Deloitte launches new solutions to build and safeguard organizational trust
Deloitte takes a first-in-market approach to measure and enhance trust in organizations
NEW YORK, NY, USA, 17 November 2020—Today, Deloitte announced the launch of Future of Trust, a comprehensive suite of solutions that enable organizations to measure, quantify and enhance trust. Through comparative data and analytics, these solutions allow companies to prioritize activities that disproportionally drive trust in the enterprise. With the COVID-19 pandemic magnifying the importance of trust among leaders, the workforce, customers and stakeholders, Deloitte’s Future of Trust offering aims to help organizations become more proactive in elevating the levels of trust across the enterprise and improve their ability to react to breakdowns in trust if they occur.
To achieve this, Future of Trust provides a critical advantage by guiding companies through a journey of diagnosing, prioritizing, and activating the key trust drivers important to an organization and its stakeholders. By unlocking trust, companies can fully deliver on their mission and purpose to not only strengthen financial performance, but also attract talent and reaffirm key constituents. These outcomes will help drive short-term recovery and long-term success.
The launch of Deloitte’s Future of Trust comes as business leaders are increasingly confronted by generational, political, and societal expectations and demands to become more transparent and trustworthy.
As companies across industries look to recover and emerge stronger from the economic and health crises of the pandemic—Deloitte’s Future of Trust can help them protect and strengthen trust during this crucial inflection point.
“As the pandemic has progressed, we’ve seen trust fracture across governments, businesses, and other pillars of society, and the implicit social contract between institutions and stakeholders is fraying,” says Jeff Weirens, Deloitte Global Financial Advisory leader. “In this environment, organizations must recognize and deliver on the needs of people, clients, and communities to protect trust. More than ever, trust will be crucial for the foundation of a better future, because it enables stakeholders to believe in the organization and its mission, its competence to succeed, and its intent to do good.”
Future of Trust measures, prioritizes, and activates key elements of trust by harnessing Deloitte’s strategic relationships and industry-leading solutions, including the HX TrustID™ and TrustIQ™:
- TrustIQ™: Presenting actionable insights, TrustIQ measures and quantifies performance across seventeen dimensions of trust. The diagnosis is performed from both an inside-out as well as outside-in perspective, capturing views of internal and external stakeholders, juxtaposing these measures against relevant industry and sector benchmarks. This approach allows organizations to identify and prioritize areas of focus to improve levels of trust and company performance.
- HX TrustID™: Taking into account an organization’s intent and competence, HX Trust ID™ measures trust through the lens of human experience (HX), across four integrated signals: humanity, transparency, capability, and reliability. The TrustID™ can then predictively tie the four signals to customer and employee behaviors, and help leaders understand what actions they can take to (re)build trust where their organization needs it most.
The COVID-19 pandemic has revealed the importance of trust not just during a crisis but also after. How leaders respond and emerge from times of crisis sets their organization apart from others. However, rebuilding from challenging times requires trustworthy leaders and organizations. With the help of Deloitte’s new framework and agile approach, supported by the TrustIQ™ and HX TrustID™ solutions, leaders are able to focus on various dimensions of trust, including physical, emotional, financial, digital, and ethical to build stakeholder confidence and position organizations to align with company core beliefs.
“To enhance and protect trust, an organization must first understand how it is performing relative to trust in the eyes of its various stakeholders,” says Michael Bondar, Global Innovation Leader for Deloitte. “This topic can feel so broad and challenging to fully grasp that the mere thought of acting on it without a well-structured approach, set of comparative insights and enabling technologies can be paralyzing. We recognize how critically important it is for our clients to not only navigate trust and then act on it successfully. Deloitte’s suite of solutions is a significant enabler helping our clients achieve this goal.”
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