Episode #34: What does it take to trust a business? has been saved
Episode #34: What does it take to trust a business?
The Green Room by Deloitte podcast
Trust. It can be hard to define, but we all know how it feels. They say it takes a long time to build and a short time to lose. So what are the fundamentals of trust in business? And what happens when you get it wrong – is it lost forever?
Trust often has more to do with intuition than hard facts. We ask our friends for great restaurant recommendations. Turn to our social media contacts when we need a last-minute plumber. And of course, only believe our own mother when we want to know if we can really pull off those red trousers.
But trust is a key topic in the business world too – and not always a straightforward one. We all know most businesses are about making money. But more and more are also talking about putting ‘purpose’, ‘people’ and ‘planet’ first. And the cynics amongst us might be concerned that this is more about luring in millennials than doing the right thing.
Over the past year, society has been watching to see what action the business community take during the crisis and how they will change as we emerge from the pandemic.
And if you think trust is just a ‘nice to have’, think again. Studies show that companies that invest in their workers, support their communities, and protect the planet actually do better commercially.
So what are the fundamentals of trust in business? Is it as simple as doing as you say? A well-known leader or recognisable brand? What about how they make us feel as customers or investors?
They say trust takes a long time to build and a short time to lose. So, what does it take to build trust over the years? And what happens when you get it wrong – is it lost forever?
Tune in to find out:
- Why Baroness Ford is turning her attention to the perfume trade
- The role trust has played in the careers of two leading business leaders to date
- The impact the pandemic has had on confidence in business
- Why the phrase “institutional shareholders” is someone's pet peeve
- Why actions will always be more important than words
If you’re interested in any of the topics we talked about during this episode, you might find the links below useful.
Deloitte's recent response to the Department for Business, Energy and Industrial Strategy’s (BEIS’) consultation on “Restoring trust in audit and corporate governance”
Deloitte’s latest millennial survey