Building trust with your employees is an essential part of doing business. However, with the recent climate, trust in employers is falling. In this newsletter we are talking about the trust gap and how to cultivate a better environment.
TRUST GAP BETWEEN EXECUTIVES AND EMPLOYERS WIDEN
"There's a major trust gap between employees who sit at a desk and those who don't, according to a new Edelman report on trust in the workplace.
Why it matters: Deskless workers, such as frontline factory or retail employees, make up about 80% of the global workforce, and are the least trusting, least engaged and most likely to feel burnout, per the study. By the numbers: Edelman surveyed roughly 7,000 global employees from July 20 to Aug. 1 and found that deskless employees increasingly feel left behind....Less than half believe their employer is adequately addressing diversity, equity and inclusion issues in the workplace and only 41% of deskless employees understand their climate initiatives." Learn more
LEADERS LOST A LOT OF TRUST DURING RECENT LAYOFFS
"The worst of the layoff wave has passed, HR pros indicated in a recent survey, but employee trust in leadership is a little worse for the wear.
While 29% of the 200 human resource and business leaders surveyed said their companies are currently conducting or planning to conduct layoffs, that number is down from 45% this spring, according to an Oct. 17 report from Challenger, Gray & Christmas, Inc. Likewise, only 4% said they anticipate the need for future layoffs, down from 8%. “We know that many companies have conducted layoffs during the first three quarters of the year, since announcements are up 198% over the same period last year,” Andrew Challenger, workplace and labor expert and senior vice president of the firm, said in a statement.“It seems a lot of the cost-cutting companies planned was carried out prior to the fourth quarter,” he said." Learn more
HOW TO BUILD TRUST WITH YOUR MOST IMPORTANT STAKEHOLDERS
"Investing in trust has never been more critical. Amidst a tumultuous economic landscape and evolving expectations of both employers and employees, 91% of executives say that their ability to earn and maintain trust improves the bottom line, according to PwC’s 2023 Trust Survey.
But the same conditions that make trust so valuable can also make the road to earning it feel unsteady. How can employers lead with empathy while also being responsive to the market? If layoffs have to happen, how can they cause the least damage to company culture? According to PwC’s 2023 Global Hopes & Fears Survey, the percentage of employees who say they have money left over at the end of the month declined to 38% in 2023, down from 47% in 2022. In an environment like this, where employees increasingly feel the impact of a tumultuous market, compassionately connecting with them can be the key to building trust, enhancing culture and driving successful organizational transformations." Learn more
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