Last week, GlobeScan’s data revealed the trust gap facing businesses with global companies ranking relatively low on being trusted “to operate in the best interest of society” compared to other institutions.
This week, we dive deeper into why people distrust global companies. Our annual global Radar survey conducted in more than 30 countries and territories shows that five key factors consistently erode public trust in big corporations worldwide:
- Profit-driven motives: Many believe global companies prioritize profits over societal well-being, often at the expense of ethical standards and social responsibility.
- Lack of transparency: Respondents frequently cite dishonesty and lack of transparency and feel that companies often hide their true intentions.
- Environmental harm: Environmental concerns are prevalent, with many viewing corporations as major contributors to pollution and environmental degradation, often without sufficient efforts to mitigate their impact.
- Exploitation and unethical labor practices: Many express concerns over labor practices, believing companies exploit workers in developing countries or engage in harmful business tactics.
- Excessive influence: There is widespread unease about global corporations’ undue influence over governments and policies, often prioritizing corporate interests over the public good.
WHAT DOES THIS MEAN?
Rebuilding trust in business requires more than PR or surface-level gestures. Companies need to take meaningful actions that go beyond image management and demonstrate a true commitment to ethical behavior, transparency, accountability, and sustainability. By embedding these values into their core operations rather than just their public messaging, companies can earn lasting trust from their stakeholders.
Countries and territories include Argentina, Australia, Brazil, Canada, China, Colombia, Egypt, France, Germany, Hong Kong, India, Indonesia, Italy, Japan, Kenya, Mexico, Netherlands, Nigeria, Peru, Portugal, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Thailand, Türkiye, UK, USA, and Vietnam.
Survey Question: Why do you NOT trust global companies to act in society’s best interest?
Open-ended question – verbatim analysis
Source: GlobeScan Radar Trends Report (survey of 30,216 people in the general public in July ‒ August 2024)
