Innovation & Insights
Trust & Purpose
Our 2011 European Trust & Purpose survey shows that the economic crisis and banking excesses continue to significantly impact trust in business and CEOs. Trust in multinationals has decreased by 36% over the past two years and trust in CEOs has decreased by almost 50% during the same time. The survey also reveals that loss of trust is not limited to the business community; national governments across Europe have experienced a 51% decline in trust over the past 2 years, with the biggest losses felt in Portugal (-84%), Greece
(-78%) and Spain (-77%).
The most trusted industry sectors are computer technology and online services, supermarkets, food & beverage and automotive. The least trusted sectors are energy providers, Social Media and financial services. Close to 70% of consumers say a strong Corporate Purpose is important to them and nearly 80% say they would rather pay more for products and services that are delivered and produced responsibly and fairly.
Rebuilding trust is one of the most fundamental challenges faced by companies operating in Europe. Purpose helps guide companies by acting as the standard against which all business decisions are validated. Companies need to show they are trust-worthy – not just say it. Having a Corporate Purpose and sticking to it, even when deviating from it would be more convenient or financially rewarding in the short-term, builds trust over time and companies who are successful at communicating their Purpose will be the leaders in the challenge of restoring trust.
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