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
How building trust creates growth.
Kathryn Kaminsky, Vice Chair – Trust Solutions Co-Leader, PwC US, and Fortune Media CEO, Alan Murray, discuss how to build business relationships centered on trust.
Businesses are vying for much more than consumer engagement in this post-pandemic market. It’s not enough to believe in products and services, consumers also need to feel secure and heard by the companies with which they interact. The same holds true for employees, making the competition for talent incredibly competitive. To retain and attract both consumers and employees, companies must cultivate trust in everything they do.
At PwC, it was clear early on that trust needed to be a guiding principle and one the company has been employing for some time now. But what does that look like or even mean? Trust is a broad term when it comes to business and can often look different to different people. Infusing every interaction and relationship—internal and external—with openness, good communication, and honesty creates a sense of trust, says PwC Vice Chair – Trust Solutions Co-Leader Kathryn Kaminsky.
According to The Complexity of Trust: PwC’s Trust in US Business Survey, 80% of employees trust their companies the same or more now than before the pandemic. In the video above, hear Kaminsky share how corporations can create a culture founded on trust.
“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
