Trust is the currency that CEOs need to be using to build their businesses, PwC exec says
Trust isn't negotiable for a business' long-term success around loyalty and customers' buying decisions — or employee retention. "The world can't wait for trust, whether it's a strong market, down market, or sideways," Wes Bricker, the vice chair and a US trust-solutions coleader at PwC, told Insider."It's the currency."
Bricker pushes C-suite executives and board members to incorporate trust into their thinking and daily conversations.Leaders need to understand they must foster trust, regardless of the challenges they might be facing around their supply chains, customer service, inventory, or anything else, Bricker said. by the global professional-services firm, 71% of consumers said they're unlikely to buy from a company if it lost their trust.
If you're a business leader navigating a downturn or rocky environment, Bricker said, you attract customers and grow by starting with trust. Leaders can't expect to inspire transformation and change without it. Practicing what Bricker espouses is the catalyst behind PwC's Trust Leadership Institute, which aims to help C-suite and senior-level executives and directors think about the evolving and increasingly complex role that trust plays in business, including public policy, data and technology, cybersecurity, workforce management, governance, and sustainability.
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