In this age of transparency, how a company does things has become equally important as what it does, finds this report by Accenture Strategy.
The Accenture Strategy Competitive Agility Index quantifies the impact of trust on a company’s bottom line. Their 2018 analysis revealed that 54 percent of the companies that were examined experienced a material drop in trust at some point during the past two and a half years. Across the 54 percent, revenues at stake conservatively equate to at least US$180 billion.
Key points to consider:
- Know where you stand – The only way to know this is to measure it. If you can’t measure it, you can’t manage it.
- Make trust part of your cultural bedrock – leadership teams must embrace trust as a core element of business strategy.
- Elevate trust’s role in your overall strategy – in the mid and long-term, companies need trust across the stakeholder map to access avenues to growth. Without the support of all stakeholder groups, your company will face a growth disadvantage versus competitors.