Building trust in a climate of distrust
Reputations across the country require rebuilding, and so do does the meaning of trust, writes Six O’Clock Advisory’s Ellen Donald.
From crises in sport to banking and aged care royal commissions, it’s been hard to ignore commentary on trust in Australia’s public discourse this year. It’s been all around us, somewhat all-consuming, and it’s not, at all, about to dissipate.
Not surprisingly, the concept of trust, and its fierce influence on reputation, is now being taken more seriously in Australia’s boardrooms, with the Australian Institute of Company Directors revealing that more than 80 percent of directors are in favour of tougher penalties for corporate misconduct.
Photo by Bernard Hermant on Unsplash
Well said Ellen. And the quotes referenced from EY and Mike Baird are, sadly, spot on. A good way to view trust is like a bank account. Strong brands make regular deposits over time. This helps keeps their trust account solid and even means they can afford a withdrawal once in a while and still stay ‘in the black’. On the flip side, poor brands make infrequent deposits, leaving them at risk of going ‘into the red’ the moment they experience a trust withdrawal. Keeping your brand “P&L” healthy is about finding ways to regularly build your trust account.