Future of Business
In 2020, with the outbreak of Covid-19, the sense of trust has undergone enormous change in the world. To explore this problem, we analyzed the Edelman Trust Barometer study, attended by over 33,000 people from all around the world.
Fascinating Information About the Change In Our Perception Of Trust
- Public confidence in the business world is 7% higher than that of its closest competitor.
- In 2020 alone, the reliability of the business world has increased by about 4%.
- In terms of ethics, the business world has suddenly reached a position where it competes with associations and foundations.
- Particularly in emerging economies such as Turkey, the level of trust in employers has reached record levels.
- The business world has been ranked as the most trusted institution in two-thirds of the countries surveyed.
- More than 50% of employees fear that their working hours will be partially reduced and their duties will be performed by artificial intelligence.
Why Do We Trust the Business World?
It is obvious that the business world has a tremendous responsibility during this unlucky period of the pandemic. While the public waited for solutions from the structures best known to them, those expectations for solutions gave way to disappointment as the pandemic deepened. The biggest reason for this frustration was that the pandemic management process was not well planned. While these events eroded the credibility of many leaders, an atmosphere of trust was created for those who were praised by the public for their success in the pandemic planning process. The people the public trusts the most in the current environment are academics, private sector technical experts, people like themselves, and company executives, respectively. At the very bottom of the list, you can find officials and journalists.
The Persuasiveness Of Trust
Edelman's research also reveals another amusing reality. More than 60% of employees consider the messages from employers to be reliable. Besides, 12% of the same employees are not even inclined to question their employer's information.
New Working Life
During the pandemic, most companies have adapted to working from home except when absolutely necessary. According to a study revealing employee views on this issue, 52% of workers prefer to work from home. While 58% of employees, who prefer a home to a workplace, name the risk of Covid-19 infection as their main reason, there is a group of 26% who believe this is more efficient, and 33% who notices a better work-life balance. One interesting point is that 48% of the group of people who choose the workplace gave the same reasons for their choice. The only difference is that employees who prefer to visit their workplaces stated trust in their employers.
What Is Expected From the Business World?
As we have stated, while Covid-19 damages the sense of trust in many important players, we can see the public placing this trust on the shoulders of the business world. According to the study, over 65% of the participants have some expectations of the business world; we list three of the top ones below:
- If administrattions cannot address social issues, business leaders must step in.
- CEOs must lead changes.
- CEOs are required to be transparent not only to shareholders or the board of directors but to the public as well.
In addition to these three core expectations, 86% of the population rely on CEOs to talk openly about social issues.
Borusan Cat In This New World
The period of the pandemic has shown once again that companies, unable to adapt to the modern era and conditions, are bound to face the consequences of this. 68% of consumers and 62% of employees believe they have the power to change businesses. Also, 50% of those surveyed said they were more courageous when discussing their problems at the workplace.
As Borusan Cat, we quickly adapted to this new world thanks to our structural and cultural skills. We continue to be a trusted companion in finding solutions for our business partners and a loyal ally for our employees, as we have been since the day of our foundation, thanks to the myriad physical, professional and social measures we take. Our use of real-time data; our fast, efficient, responsive, sustainable, and proactive solutions; our online solutions for current needs; our strong team focused on maximum customer satisfaction; and our solution-oriented corporate culture has made us the role model for managing the pandemic. As a company that believes in change and mutual trust, both yesterday and today, we will continue to create solutions to improve the world in the light of our principles.
Bibliography:
21st ANNUAL EDELMAN TRUST BAROMETER
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TheBClog consists of rich content prepared by all Borusan Cat members on topics such as sustainability, productivity, future, technology, and the business world. The stories of success shared by the Borusan Cat members meet with the world at TheBClog in Turkish, English and Russian.