In Business We Trust, But With Expectations Of Broader Leadership, According To Acumen Edelman Trust Barometer

April 7, 2022 – Business is the only trusted institution in Aotearoa New Zealand with 61% of people trusting business to do what is right, according to the Acumen Edelman 2022 Trust Barometer[1].

“The standout finding from Acumen Edelman’s Trust Barometer for 2022, is that people have high expectations of Business to play a broader leadership role among employees, customers, investors and communities to build trust,” said Adelle Keely, Chief Executive at Acumen.

“Trust is a crucial dimension underpinning well-functioning societies, but the global trends reveal an ever-growing cycle of distrust. The cycle is fueled by a mix of economic pessimism, the perceived inability of key institutions to get results, inequality, and the pernicious effects of disinformation and fake news,” added Keely.

The global pandemic has also placed more stress on political systems and their ability to respond to the needs of their citizens effectively. Western democracies have collectively lost trust and large federal systems, were seen as particularly ineffective. Germany (-7), Australia (-6) and the United States (-5 percent) all suffered significant declines in trust. No western style democracy features in the trusted category for the first time in 20 years.

Government in New Zealand bucked the global trend, moving upwards and sitting in the neutral category whereas trust across other markets has declined.

NGOs sit in the neutral trust category in New Zealand, while media is distrusted and sits below the global average at 41%.

“Trust in social media in New Zealand is among the lowest in the world which is unsurprising given concerns around disinformation and fake news being at an all-time high. Our research shows that 70% of New Zealanders are worried about this and their default is to distrust something until they can see evidence that information is trustworthy,” said Keely.

“Today’s expectations of CEOs are not just to run a business successfully, but to be visible on societal issues that affect their employees, customers and communities where they operate. People want more visibility from CEOs on topics like jobs, productivity, as well as on broader societal issues that people care about such as sustainability, equity and inclusion, jobs, wage fairness,” she said.

Employers remain a bastion of trust around the world with 80% of people trusting their employer locally. Generally, employers have been seen as responsive and a source of stability in an uncertain world. There are high expectations of Business to offer broader-based leadership and for CEOs to be the face of change.

“This is not about being ‘woke’. Almost half of respondents buy or advocate for brands, choose a place to work, or invest based on their values and beliefs. Demonstrating broader-based leadership not only helps to build trust and maintain a social licence to operate, it provides businesses with an edge when competing in a tight market for customers, talent and investors,” said Keely.

“Leadership that is solution-focused and future-oriented will succeed whereas short-term, tactical leadership will only perpetuate the cycle of distrust. Every institution must also provide quality, trustworthy information that is engaging, clear, consistent, and fact-based to break down distrustful communities.”

“Institutions need to work together to demonstrate tangible progress to their audiences to show them the system can work for them, and these institutions need to collaborate better to restore people’s basic belief in the ability of their institutions and societies to build better futures for them and their families,” concluded Keely.

[1] The Edelman Trust Barometer has been running for 22 years and examines trust in the institutions of Business, Government, NGOs and Media. In 2022 it surveyed more than 36,000 people across 29 countries. The Acumen Edelman 2022 Trust Barometer surveyed 1,150 people in November 2021 and the survey has been running since 2016.

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