The ability of a company to succeed and prosper is dependent on trust across a wide range of stakeholder groups – including customers and employees. This year’s CEO survey showed generally positive trends among these groups within Canada – with 40% or more saying that trust in their industry among customers and clients and among employees has improved over the past year.
At the same time, trust among influencer groups seems to have degraded – especially as it relates to the media. Here in Canada, 37% of CEOs suggested that media trust in their industry has degraded over the past 12 months. CEOs opinions regarding the media were mixed, with 29% of CEOs suggesting improving trust and 27% suggesting degrading trust.
Regardless of the exact percentages, it is no doubt that companies in Canada are under far more scrutiny than ever before. To build trust, companies should focus on understanding the needs and concerns of each group – and work with stakeholders to address concerns, distrust, and perceived corporate responsibilities. Given the increased focus of stakeholders on ethical business practices and social responsibility, companies should also consider making their activities in these areas transparent and aligned with global standards and practices.