It’s safe to say that 2020 wasn’t a vintage year for trust. Social media in particular was a cesspool of conspiracy theories related to the pandemic, China, vaccines and the US elections and, as a result, our trust levels have ebbed considerably over the past 12 months.
In its latest annual Trust Barometer survey, public relations firm Edelman has validated what most of the public thinks about our politicians – which isn’t much in many countries, apparently.
The big and perhaps most surprising finding, though, is that business leaders are the most trusted among Edelman’s four groups, which includes NGOs, governments and the media. Businesses are also seen as the only segment that is both ethical and competent, possibly due to how quickly many have pivoted to promote remote working and how they’ve prioritised health and safety.
Overall, business (61 percent) emerged as the most trusted institution, replacing government (53 percent), which fell substantially since its 11-point surge in the mid-year update last May.
What’s most interesting about Edelman’s survey of 33,000 people worldwide in 28 countries, which included Saudi Arabia and the United Arab Emirates, is that there’s greater expectations of the businesses around us. In short, the public expects businesses to be more involved in societal issues, especially where others are failing.
What does this mean for businesses? It could be described as a blessing and a curse. We’ve never lived in a more polarised world so whatever side a business leader takes, someone won’t be happy.
However, there are some “safe” subjects that businesses could and should be involved in, such as the work they’re undertaking to promote sustainability, gender equality and good old-fashioned education.
The public expects businesses to be more involved in societal issues
The local picture
Exceptions aside (people like Fadi Ghandour come to mind), our CEOs in the region are risk averse. And it’s understandable why. We’re in a region where public pressure operates differently, and where governments set the agenda that others follow.
And then there’s the focus on sustainable development within the region – while there’s no hard and fast figures to show this, my own feeling is that spending on corporate social responsibility, philanthropy and sustainability dropped last year as businesses looked for ways to cut costs.
Fadi Ghandour is among the most respected business leaders in the region
Will 2021 be different when it comes to businesses across the region putting money into local communities and big issues?
In its research, Edelman highlights a number of areas where businesses can build a “trust surplus”. Some are pretty simple: the climate is an issue that we all should be talking about, including businesses.
Then there’s the response to COVID-19, as well as what we can do to further economic growth, and put long-term “thinking” over short-term profits, which I assume means income redistribution.
Will business leaders grasp the opportunity to meet the public’s expectations? Will they step up and help the economy recover in a sustainable, more resilient fashion? And will they reach out to other stakeholders, such as government, to talk about how we can all move on from the pandemic?
Do you trust business to do the right thing? We will soon find out.
Alex Malouf, communications professional and the only Chartered Communicator, Chartered Marketer, and Senior Communication Management Professional in the Middle East
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