The much-anticipated 2023 Edelman Trust Barometer was recently released and, once again, the results show a tremendous opportunity for business leaders.
The Barometer
For the past 23 years, Edelman has used the survey to study people’s trust — “the ultimate currency” — of institutions, including business, governments, NGOs and media. The goal of the report is to help organizations understand and navigate trust among stakeholders. The online survey sampled more than 32,000 people across 28 countries.
The Findings
Business continues to be the only trusted institution, and that trust is significantly higher than trust in government.
Global trust: business - 62%; government - 51%;
US trust: business - 55%; government - 42%
US trust in business is six points higher than in 2022.
Business is seen as both more competent and more ethical than government.
Competence: 54 points higher
Ethical: 30 points higher
Polarization has increased at home and abroad.
53% of respondents globally and 67% of Americans say their country is more divided today than in the past.
The US is one of six countries (including Argentina, South Africa, Colombia, Spain and Sweden) considered “severely polarized”.
41% of people said that government and business working together in partnership is most likely to result in being able to work through ideological divisions that exist.
The majority of people — on both sides of the aisle — want more engagement from business on societal issues.
The majority of respondents expect CEOs to take a public stance on treatment employees, climate change, discrimination, the wealth gap and immigration.
Nearly half of respondents think business should take steps to address climate change, economic inequality, energy shortages, and health care access, while only 8% thought business taking such action would be overstepping.
“...People are looking to business leaders maybe because businesses are taking action in a way that government can’t or won’t...They’re not just saying, but they’re also doing.”
The Bottom Line
As trust in government continues to erode, business has a unique opportunity to leverage its position of power and influence to both deliver results and make a positive impact on society.