Trust in Business Has Never Been More Important (Part 4)

The Edelman Trust Barometer was first published in 2001 and is a highly respected source of information regarding the general “feeling of trust” in the community. It has over the years measured the level of trust that people feel toward government, non-government organisations, business and the media and its impact on decision making.

The 2019 survey concluded that only 52% of the global population have a general feeling of “trust” toward these organisations. In Australia, this result is worse, with only 48% of people having a general feeling of trust. What this means is that more than half of the population, are suspicious of big organisations and consequently stressed-out! It turns out, that Australians are amongst the most cynical people in the world!¬†This is truly disturbing, given the costs of being stressed! In contrast, a feeling of trust lowers stress, lowers rates of depression and anxiety, provides an increased sense of well-being and people live longer.

Business has featured highly throughout the life of the survey, particularly the 2009 and 2019 research, but the results were in stark contrast. In 2009, in lieu of the Global financial Crises (GFC), it was found that “business must partner with government to regain the trust of the public”. In 2019, people have more trust in their employer than any other institution. It appears that we have turned our back on large organisations and simply do not trust what they say.

One explanation for this is, as a result of global uncertainty, similar to that from the GFC, people are looking to those relationships that they feel they have some level of “control” over. Outside of our personal and family relationships, our relationship with our employer, has emerged as one of the most important relationships we have. But what of those poor people who are work for large organisations or government, who do they turn to?

The 2019 Edelman Trust Barometer concluded that 75% of people trust their “employer” and 76% want their boss to take the lead and create positive change on crucial social matters including equal pay, discrimination, training for the jobs of tomorrow, the environment, security of personal data, sexual harassment and the proliferation of fake news. In addition to this, 78% of people said that they form their opinion of whether to trust a company, based on how that company treats its employees.

WOW, did you get all that? And you thought you were getting into business to sell a product or provide a service.

The world is clearly changing, most likely faster than any of us expected. But for those of us who thought we were getting into business to sell widgets, I’ve got news for you, so much more is expected than ever before. A majority of people demand companies to take a leading role on crucial matters that affect social change. As well as taking responsibility to ensure that they act in a manner that is consistent with societal expectations. Those people who are demanding change include your employees. As shown in the article, “Trust is Good for Business”, research has demonstrated that there is a significant upside to working on your “Trust-Edge”. Trusted brands consistently perform better than non-trusted brands.

What are you doing to build your “Trust-Edge” in your business?

Building Trusted Relationships 
“It is hard to trust someone to take responsibility for others when they can barely take responsibility for themselves”.

To nurture a culture of trust, surround yourself with people who “have your back” and are prepared to support you to achieve your goals. Don’t ask what someone is prepared to do for you in the good times, ask them what they are prepared to do for you in the tough times.

Our team is proud to be the first choice for many businesses and have supported them through their toughest times. As a result, a common theme with all our clients is the feeling that the Real Balance team, “have our back, as much if not more than me”, “without question, I trust the Real Balance team” and “we wouldn’t be where we are, without the team from Real Balance”.

We have dedicated ourselves to building strong, trusted relationships with our clients. These relationships have been crucial to our clients success as much as it has to our success. We have consulted with many organisations and teams, to help them improve their “Trust-Edge” and build better businesses that are more profitable and more enjoyable to work at, thereby helping business owners reach their goals and make all the hours working in the business, worthwhile.