Tomorrow Takes
trust
73%
Customer loyalty
How trust benefits your business
Q: To what extent does building trust in your company, internally and externally, help improve the following? (Response to ‘A lot’)
Source: PwC Trust in US Business Survey, Sept. 16, 2021: base of 503 business executives
—MOHAMED KANDE
VICE CHAIR, CONSULTING SOLUTIONS
CO-LEADER AND GLOBAL ADVISORY LEADER, PwC US
“Each leader in an organization is likely to work with stakeholders with varying definitions and expectations of trust. It is important that leaders consider those different perspectives as they seek to establish and foster trust.”
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58%
Positive reputation
56%
Expanding into new areas/markets
57%
Revenue growth
52%
Employee recruiting/retention
54%
Strong relationships with regulators/policymakers
54%
Brand equity/brand protection
55%
Growing customer base
48%
Strong analyst feedback
50%
Access to capital/financing
Why retaining talent depends on trust.
Neil Dhar, Vice Chair and Co-Leader of Consulting Solutions, PwC US, and Fortune Media CEO Alan Murray discuss why a foundation of trust is key to improving the employee experience.
Business leaders across industries are embroiled in a heated competition for talent. Over the past two years, millions of employees have left their jobs, and experts expect more to follow. To retain and attract talent through this Great Resignation, companies need to turn to trust.
According to PwC Vice Chair and Co-Leader of Consulting Solutions Neil Dhar, the professional services firm’s 2022 research found that business leaders are hoping an improved employee experience will keep workers around. Companies are offering incentives from hybrid work options and career advancement opportunities to increased pay and permanent remote positions. Yet, retaining top talent will first require building a strong foundation of trust, says Dhar, which can translate to loyalty and retention.
Still, according to The Complexity of Trust: PwC’s Trust in US Business Survey, 41% of executives identified their current company culture as a challenge to building trust. In the video above, hear Dhar share how executives can successfully build trust from the top down.
“There’s no secret sauce to building trust, but proactively communicating with stakeholders about what you’re doing to build trust—and backing those words with action—is a critical step. Every company has a story, and business leaders need to make sure that the story they are telling is authentic to the company’s actions, operations, and its culture; what we do as organizations isn’t just about numbers—it’s about people, the communities we serve, and making a lasting impact.”
—WES BRICKER
VICE CHAIR - TRUST SOLUTIONS CO-LEADER, PwC US
