“Earn trust, earn trust, earn trust. Then you can worry about the rest,” said famed business executive and author Seth Godin.  

I was recently reminded of Godin’s words as I addressed our team at our end-of-the-year party. I noted that while 2023 was another year of change and disruption, we succeeded because of our team members’ trust and belief in our vision and mission and in one another, as well as the confidence our readers and advertisers continue to place in us. We are fortunate to have the trust of our team and stakeholders, as this is not the case for all companies in such a rapidly evolving business landscape. 

“Trust is on thin ground,” says DDI’s Global Leadership Forecast 2023. That report indicates that less than half of leaders trust their own manager to do what’s right, and less than a third say they trust senior leaders in their organization. Given that 91% of business executives agreed in a recent PwC Trust Survey that our ability to build and maintain trust improves the bottom line, those are alarming statistics. In 2024, building trust with teams, stakeholders and customers will continue to be the watchword as we navigate another year of volatility and uncertainty. 

Why has trust eroded in the workplace? PwC’s survey reveals the top trust issues are company culture; conflicting stakeholder priorities, including within stakeholder groups such as consumers; employees; and investors. Other trust busters were negative, long-term reputational issues specific to each industry; the lack of focus on culture due to short-term pressure to deliver financial results; and the inability to change supply chain processes and materials due to costs. 

Hybrid work – a double-edged sword for trust: Both the PwC and DDI reports posit that hybrid work or return-to-office policies may have created or compounded culture shifts and, therefore, trust issues. While workers value flexibility and choice, working from home caused many leaders to doubt that work would get done or to lose touch with their team members’ needs. Post-pandemic shifts in employer demands for in-person or hybrid work, or reversals of policies where people made decisions on housing or child care with little notice or explanation, may have resulted in confusion or mixed messages, resulting in a breach of trust. As the PwC survey observes, “As companies continue to embrace remote and hybrid work, executives should recognize the possible need to make culture adjustments.”

Trust starts at the top. As the leader, you are the guardian and the voice of your company. As we redefine hybrid work and manage an ever-changing landscape, leaders must constantly work to strengthen trust among all stakeholders – workforce, customers and investors. What will you do to build trust in 2024?

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5 Ways to Build Trust in 2024

1. Create a place of psychological safety. The good news is that employee engagement is rising worldwide, according to Gallup’s recent State of the Global Workplace report. However, that report revealed that worker stress has remained at record-high levels since the pandemic. Any employer who cares about fostering an environment of trust will create a place of both physical and psychological safety; that means support and resources for health and wellness, and an inclusive environment where individual identities and views are accepted. This will be especially important in a year where there is continued diversity, equity and inclusion space and political unrest.
2. Optimize your hybrid environment. Hybrid work is here to stay and offers many advantages for workers, including higher engagement, better overall well-being and lower turnover risk. However, remote work or working apart creates new challenges, including the need for refreshed strategies for communication, collaboration, relationship building and defining culture. A recent Forbes article maintains that recruiters and leaders need to be upfront about what is expected from team members regardless of where they work, and there must be mutual trust between leaders and workers around judgment and performance. As you enter 2024, evaluate your current policies and norms, and see what needs to be adjusted to maximize trust.
3. Data security, technology and artificial intelligence. Digital transformation, use of data and the explosion of AI applications are creating new opportunities and changing how most organizations operate, but also create new questions about trust. The PwC survey indicates that 79% of consumers say protecting their data is very important to building trust. It’s critical that any technology or AI implementation happens intentionally, in a responsible, fair and stable manner, in order to maintain trust with consumers, who are concerned about their data and privacy,  and employees, who are concerned about those same things, plus their job security. In addition to exploring and implementing digital strategies and new technologies, including AI, take extra steps to confirm the quality, performance and security of systems or platforms to ensure trust in your brand and in your organization. 
4. Respect the “Great Renegotiation.” A transformative shift has occurred in the workplace in the wake of the pandemic whereby the traditional boundaries between personal and professional lives have blurred and the relationship between work and fulfillment has come into question. This shift has been termed the “Great Renegotiation,” which an HR.com article explained as an environment where “individuals increasingly engage in deep introspection, evaluating what truly matters to them in life and how their work and careers align with these core values.” According to the authors of that article, Generation Z, which will soon make up the majority of the workforce, is “inherently values-driven.” Not only do they bring a unique perspective to the workforce, they increasingly demand that work be fulfilling and meaningful to them and that they can bring their “authentic selves” to work. More and more, workers seek unique paths to success, including shorter stints at a given job, in order to integrate their lives and work. Are you open to reimagining and renegotiating traditional workplaces to attract and retain these workers?
5. Be open and transparent. Being open and communicating regularly about strategies, plans, obstacles or stressors can be hard for leaders who grew up being told to keep information close to the vest and to always present a perfect, confident professional image. But transparency builds trust. The Gallup survey indicated that employees were 5.3 times more likely to trust leaders who regularly displayed vulnerability. That does not mean you should reveal proprietary company data or cross boundaries with personal information, but sharing your thoughts, feelings, even doubts, and the reasoning behind your decision making or plans can help you be more approachable, build relationships and strengthen trust.