Consumers are more skeptical than executives realize. That’s according to PwC’s 2024 Trust Survey and report titled “How to earn customer trust in your sector.” PwC surveyed 548 business executives, 2,515 consumers, and 2,039 employees in the United States across various industries.
The data reveals an opportunity for companies to strengthen trust with key stakeholders. Per the report, businesses that assess their trust levels among employees, consumers, investors, and other stakeholders can gain a significant advantage over competitors.
The trust gap is growing because the number of executives who believe they are highly trusted is increasing more quickly than consumer confidence in these industries.
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Employees emphasize that data protection is essential for gaining their trust. They rank it as “highly important,” along with fair compensation, respectful treatment, ethical conduct, and executives who actively listen.
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In addition, when employees feel a strong sense of trust, over half (52%) report putting in extra effort at work, positively affecting daily operations. Trust also plays a role in attracting talent, as 60% of employees say they have recommended their employer to friends and family.
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Moreover, the data shows that consumer markets and industrial product sectors have the biggest trust gap between executives and employees.
