Building Trust

Aligning profit with purpose to build trust and maximize the value of your business was the topic of today’s Los Angeles Chamber of Commerce Power Hour Series.  Providing an overview of the 2011 Edelman Trust Barometer was Richard Edelman, President and CEO of the company that bears his name.  He released the findings of this year’s survey last month at the World Economic Forum in Davos.  The study gauges attitudes about the state of trust in business, government, NGOs and the media across 23 countries.  He states:  “Business must align profit and purpose for social benefit.  The current media landscape, plus increased skepticism, requires multiple voices and channels.  Demand for authority and accountability set new expectations for corporate leadership.  Trust is a protective agent and leads to tangible benefits; lack of trust is a barrier to change.”  After many public scandals in business and the resulting lack of trust by the consumer in general, Mr. Edelman says that trust in business may have stabilized globally.  But that trust he says is “conditional, premised on what a company does and how it communicates.”  Responses to different industries vary.  It is a fascinating study and contains important concepts. www.edelman.com/trust/2011