Is "trust" starting to eclipse "transparency" as the mantra for corporate America? The importance of corporate "transparency" has been knocked around in the business press for
the last several years but the scandals just keep coming, the latest being allegations of wrongdoing at financial services giant Marsh & McLennan Cos. (see pages 4-5).
Maybe it's because transparency is in the eye of the beholder whereas trust can be a lot more clear-cut, something that, well, your mom should have taught you a long time ago.
Nevertheless, corporate-decision makers are developing a better appreciation for trust, according to a recent survey by Richmond, Va.-based PR agency Carter Ryley
Thomas (CRT). The survey, which was discussed at the recent PRSA annual conference in New York, took the pulse of 100 corporate executives in the greater Richmond, Va.
area (see charts). "We were a little surprised that they placed communications as high as they did," says Mike Mulvihill, president of CRT, who helped to conduct the study. "The
executives recognize that they have to work in a manner that garners trust."
Asked how senior PR executives can fuse trust into the enterprise, Mulvihill says it's important that senior PR execs not accept the role of "being saddled with behavior that
doesn't [positively] reflect on the company. They need to get involved in policy at the C-suite level and create and monitor behaviors that will in turn create trust and good
will."
No doubt trust is often easier to convey to stake holders than corporate reputation.
"Reputation is hard to understand. Is it based on products? Stock? Sales?" he says. "But if I come to you and start talking about trust, which everyone understands, people
believe you. It makes it much more personal."
| Category |
Strongly Agree
|
Agree
|
No Opinion
|
Disagree
|
Strongly Disagree
|
|---|---|---|---|---|---|
| Trust & corporate reputation have become more of a priority in corporate America in the last year |
53%
|
44%
|
-
|
2%
|
-
|
| My company invests in maintaining and improving trust with our stakeholders |
57%
|
36%
|
7%
|
-
|
-
|
| My company invests in our corporate reputation |
70%
|
30%
|
-
|
-
|
-
|
| CEOs are aware of how trust and reputation impact the business |
56%
|
44%
|
-
|
-
|
-
|
| Stakeholder trust is tied directly to company growth and market share |
27%
|
52%
|
7%
|
12%
|
-
|
| It is important to external stakeholders to trust a company |
64%
|
35%
|
-
|
-
|
-
|
| Employee trust is equally important as the trust of external stakeholders |
77%
|
21%
|
-
|
-
|
2%
|