As is customary at these dates, a few days ago, Edelman Trust 2019 published his annual confidence report, the barometer Edelman Trust 2020. And as usual in this blog, I summarize the key points that affect personal branding, corporate brand and the opportunities that emerge from the barometer.
If you have little time, I invite you to watch this video-summary:
- Edelman Trust data sheet 2020
- For whom is trust relevant today?
- A growing sense of inequity looms
- Trust in capitalism, in question
- Are we ready for the future of work?
- The formula of trust: ethic + skills
- Ethical drivers are 3 more important to the company's trust than the competition
- Employees and customers, priority stakeholders
- Public-private collaboration, necessary in employment
- And how ethical binomial-competitions affect personal branding
- Information of interest
Edelman Trust data sheet 2020
Online survey conducted in 28 countries. More of 34.000 respondents in total. Fieldwork carried out between the 19 October and the 18 November 2019.
It has differentiated between the general public and the informed public. There is some bias towards a higher proportion of Generation Z (18 to 24 years old ) with a total of 280 interviews.
For whom is trust relevant today?
- For Consumers and for Risk Resilience: Trusted companies have stronger buyers and consumer advocates
- For Employees and for the Market: Trust drives workplace recommendations
- 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 is more confident than the general population, with a difference in 14 points. In the case of Spain, for example, the informed public gives an approved to the general confidence (59%), while the general suspends her with 42%, with a "gap" of 17 points difference.
This inequity is further evident in trust in NGOs and companies (70% informed public vs 55%). And in government and media there is also distance, where the informed public places their trust, while the general public clearly distrusts.
Trust in capitalism, in question
A risk appears in the confidence in the system. For the first time, the rate of distrust of this form of organization outweighs trust with 56%.
Inequity is a germ that causes that mistrust against a way of life that seems to need to be reinvented.
Are we ready for the future of work?
Well, according to Edelman Trust 2020, everything points to that it doesn't. A 83% respondents express fear of losing their jobs due to one of the following reasons:
- Increased "freelance" demand on a Gig-Economy model (economy on demand) 61%
- Imminent 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 that technological advancement outweighs them. That's it, in my view, 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 improving and advancing technology.
The formula of trust: ethic + skills
This is the great contribution Edelman Trust 2020: being competent is not enough. Being just ethical, neither. The study ethically 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 brand.
As seen on the chart, there is no single institution that meets both premises: ethics and competencies. NGOs carry ethics in their DNA, but they can't be competent enough to solve the problems of this world. On the other hand, companies approve in competitions, but their lack of values and ethics puts them in check.
So much public administrations as media suspend clearly by not reaching any of the trust-generating premises.
Ethical drivers are 3 more important to the company's trust than the competition
And if that was not enough, it's not that ethics is important, but it's three times more important, at least for companies.
Ask yourself a question do you think your company, or the company you work for is putting ethics ahead?
Integrity, reliability and purpose are the ethical armament of the 76% preferable to respondents over their own competencies, with a 24%.
And let's be clear that here it's not about tomorrow the company decides that its values are integrity and reliability and writes a purpose. It's about a cultural change Full, something that could explain very well Christian Fernández, Director of People and Culture of 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. Instead, shareholders and communities should not be responsible for key decisions of organizations.
Public-private collaboration, necessary in employment
Collaboration between companies and administrations is estimated to be much needed to avoid a debacle in the use derived from the 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 ethical binomial-competitions affect personal branding
As the study's own interpretation in personal brand key, I highlight the following points:
- Managing our brand is more important than ever, either outside or within organizations. Our values are real, undesigned, and can help institutions (NGO's, Business, administrations and media) to humanize their messages and make sense of their purposes.
- The internal influencer or "emfluence" conveys the company's values and purpose better than the external influencer. First because he knows those values and purpose better than anyone. And secondly because he also knows the attributes of the brands of the organization like no one. 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, why employees and outsiders should trust that brand.
- The programs of employee advocacy programs must put the communication of values and purpose ahead. Many consumers are worrying about issues such as whether the product has respected the age and fairness of workers, working conditions...
- The CEO should be the spearhead of the personal brand in the corporate sphere. The study shows that the CEO of the organizations must face it more than ever. And from what I see in personal branding training programs, many managers are absent when should be the first participants.
There is much more information in the Edelman Trust's PDF executive summary 2020.
Stock Photos from Atstock Productions / Shutterstock
Information of interest
Personal Branding and RRSS ONLINE College Course
The University of Vic already has the registration open for the specialization course in Personal Branding and Social Networks. Is 100% online and is equivalent to 23 UCTS credits, priced at 1.750 euros.
The start date is the 27 February 2020 and ends the 31 July 2020.
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