Trust may not appear in a company’s financial accounts, but trust has been called “the most powerful currency in business.” Customers, investors, employees and suppliers all want to work with companies that they consider to be trustworthy. As a result, the future is bleak for those companies who fail to take steps to build trust and transparency.
Trends suggest that trust has become more important for companies looking for long-term, sustainable profits. Surveys of young people show they want to work for, buy from and invest in firms that match their values, and benefit society. Likewise, a growing number of investment management companies, including global powerhouse Blackrock, have raised the bar, prioritizing investments with companies that meet both ethical and profitability standards.
Major companies are waking up to the new reality that pursuing trust, fairness and transparency is the surest way to guarantee long-term sustainability and profitability.