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 trust is the new currency for business.
PwC Vice Chair, US Consulting Solutions Co-Leader, and Global Advisory Leader Mohamed Kande and Fortune Media CEO Alan Murray discuss the growing need for trust in the workplace.
Most business leaders today recognize trust is important in business, but many don’t realize just how critical it is to success. According to a new survey by PwC, business leaders believe they are much more trusted by their shareholders than they actually are—causing a significant trust gap that can ultimately impact their bottom lines.
By strengthening trust with shareholders, companies can improve everything from employee retention to customer loyalty. For example, PwC’s survey reveals that customers often consider how much they trust a brand when deciding whether they will buy its products or services. Similarly, more than 70% of employees say they are likely to leave a company if their employer does something to lose their trust.
In the video above PwC Vice Chair, US Consulting Solutions Co-Leader, and Global Advisory Leader Mohamed Kande and Fortune Media CEO Alan Murray discuss the implications of trust, how business leaders can strengthen trust in a rapidly changing world, and how PwC is building trust across its own organization.
“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
