Management has trust issues.

Edelman’s 2017 Trust Barometer, which measures trust in institutions around the globe, found its largest-ever drop in trust across government, business, and media. “The implications of the global trust crisis are deep and wide-ranging,” said Richard Edelman, president and CEO of Edelman. “It began with the Great Recession of 2008, but like the second and third waves of a tsunami, globalization and technological change have further weakened people’s trust in global institutions.”

• People surveyed around the world worried about losing their jobs to lack of training or skills (60%),  jobs moving to cheaper markets (55%), and automation (54%).
• CEO credibility dropped 12 points globally to an all-time low of 37 percent, plummeting in every country studied.
• Trust in business (52 percent) dropped in 18 countries.
• Employees, on average, are trusted 16 points more than CEOs on messaging around employee/customer relations (53 percent), financial earnings (38 percent), crises (37 percent), innovation (33 percent), industry issues (32 percent) or programs addressing societal issues (30 percent).

Of the institutions, business is viewed as the only one that can make a difference. Three out of four respondents agree a company can take actions to both increase profits and improve economic and social conditions in the community where it operates. Moreover, among those who are uncertain about whether the system is working for them, it is business (58 percent) that they trust most.

“Business is the last retaining wall for trust,” said Kathryn Beiser, global chair of Edelman’s Corporate practice. “Its leaders must step up on the issues that matter for society. It has done a masterful job of illustrating the benefits of innovation but has done little to discuss the impact those advances will have on people’s jobs. Business must also focus on paying employees fairly, while providing better benefits and job training.”

What actions can managers take to improve trust overall and help transform the company’s culture into a place where trust thrives?