As we enter a new era in US politics, there is increased pressure on companies to build trust with customers, and both deliver and communicate their broader value to society and their employees.
As stated in the Edelman TRUST BAROMETER 2016, “A yawning trust gap is emerging between elite and mass populations. The most profound diﬀerence between the elite and the broader populations is found in their attitudes toward business. This skepticism is clearly manifested in the perception of speciﬁc industries, in particular the ﬁnancial services sector where there is a gap of more than 20 points between the elite’s trust in the sector and the general population’s.”
How have companies been responding to this pressure? The development of new social impact initiatives, the communication of a company’s commitment to Shared Value, and the increasing importance of corporate citizenship within companies are indicators that companies are realizing the need to play a stronger role in addressing social issues that are important to all of their stakeholders.
TCC’s Partner and Director of Corporate Services, Tom Knowlton, examines the value of a purpose statement for organizations.