Work Style - Great Place to Work Institute

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28 twsm — GPTW Special Issue 2010 Great Place to Work Austria Vienna www.greatplacetowork.at T 0043 179859281020 The 2010 Edelman Trust Barometer The results show that global trust in business is up modestly but the rebound is fueled by a spike in a handful of Western countries. The study also indicates that the overall rise is tenuous, however, with nearly 70 percent saying business and financial companies will revert to “business as usual” after the recession. Thus, while trust in business has certainly improved, this increase belies its fragility. The fragility of trust is further under-scored by a large percentage of respondents Quality products and services Attentiveness to customer needs Strong financial performance Trust In Business The New Corporate Reputation: Business earns back trust, but can it keep it By Latraviette Smith* Fair pricing A well-known brand Good employee relations Socially responsible Visible CEO Dialogue with stakeholders Employee/CEO blogs who pointed to short-term actions that companies seemed to have taken as a result of the financial crisis. In Western Europe, the U.S., and BRIC countries, more than 70 percent say that actions such as firing non-performing managers, repaying bailout money, or reducing the pay gap between senior executives and rank and file workers would restore their trust in the company. But to maintain the upswing and earn trust that sticks, it will take more than these actions, all considered effective in restoring trust, the survey shows, but rather more like quick-fixes than systemic solu- 53% 47% 42% 38% 37% 35% 33% 23% 23% 12% tions. Moving forward, companies will have to show they can achieve both profit and purpose. To build and sustain corporate reputation entrenched enough to weather future tumult, companies must adopt a new style of leadership based on recognizing and addressing all of their stakeholders. Who to trust? Interestingly, when considering the most credible sources of information about a company, reports from industry analysts (50 percent) and articles in business magazines (46 percent) remain the most credible, In 2010, financial performance least important to corporate reputation What shapes your trust in a company? U.S. 2006 Source: 2010 Edelman Trust Barometer, (Fig. 9) its employees. Each company is unique, but there were certain themes we heard over and over again, and the urge to draw a kind of composite picture of the ideal company is irresistibile. Beyond good pay and strong benefits, such a company would: • Make people feel that they are part of a team or, in some cases, a family. • Encourage open communication, informing its people of new developments and encouraging How important are these factors to corporate reputation? U.S. 2010 Transparent and honest practices Company I can trust High quality products or services Communicates frequently Treats employees well Good corporate citizen Prices fairly Innovator Top leadership Financial returns them to offer suggestions and complaints. • Promote from within; let its own people bid for jobs before hiring outsiders. • Stress quality, enabling people to feel pride in their products or services they are providing. • Allow its employees to share in the profits, through profit-sharing or stock ownership or both. • Reduce the distinction of rank between the top management and those in entry-level jobs; put ➘ Page 30 83% 83% 79% 75% 72% 64% 58% 48% 47% 45%
Great Place to Work Polonia Warsaw www.greatplacetowork.pl T 0048 22 316699 * Latraviette Smith, Vice President, Corporate Marketing Edelman All stakeholders are equally important 52% but are closely followed by conversations with employees (42 percent). In fact, conversations with employees ranks higher as a source of information about a company than mainstream media – including television, newspapers, and radio – conversations with friends and peers, and corporate communications vehicles – including a company’s own website, corporate or product advertising, and corporate communications such as press releases/reports/emails. How to gain trust Taken together, these two findings suggest that to advance reputation, companies need to be everywhere, engaging everyone – customers, employees, and investors, among others. Partnerships rooted in advancing societal good also are now a conduit to earning trust. The overwhelming majority of informed publics say they would be more likely to trust a company that partners with NGOs to solve global Investors/Shareholders 14% Government 3% Employees 7% Customers 13% Society at large 11% Great Place to Work Switzerland Zürich www.greatplacetowork.ch T 0041 438176567 challenges such as climate change, poverty, or disease, this year’s data shows. Step up CEOs In the past decade, business has violated stakeholder trust—and demonstrated how plainly its loss can corrode reputation. As a result, business has become more transparent, and this year, an increasing number of respondents express trust in information from a company’s CEO. Thus, CEOs have an opportunity to make good on the public’s seeming willingness to believe them – however low that credulity might be relative to the trust they place in others. While academics/experts or industry analysts are the most credible voices for information about a company, the credibility of CEOs showed notable recovery in many markets, jumping by 11 points in the U.K. (to 34 percent) and 12 points in the U.S. (to 31 percent). Trust has emerged as a new line of business – one to be developed and A stakeholder, not a shareholder, world. When a CEO makes business decisions for his or her company, which stakeholder should be most important to his or her decision? Source: 2010 Edelman Trust Barometer, (Fig. 10) delivered – and today’s stakeholders are looking for leaders who will deliver performance, communicate frequently and honestly, and factor in the role of business in society. Candid communications and a concern for all stakeholders’ interests, not just shareholders’, should be at the top of a chief executive’s list of considerations when making a decision about his or her company. Companies and CEOs who embrace this new reality will see their credibility rise accordingly. Now is the time for business to prove its commitment to profit and purpose. We also discussed trust with Karina Volkhemer, Human Resources Director for Edelman Europe, regarding how the viewpoint of highly informed consumers can provide companies with valuable insight into how to keep or regain trust in business. Please refer to the summer 2010 issue of the Work Style magazine. 29 twsm — GPTW Special Issue 2010
Page 1 and 2: Work Style A worldwide observatory
Page 3 and 4: In the next pages, you may find all
Page 5 and 6: Great Place to Work Netherlands Ams
Page 7 and 8: Great Place to WorkGreece Athens ww
Page 9 and 10: Great Place to Work Germany Cologne
Page 11 and 12: 50 Best Small and Medium-sized Work
Page 13 and 14: The Great Place To Work ® Institut
Page 15 and 16: lish 103 issues that are crammed wi
Page 17 and 18: The Special Awards Great Place to W
Page 19 and 20: Great Place to Work UK London www.g
Page 21 and 22: Great Place to Work Belgium Leuven
Page 23 and 24: The potential of corporate social r
Page 25 and 26: selves at every company on our list
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Page 31 and 32: Twsm is a unique international maga

Work Style - Great Place to Work Institute

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