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
Committing to purpose is vital for business success.
A company’s devotion to its mission is a critical metric for employees and clients alike.
Companies have an opportunity to double down on what they stand for, says Tim Ryan, PwC’s US Chair and Senior Partner, adding that purpose has become a vital business asset. “We’re seeing more companies make a commitment to purpose than we’ve ever seen before,” he says.
Why? For one thing, purpose inspires people to do business with your company. It also motivates people to work for you. In fact, your company’s purpose can be its competitive advantage. Without it, you could lose customers and employees who move to companies that do live their purpose.
Business leaders generally know how to handle traditional business challenges, but they may not know what to do if someone questions their company’s purpose. They need to learn that quickly, Ryan says. It’s essential for company leadership to recognize that questions about purpose are coming—and they should start preparing a response now.
“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
Note: This article was created by PwC.
Stay tuned for the final piece of our three-part series focused on creating a culture of trust to keep top talent.