As is customary by these dates, a few days ago, Edelman published its annual confidence report, the barometer Edelman Trust 2020. And as is customary in this blog, I summarize the key points that affect personal branding, corporate brand and opportunities that emerge from the barometer.
If you're short on time, I invite you to watch this video-summary:
- Edelman Trust fact sheet 2020
- Who is trust relevant to today?
- A growing sense of inequity looms
- Trust in capitalism, in question
- Are we ready for the future of work?
- The formula of trust: Ethics + Competences
- Ethical drivers are 3 times more important to the company's confidence than the competition
- Employees and customers, priority stakeholders
- Public-private collaboration, necessary in employment
- And how the ethical-compete binomial affects the personal brand
- Information of interest
Edelman Trust fact sheet 2020
Online survey conducted in 28 Countries. More than 34.000 respondents in total. Fieldwork carried out between the 19 October and the October 18 November 2019.
It has differentiated between general and informed audiences. There is some bias towards a higher proportion of Generation Z (18 To 24 Years) with a total of 280 Interviews.
Who is trust relevant to today?
- For Consumers and for Risk Resilience: Trusted companies have stronger consumer buyers and advocates
- For Employees and the Market: Confidence drives recommendations in the workplace
- For Regulators, Investors and media coverage : Trusted companies are more licensed to operate
A growing sense of inequity looms
There is the paradox that the informed public trusts more than the general population, with a difference of 14 Points. In the case of Spain, For example, the informed public gives an approval to the general confidence (59%), while the general suspends her with 42%, with a "gap" of 17 points of difference.
This inequity is more evident in trust in NGOs and companies (70% informed public vs. 55%). And in government and means there is also distance, where the informed public puts their trust, while the general public is clearly distrusting.
Trust in capitalism, in question
A risk appears in the trust in the system. For the first time, the ratio of distrust towards this form of organization outweighs the confidence with 56%.
Inequity is a germ that causes that mistrust against a way of life that seems to need to reinvent itself.
Are we ready for the future of work?
Well, according to Edelman Trust 2020, everything points to not. A 83% respondents are afraid of losing their jobs due to one of the following reasons:
- Increased "freelance" demand on a Gig-Economy model (economy on demand) 61%
- Impending recession 60%
- Poor skills training 58%
- Cheaper foreign competitors 55%
- Immigrants working for less 54%
- Automation 53%
- Jobs moving to other countries 50%
Respondents also point out that technological advancement outweighs them. That, to my way of seeing, we should also see it as an opportunity to learn (there's no age, just attitude) and overcome the fears of something as inevitable and convenient as the improvement and advancement of technology.
The formula of trust: Ethics + Competences
This is the great contribution of Edelman Trust 2020: competent is not enough. Be just ethical, Either. Ethics is the study refers to elements such as Sense, Purpose, true values. They refer to the People priority – Planet – Benefits I talked about a few weeks ago in this blog in the post Leadership, vulnerability and personal branding.
As seen in the chart, there is no single institution that meets both premises: ethics and competencies. NGOs carry ethics in their DNA, but they don't manage to be competent enough to solve the problems of this world. On his side, companies approve in competitions, but their lack of values and ethics puts them in check.
a lot public administrations as means suspend clearly not attaining any of the trust-generating premises.
Ethical drivers are 3 times more important to the company's confidence than the competition
As if that weren't enough, it's not that ethics is important, but it's three times more important, at least for businesses.
Ask yourself a question do you think your company, or the company you're working on is putting ethics ahead?
Integrity, reliability and purpose are the ethical armament of 76% preference for respondents over their own competencies, with a 24%.
And let's be clear that here it's not about tomorrow's company deciding that its values are integrity and reliability and drafting a purpose. This is a cultural change Full, something that could explain very well Christian Fernandez, Director of People and Culture, Andorra Telecom.
Employees and customers, priority stakeholders
Many companies keep repeating that they are due to their customers. But the reality is that they act driven by the interests of shareholders.
The graph shows how people equally value respect for two priority stakeholders: employees and customers. On the other, shareholders and communities should not be responsible for key decisions by organizations.
Public-private collaboration, necessary in employment
Collaboration between companies and administrations is considered to be very necessary to avoid a debacle in employment derived from gig-economy and automation. Particularly sensitive sectors will be public servants and businesses. But it is estimated that it is the companies that will have to lead the training.
And how the ethical-compete binomial affects the personal brand
As a proper interpretation of the study in personal brand code I highlight the following points:
- Managing our brand is more important than ever, either outside or within organizations. Our values are real, uns designed, and can help institutions (NGOs, Companies, administrations and media) humanize their messages and make sense of their purposes.
- The internal influencer or "emfluencer"transmits the company's values and purpose better than the outside influencer. First because he knows those values and purpose better than anyone. And secondly because he also knows as no one the attributes of the brands of the organization. That's it, For me, a branding appeal to all organizations that have not defined their "brand purpose" and vital elements such as Employer Value Proposition, the reason employees and outsiders should trust that brand.
- The programs employee advocacy must put forward the communication of values and purpose. Many consumers are worrying about issues such as whether the product has respected the age and equity of workers, working conditions...
- The CEO must be the spearhead of the personal brand in the corporate sphere. The study makes it clear that the CEO of organizations must face more than ever. And from what I see in the training programs in staff branding, many managers are absent when should be the first participants.
There is much more information in the Edelman Trust's executive PDF summary 2020.
Stock Photos from Atstock Productions / Shutterstock
Information of interest
Online University Course on Personal Branding and RRSS
The University of Vic already has open enrollment for the specialization course in Personal Branding and Social Networks. Is 100% online and equivalent to 23 UCTS credits, priced 1.750 Euros.
The start date is 27 February 2020 and ends the 31 July 2020.
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