The 2020 Edelman Trust Barometer reveals that despite a strong global economy and near full employment, a majority globally believe that capitalism in its current form is now doing more harm than good in the world. People have increased fears about the future and their role in it. It is a wake-up call for institutions to embrace a new way of effectively building trust by balancing competence with ethical behaviour and build inclusive stakeholder governance.
Trust is linked to doing what is right, and the study showed that ethical drivers such as integrity, dependability and purpose drive 76 percent of the trust capital of business, while competence accounts for only 24 percent.
The survey showed a low score for NGOs, business and government working in partnership concluding that collaboration is a major opportunity for our institutions to build trust and advance society.