New data has shown that younger generations are becoming increasingly disenfranchised with the corporate world. Less than two-fifths of those surveyed trusted the narratives of business leaders, and less than a quarter had any faith in those leaders' ability to address key issues, such as climate change.
In recent years, the reputation of firms (and indeed, entire sectors) have been undermined by a slew of high profile scandals, including the Volkswagen emissions scandal.
So how can the working world re-establish trust with their consumer base? The answer lies in communications; and more specifically - transparency. Firms must seek to rebuild their reputation through proactive communications directed at these audiences. Data shows that younger consumers believe that most corporate communications work is lip service, and therefore a key focus must be ensuring that firms can evidence their communications. Those firms that have used communications channels to publish transparent data on hiring practises and environmental impacts have been praised for their proactivity and desire to build a trustworthy reputation.
Those aged between 18 and 25 have questioned the motives of the business world, with fewer than four in 10 believing business leaders have integrity and do what they say. Similarly, Gen Z was sceptical about businesses’ contribution to net zero, with just a quarter (26%) believing companies are contributing towards the fight against climate change, according to new research from the Association of Chartered Certified Accountants (ACCA) and the International Federation of Accountants (IFAC).