{"id":3342,"date":"2017-02-07T11:50:52","date_gmt":"2017-02-07T16:50:52","guid":{"rendered":"http:\/\/www.trustacrossamerica.com\/blog\/?p=3342"},"modified":"2017-02-07T11:50:52","modified_gmt":"2017-02-07T16:50:52","slug":"trust-in-business-a-tale-of-two-surveys","status":"publish","type":"post","link":"https:\/\/www.trustacrossamerica.com\/blog\/?p=3342","title":{"rendered":"Trust in Business: A Tale of Two Surveys"},"content":{"rendered":"

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Is trust in business up or down? Apparently it depends who does the asking and\u00a0who is asked.Is trust in business up or down? Apparently it depends who does the asking and who is asked. <\/a><\/span>Share on X<\/a><\/span><\/strong><\/p>\n

Price Waterhouse (PwC) is again “talking trust” in their 20th Global CEO Survey (2017). At this\u00a0time last year, I wrote an article called PwC and the World Economic Forum Talk Trust<\/a>\u00a0summarizing their 2016 trust “agenda” that hit the mark on many critical issues.<\/p>\n

What happened between now and then?<\/strong><\/p>\n

According to the latest Edelman Trust Barometer’s survey of global citizens, not only was there\u00a0a sharp decline in\u00a0trust in all four major institutions, but most people don’t find CEOs to be credible. Readers can learn more in this recent post<\/a> on the FCPA Blog.<\/p>\n

Turning to\u00a0the 2017 PwC US Supplement<\/a>, CEO’s worry least about\u00a0access to affordable capital (10%) and most about\u00a0overregulation (56%). “CEO concern” for lack of trust in business during the past year rose from 11% to 19%. \u00a0The Supplement does not define\u00a0“lack of trust in business,”\u00a0and even though\u00a0the\u00a0percentage almost doubled it remains\u00a0relatively low on the list of CEO concerns.\u00a0Considering\u00a0the nuances of the use of the word “trust”<\/a>\u00a0one might ask what specific question did PwC pose to elicit this low concern response?<\/p>\n

PwC’s survey further states that\u00a078% of US CEOs agree that it’s harder for business to gain and keep trust. And only then does PwC add some clarification to what it means by “lack of trust in business.” According to the survey what CEOs are most concerned about when it boils\u00a0down to trust is:<\/p>\n

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  1. Breaches of data privacy and ethics<\/li>\n
  2. Cybersecurity<\/li>\n
  3. IT outages and disruptions<\/li>\n<\/ol>\n

    What can be concluded from these surveys? Do you see the same “disconnect” that I see?<\/strong><\/p>\n

    According to Edelman, the public does not find CEOs to be credible, yet PwC\u00a0concludes\u00a0that\u00a0CEOs perceive lack of trust in business as originating primarily from external sources. It’s not from\u00a0any bad behavior on their part that could ultimately impact stakeholder trust\u00a0in any of\u00a0the following ways:<\/p>\n