A recent survey has revealed that for the first time in 17 years, people's trust in business, media, government and NGOs have all declined. While business is the second most trusted among the other kinds of institution, the decline in trust should be a wake-up call for the businesses.
Edelman Trust Barometer have asked tens of thousands of people across several countries around the world about their level of trust in business, media, government and NGOs. As reported by Harvard Business Review, only 52 percent of the participants said they trust businesses to do what is right. Out of 28 countries surveyed, 13 do not trust business. They also said there should be stringent business regulations, which could work against companies such as in security permits to operate.
The distrust in businesses is influenced by several factors. One of which is the anxiety among workers that they may lose their jobs. Others perceive the changes in businesses to be moving too fast while some are concerned about the negative implications of globalization.
HBR said businesses should pay attention to this declining trust among people. Business leaders should start giving more focus beyond their financial figures, such as engaging more in their community, paying fair wages and better benefits, as well as creating more jobs.
While it is difficult to comprehend where and how trust is developed exactly, there are still things that businesses can do to build one. Entrepreneurs listed some tips on how to develop trust in your business.
Internally, business leaders should demonstrate that they trust others. When someone makes a mistake, do not be too quick to jump into conclusions regarding that person's competencies and capabilities. Instead, get all the details first and try to understand what led to the mistake.
Businesses should also deliver what they promise to customers. Addressing their concerns directly and promptly also builds trust in your company. Aside from delivering what you said, go beyond that and give something unexpected. That adds value and trust, as well as a means for customers to share to other people about you.