being politicized when it addresses contentious societal issues. Business is on safe ground when it stays in areas of comparative advantage where it can make a tangible difference, including sustainability, DE&I (Diversity, Equity and Inclusion), wages/reskilling, and geopolitics” – Richard Edelman, CEO, Edelman.

Sourced from Edelman
^{[Image: Edelman]}