Third party validation is key to rebuilding trust in organizations
9 May 2005
Organizations seeking to earn the public's trust need to do more than engage in trustworthy behaviour-they must have their actions verified by third-party sources that are themselves credible, according to preliminary findings released today by the Conference Board.
"Public cynicism is such that organizations cannot simply claim trustworthiness by mere words or deeds. In light of recent scandals, anything organizations say or do is viewed suspiciously by the public. More than ever, the public requires independent sources of information on the trustworthiness of organizations," said Prem Benimadhu, Vice-President, Organizational Performance.
"Journalists, auditors, editors and financial analysts, among others, must recognize the critical role they play in enabling our society to have trust. The onus is on them to demonstrate beyond any doubt that they too have public credibility."
Building Public Trust in Canadian Organizations is the preliminary report of a Conference Board project that is looking at ways of strengthening public trust in Canadian organizations. The findings are based on an extensive literature review and the results of eight focus groups with Canadians held across the country late in 2004.
Based on the focus group discussions, the report suggests several steps to increase the credibility of third parties. They are:
- More critical and independent media reporting - for example,
journalists must be more transparent regarding their corporate
affiliations;
- Increase the independence of auditors and financial analysts - recent
gains in this area need to be consolidated and better communicated to
the public;
- More effective legal and regulatory enforcement - focus group
participants demanded harsher penalties for violators;
- Improved treatment and engagement of employees - participants said
informal exchanges with employees are a key source of information
about an organization's trustworthiness-for example, poor treatment of
employees limited the level of trust of those organizations; and
- More face-to-face interactions - participants said technology, such as
automated telephone systems, limited the interpersonal relationships
that lead to trust - especially in large organizations.
The final report will be released at the Deloitte Leaders' Forum on Rebuilding Trust, to be held on June 2, 2005 at the Fairmont Royal York Hotel in Toronto.
http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=61316
For further information
Brent Dowdall, Media Relations, (613) 526-3090, ext. 448, corpcomm@conferenceboard.ca
www.conferenceboard.ca
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Source: CONFERENCE BOARD OF CANADA
Source: CNW Group
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