Trust is the lifeblood of any organisation – a vital foundation for any business's long-term survival and success.
We’re all familiar with recent scandals, whether around food safety, vehicle emissions, or fraud and collusion, and seen how many of these resulted in loss of brand equity and shareholder value. These events shook people’s trust in organisations of all types and triggered a widespread debate, highlighting the importance of trust and the consequences when it’s undermined.
In the wake of such events, having a clear purpose that enables people to understand why a business does what it does, has never been more important. It is the key to bridging the trust deficit and shaping a new relationship between business and wider society.
But while many business leaders do believe that it matters, how many actually put it right at the top of their agenda? Many might say, after all, that trust is intangible. Or is it?
Here at PwC, we believe that trust is the foundation for any successful business. We also believe that it is something that can be both measured and built, and has clear benefits.