In the ever-evolving world of business, trust continues to be a critical factor that can make or break an organization’s success. According to the latest Trust in Business Survey conducted in 2023 by PwC, it’s evident that consumers, employees, and business executives universally agree on the importance of trust in business. Trust not only influences a company’s reputation but also directly impacts its profitability. A staggering 91% of business executives acknowledge that the ability to earn and maintain trust significantly enhances the bottom line.
The survey highlights how trust can create value for businesses, with 92% of business leaders, 92% of consumers, and 94% of employees concurring that organizations have a responsibility to build trust. This trust, once established, can lead to referrals and recommendations—demonstrating its tangible impact on performance.
One key finding of the survey is that employees can serve as a valuable resource for identifying trust blind spots within a company. Encouraging employees to speak up and fostering psychological safety can help organizations proactively address potential trust issues.
“Companies should evaluate whether workers feel safe in surfacing and escalating issues. This goes far beyond written policies and whistleblower hotlines. Managers and leadership have to create a culture where workers feel empowered to speak up — and feel heard and supported when they do. By engaging in this way, companies can get a better sense of where potential trust issues may lurk.”
