How to Solve the Crisis of Mistrust

Two years on from the start of the COVID-19 pandemic people’s trust in business has grown while trust in other institutions has deteriorated, according to the latest Edelman Trust Barometer. Two-thirds of people surveyed think they aren’t being told the truth, and mistrust has become such a familiar feeling to people that they’ve stopped believing information until they see “evidence that something is trustworthy”. This constant suspicion divides society and shifts the focus of leaders and organizations away from important problems like global warming and the health crisis. The result is anxiety and loss of focus for many people. But there are things you can do to avoid fuelling the public trust crisis and falling into the mistrust vortex.

Trust in business: what companies represent is important

Respondents want businesses to have more of a voice in key challenges like climate change, economic inequality, and social injustice. Nearly two-thirds of consumers buy brands based on the values of the company they represent and the same ratio of employees chooses a place to work based on their beliefs and values. They also want the company they work for to take a public stand on social and environmental issues.

This means that the importance of having a clear purpose and values as a company is growing. The value of brands committed to their purpose grew 2.5 times more last year than those with little or no purpose, according to consultancy Kantar. Aside from identifying a purpose and values, companies are also under pressure to act on their beliefs or face losing customers and employees.

What you need to believe

Keeping yourself well informed is key to knowing who and what to trust. Trust is much higher among people who:

• consume news daily
• consult news sources they don’t agree with, and
• check information against multiple sources.

The Edelman study makes clear that the availability of quality information from the public sector, the media, and companies is key to building trust.

Avoid the mistrust vortex: stay informed

You can keep yourself informed without falling under the influence of misinformation by avoiding untrustworthy sources. Try using filters or mute options available on some social media platforms to save the time you spend online so you can focus on information that is reliable.

How can you tell if a news source is reliable?

If you’re getting your news directly from online sources, here are some tips that can help you verify if a piece of news you’re seeing is reliable:

• Check who wrote it. Make sure you’re getting news from professional journalists and official sites. Journalists are held to account for what they report, and their work is checked and edited by others. If in doubt, look at what the journalist has written in the past to see if it was objective.
• Check multiple sources. Can you find the same information in other sources? That probably means that it has been verified by other people and is less likely to have been manipulated.
• Check for proof. Trustworthy evidence is key to backing up any story. Are there references to official information or quotes used in the story? Is that information verifiable?

By taking a little extra time to remain well informed, we can all contribute to rebuilding trust and accountability so we can focus on what really matters.

For organizations and individuals, transparency and consistency are key to building trust. Having a set of core values, being clear about what they are, and following them sets the foundation for trustworthiness. At Ria, we are driven by our core values and our purpose of opening ways for a better everyday life.

For more info: comms@riamoneytransfer.com