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A new Burson report finds that a general lack of trust in social and political institutions has spilled over into the business arena, with a “credibility gap” affecting both corporate leaders and the policies they employ to run their companies.
“The Burson Pulse,” the first installment of a two-part study, surveyed 1,601 U.S, adults between April 22 and 30 to find out the reasons behind the lack of trust, as well as some of the strategies that could help to close the credibility gap.
Two-thirds (67 percent) of the survey respondents said they feel that the U.S. is on the wrong track. One major reason for that is a perceived decline in their economic well-being. More than eight in 10 (81 percent) said they were “extremely or very concerned about the cost of living and inflation.”
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That economic uncertainty is causing people to take a closer look at how corporate policies are affecting all aspects of their lives. More than six in 10 (61 percent) say that in addition to saving more, economic anxiety is spurring them to “pay closer attention to what companies say and do.”
However, paying closer attention comes hand in hand with an increase in skepticism, and much of that distrust has its roots in the C-suite. Only 19 percent of respondents said that they have confidence in CEOs.
Almost seven in 10 (69 percent) note the tendency of leaders to put themselves first, being “more concerned with their personal brand than their company’s mission.” Even more (76 percent) call executives to task for a lack of backbone, saying they “lose respect for a CEO who changes public positions based on outside pressure.”
Plus, four out of 10 (40 percent) say their confidence in a company goes up when its values are both visible and consistent—both in their statement and their actions. The same number want honesty and transparency from a company even when it has bad news to deliver.
The study also points out a few ways that companies can step in to replace some of the confidence people have lost in Washington. More than three quarters of those surveyed (77 percent) said “companies can serve as a stabilizing force when government is unreliable.”
When it comes to speaking out on issues, a large majority (86 percent) think that companies have a responsibility to voice their opinions on public issues that affect their employees or communities. But the story is different as regards political debates. In those situations, 71 percent of respondents think that leaders should refrain from putting their two cents in.
"Business leaders are operating in a high-anxiety, highly scrutinized environment, starting with a credibility gap that many don’t even realize exists," said Craig Buchholz, U.S. CEO, Burson. "But within this skepticism lies a clear roadmap. Americans are not looking for louder corporate messaging or slick PR. They are looking for and expecting C-suite executives to lead with consistency, genuine accountability and a focus on their people."
Burson plans to conduct the second part of its study following the midterm elections.
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