The 2023 Edelman Trust Barometer reveals that companies are now seen as the only competent and ethical global institution. EDC, Edelman’s subsidiary in Portugal, makes the report available exclusively. In fact, companies have an impressive 53-point lead over government in terms of competence. They are also 30 points ahead when it comes to ethics.
Conclusions from the 2023 Edelman Trust Barometer
Business has seen a 20-point jump in ethics over the past three years. Two factors helped fuel this rise. The first was the treatment of employees during the pandemic and the return to work. The second was the swift and decisive exit of more than 1,000 companies from Russia after the invasion of Ukraine.
“The rise in business perception of ethics brings with it higher expectations than ever before for CEOs to be a leading voice on social issues,” says Richard Edelman, CEO of Edelman.
This year’s report also concludes that economic optimism has collapsed globally (50 percent to 40 percent). In half of the countries surveyed, fewer people believe their families will be better off in five years. In these countries, the decline reaches double digits year over year.
Trust inequalities based on income have also shifted since 2021. The most notable developments were in China and the United Arab Emirates. In China, the gap went from 4 to 19 points, and in the Emirates from 10 to 19 points. Meanwhile, the US (23-point gap) and Thailand (37-point gap) show the largest divides in 2023.
The Trust Barometer considers nearly a quarter of the countries surveyed to be severely polarized. These include the US, Colombia, Argentina, South Africa, Sweden, and Spain. When divisions become entrenched, polarization occurs. In that case, respondents believe their differences can no longer be overcome.
Other findings from the 2023 Edelman Trust Barometer
- Personal economic fears are on par with pressing social fears. The former include job loss (89 percent) and inflation (74 percent). As for the latter, they include climate change (76 percent) and nuclear war (72 percent). They also include food shortages (67 percent).
- Respondents expect CEOs to use their resources to hold divisive forces accountable. For example, 72 percent believe CEOs have an obligation to defend facts. They should also expose questionable science when it is used to justify bad social policies. In addition, 71 percent believe CEOs have an obligation to withdraw advertising money. This applies to media platforms that spread misinformation.
- In 16 of the 28 countries surveyed, respondents view the government (51 percent) with some discredit. Among them are the US (42 percent) and the UK (37 percent). Japan (33 percent) and Argentina (20 percent) are also on the list. Similarly, respondents in 15 of the 28 countries view the media (50 percent) in the same way. This is the case in Germany (47 percent) and the United States (43 percent). Australia (38 percent) and South Korea (27 percent) follow.
