Introducing the chief trust officer has been saved
Introducing the chief trust officer
Building and maintaining stakeholder trust is now a key responsibility across the C-suite
In association with Deloitte + SAP
Trust should not be taken for granted. In fact, in an era characterised by rapid digital transformation, heightened stakeholder expectations, rise of misinformation, recessionary concerns, and sophisticated cyberattacks, organisations should work harder than ever to earn—and maintain—trust.
For those who succeed in building long-lasting trust, which Deloitte defines as “the outcome of high competence and positive intent,” the payoffs are plentiful. Deloitte research shows that companies deemed “trustworthy” outperform their competitors by up to four times. Furthermore, a Deloitte survey reveals that 88% of buyers who trust a brand highly become repeat customers, and 79% of employees who trust their employers highly feel motivated at work.
“Trust is a clear competitive differentiator,” says Elena Kvochko, the first chief trust officer to be appointed at software company SAP. “Having a recognised awareness that this is an important function and this is an important direction for the company—it was critical for our success.”
Even as more organisations recognise the impact of trust on employee engagement, customer loyalty, and financial performance, only 19% of organisations have a C-suite leader dedicated to trust-building.
In the past, the need for a C-suite leader focused on trust has not been as acute, says Michael Bondar, Deloitte’s global Enterprise Trust leader. However, a Deloitte global survey of board directors and C-suite executives reveals that although 82% of respondents say the CEO is ultimately responsible for trust leadership, just 39% categorise their organisation as achieving high trust maturity. Focused leadership could increase that percentage, says Bondar, who is also a principal of Deloitte’s Transactions & Business Analytics LLP.“
The polarisation of media, geopolitical uncertainty, the pace of digital transformation, the increasing expectations of stakeholders, the scrutiny of data, climate change, and a recessionary environment make trust a top-of-mind issue for executives,” he explains.
Enter the chief trust officer (CTrO). As more business functions seek to demonstrate trust, the CTrO has emerged as a strategic leader to help build trust across the organisation and partner ecosystems.
The original article was published in MIT Technology Review on 15th May 2023
