This article unpacks insights from the 2023 Edelman Trust Barometer Report. Released in February, it’s a bumper report rich with data and insights. Many results are broken down by country and many are global.
I have dived into the full 72 page report to share what are valuable takeaways. A deep array of research topics are covered from the geopolitical, government, hiring, environment, economic, values, industry and even optimism for a better tomorrow.
The greatest overall takeaway is that businesses are holding the candle of greater trust in a global mishmash of political, government, economic and divisive issues and times.
In Australia, trust in Business = 54% vs trust in Government = 45% (on p.41 & p.43 respectively)
But here in Australia, we have nudged towards a deep divide and polarisation of issues. The survey results on Country Polarization levels on p. 16 are deeply concerning and a call for vigilance and address.
But there is also hope as was reflected on p.33 that when government and business work together there is 4 times the likelihood of a positive outcome.
Download the full 72 page report instantly HERE.
KEY INSIGHTS & TAKEAWAYS
Here are a selection of the top research findings that apply to my business focus and service impact:
TRUST IN INDUSTRY SECTORS (p. 46)
Global results with Technology the highest at 75% and Social Media the lowest at 44% (coinciding with the following chart of news source trust)
I wonder re the Social Media %, that apart from the platforms themselves, how this crosses to the millions those selling social media services ? I think its fair to conjecture that this is the case. And the ranking is congruent there.
The big take away here is the opportunity for the lower trust ranking sectors to really lift their presence and stand out amongst a sea of competition with what makes them rock and different. The tide can rise wonderfully here and indeed can capture well with media and PR focus to address industry distrust issues head on.
CONSUMERS & EMPLOYEES PRESSURE BUSINESS TO STAND UP (p. 28)
Globally 69% want organisations to have a strong societal impact when considering a new job – the breakdown of societal impact follows on p. 29
And 63% will buy or advocate for brands based on their beliefs and values
Pretty clear confirmation that in hiring staff shining a light on the values and causes that matter will shift the candidate malaise to a greater engagement and application levels.
CEOs MOST EXPECTED TO ACT ON KEY ISSUES (p. 32)
This clearly talks to the strength of employer brand of choice positioning and the value for both small to large organisations to step up and stand out in the issues that they give a hoot about.
And make no mistake rhetoric must meet reality. If there is any disconnect with what is said vs what is done, trust plummets and staff leave.
TRUST IN BUSINESS TYPE (p.47)
Globally family owned businesses rank highest at 67% with the lowest state owned at 50%.
This should be a encouragement for men and women to launch their own business. I’m going to assume that the segment of “family owned’ means self employed also.
TRUST IN NEWS SOURCES (p 52)
Globally, Search Engines ranks highest at 63% (+ 1%) the lowest Social Media at 41% (down 1%)
Think this is a strong enough call out to not put all your marketing and digital assets in the one basket and give more value to your website and Google. But this also is a great opportunity for those in the less trusted areas to shine a light and be better.
Reading through the through the latest 2023 Edelman Trust Barometer Report was fascinating with many implications.
Whilst it had many red flags of global and Australian concern, there is a range of opportunity and hope that can be leveraged to.
Trust is core in career and business reputations, communication and actions.
I wrote 2 media articles on the back of the findings for more in depth analysis on key takeaways:
Kochies Business Builders: Aussie shoppers trust small and family businesses the most
Here are a few of my blogs for further reading: