- Low Trust in Business: Businesses rank low in public trust compared to scientific bodies, NGOs, and global institutions.
- Deep Trust Required: Thick trust measures deep societal relationships, revealing that transactional trust isn’t enough.
- Greater Transparency Needed: Businesses must enhance transparency and collaboration with trusted bodies to address societal challenges.
Overview of Global Trust Levels
According to GlobeScan’s Radar survey of over 30,000 people across 30 countries, there is a notable trust deficit for businesses. Contrary to common perceptions, businesses are not the most trusted institutions; instead, they lag behind entities like scientific bodies and NGOs.
Measuring Thick Trust
Since 2001, the GlobeScan Radar survey has sought to measure “thick trust”—a deeper, more meaningful level of trust that assesses the relationship between society and various institutions. This trust goes beyond mere transactions, aiming to capture the integrity and societal contributions of these entities.
The Corporate Trust Gap
Despite a general positive net trust in global companies, they still fall significantly behind in the trust rankings compared to other major institutions. This gap suggests a pressing need for corporations to fundamentally rethink how they engage with the public and their stakeholder communities.
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Bridging the Trust Divide
To bridge this trust divide, businesses must adopt greater transparency and accountability. Moreover, they need to engage more humbly and genuinely with trusted institutions like scientists and civil society organizations. This collaboration is essential for earning the social license to lead on critical issues such as climate change, highlighting the imperative for substantial shifts in corporate behavior.
This comprehensive approach to rebuilding trust is underscored by the diverse range of surveyed countries, from Argentina to Vietnam, pointing to a global consensus on the expectations placed on business leaders today.
Source: GlobeScan Radar Trends Report, July-August 2024
