Integrity key to rebuilding trust in business

New research from the City of London Corporation highlights the need for integrity in rebuilding trust in financial and professional services businesses, with almost half of people (46 per cent) saying that a focus on integrity is most important principle business should focus on in order to build public trust.

In the survey, more than 9 out of 10 people said that competence and skills, integrity, value to society, clear communication and a focus on the interests of others are key principles that businesses must consider in order to be trusted by the public.

However, the views expressed varied depending on occupation and sector: 54 per cent of respondents from accountancy, banking and finance prioritised integrity, while 36 per cent of respondents from healthcare prioritised competence and skills, and perhaps unsurprisingly a large section (43 per cent) of respondents from marketing, advertising & PR prioritised communication.

The survey also found that generations have different views on the drivers of trust with only one in ten of those aged over 66 prioritising ‘value to society’ as the most important driver of trust in business, but this principle becomes increasingly important down the generations. More than a quarter of those aged over 19 and under 30 (26 per cent) said it was the most important principle to improving trust.

Charles Bowman, Lord Mayor of the City of London, said: “These findings show that the public strongly believes that financial and professional services business can rebuild trust if they incorporate key values into how they act and run their companies. There is no short-term fix or single solution, with different communities and age groups prioritising different principles as most important to building trust – but by taking a lead on demonstrating positive actions and values, firms can meet the changing expectations of society.”

Alongside the survey, the City of London Corporation will be launching a new website to help businesses navigate the complex area of trust. Navigating the Trust Journey provides practical help to businesses to guide them on their trust journey.

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