Communication

Edelman Trust Barometer 2020: CEOs can seize the day

IMG_5193When the World Economic Forum kicks off in Davos, the first thing I look out for is the Edelman Trust Barometer. Now in its 20th year, the PR agency Edelman has been measuring public trust in people and institutions.

And this year, this stuck out particularly for me:

  • Business is seen as the most competent of institutions, inching ahead even of NGOs. And it is seen as competent, even if seen as too self-centered by most respondents.

Time for CEOs to step up!

The survey shows that people have a high expectation that their company’s CEO takes the lead in speaking out on important issues – from climate change, diversity or jobs of the future. A whopping seventy-five percent (75%) believe CEOs should lead the way to change, almost that it is imperative for them to speak out and not wait for politics and government to step in.

Larry Fink only last week spoke out on jobs lost to automation and the need for ESG-only investments. Microsoft taking more carbon out of its operations. Steps in the right direction. But the level of consciousness needs to be raised! Just think to Siemens who recently have been criticized around their decision to invest in coal mining in Australia despite the recent environmental (fire) crisis.

More needs to be done and being a change enabler should move to the top of any CEO’s agenda in 2020.

Technology is a worry

83% of respondents said they were concerned also about losing their jobs for various reasons like a weak economy, lack of job security, automation, or a lack of skills. Meanwhile, 62% feel work technology is “out of control,” and technological change is happening too quickly. Yikes.

Therefore CEOs will need to make real investment efforts in the coming years in people, not just technology. Why? Because we need a perfect balance of the two!

Mastering challenges collectively

But also engaging stakeholders across the board will be a key opportunities for businesses and CEOs alike. 87% say that customers, employees and communities are more important to a company’s long-term success than shareholders alone.

Maybe we have already seeing a shift when looking at the announcement by The Business Roundtable Group of CEOs who said that we should start to move away from a sole focus on shareholders to a more balances purpose centred on all stakeholders.

My encouraging question to all CEOs out there: How will you use your opportunity to own the narrative and to drive change to build trust in the coming years?

Feedback is not only about giving

Many companies spend a lot of time coaching managers on how to give feedback but little time is spent on how to receive it! Dealing with negative feedback is never easy. It can make us feel defensive which can impair on how we use it effectively. Having a better feel for how we can (or even if and when) we should respond is just as important as understanding how to give it.  Here are five empirically supported actions that can help with hearing critical feedback:

  1. Don’t rush to react
  2. Get more data
  3. Think about “public relations”
  4. Don’t be a martyr
  5. Remember that change is not your only option

If you want more insights, take a look at Tacha Eurich’s article in HRB.

Grow through experiments

Harry_Waisman_labPractice makes perfect. Who hasn’t been told that at some point in their life? But is it true?

I like Adam Grant’s take who believes that what separates the good from the great is the willingness to try new things. You may be successful the way you are, but regardless of whether you are a company or an individual if you follow the same thing, the same routine, the same strategy over and over again you are more or less standing still, it means you are not growing.

Especially today where our world is changing at an incredible speed we need to have the willingness to experiment. To experiment with what you already know, and to experiment beyond that.

As Adam Grant said in a recent interview with GQ:

“..I would love to see every individual, every group try at least one experiment every week. Whether that’s shifting the structure of your meetings, or rotating around the leader for that decision—you can make a long list of what kind of experiments might be relevant. But to me, that’s kind of the big lesson of organizational psychology: the people who are willing to try new things beat the ones who don’t.”

How can you break your silos of your own built routines and start to experiment?

(Photo Credit: Harry Waisman Lab)

There are many reasons not to change

I came across this nice picture the other day, showing us the many reasons against change. But my questions back would be “what is the risk of not changing?”.
Take some time today to reflect on what is stopping your company from making the needed changes.

Change

Company values drive behaviour


One of the most important dimensions of job satisfaction is how you feel about your employer’s mission.” writes Robert H. Frank, an economics professor at Cornell University. Futura1-1024x720

Values shape company behaviour. It is about how we treat employees, our customers, the type of products we build, the office environment we provide and much more. Most companies state values that usually always sound great, but actually are not shown in behaviours.

Some questions that leadership can ask themselves could be:

  • How do we live our values at this company?
  • What are stories and examples we can share that show how our values are put into practice?
  • When a department, team or individual does not stick to the company values are there consequences? And what would these look like?
  • How do we as leadership ensure that even when making difficult decision we can stay true to the company values?

 

 

 

 

Edelman Trust Barometer 2018

Screen-Shot-2018-01-22-at-22.28.58-768x373The World Economic Forum is Davos is always exciting. While economic and political elites are discussing what should be on the business and government agenda for 2018, the global communications community looks towards the results of the annual Edelman Trust Barometer.

Now in its 18th year, the barometer, which surveyed more than 33,000 adults across 28 countries, showed a big drop in trust. As a professional communicator my main takeaway is the increased trust in CEOs (first year in a long time!) and the decreased trust in “a person like you”. The latter is pretty big news, seeing as peer-to-peer communications had been the most trusted form of communication in recent years. Maybe we have realized we are living too much in echo chambers.

Social media companies have also lost trust, with 70% of respondents agreeing that they do not do enough to prevent unethical behaviors. With more than 30% of those surveyed believing that social media is not good for society it will be interesting where this opinion takes us and if the big tech companies will start to do some rethinking about their responsibilities to society.

It seems business is now expected to be an agent of change. Nearly two-thirds say that they would like CEOs to take the lead on policy change instead of waiting for government. As Edelman says: “There are new expectations of corporate leaders. Nearly 7 in 10 respondents say that building trust is the No. 1 job for CEOs, ahead of high-quality products and services.”

What’s the reality in your company? Have you noticed a decline in peer-to-peer communication? How can we tackle disinformation within companies? And what can communicators do to empower CEOs to become agents of change in today’s society?

 

You can read the full report here.

Who makes a better boss – men or women?

Gender doesn’t matter, talent does.  And when you know that between 2014 and 2016, only 15% of workers in Germany were engaged at work then it is more than urgent to take a look at the management culture and to not just hire for experience or skills but for the talent to truly work with and inspire people.

Read more in Gallup’s latest blog post.