In a world increasingly skeptical of traditional institutions, a recent survey has unveiled a stark truth: the age-old belief that hard work guarantees a better life is waning. The Edelman Trust Barometer, a respected report that has surveyed consumers since the turn of the millennium, reveals a landscape where people are questioning the very fabric of capitalism and their faith in hard work leading to upward mobility. With respondents globally asserting that capitalism in its current form does more harm than good, it’s clear we stand at a crossroads of economic belief and reality.
In an era marked by rapid technological advancement and a growing ‘trust chasm’ between societal elites and the general public, individuals are increasingly skeptical about their future prospects. Despite strong economic indicators, a predominant chunk of those surveyed do not believe they will be better off in five years. This disillusionment with economic growth as a driver of trust highlights a significant shift in public sentiment, challenging the once-unchallenged notion that hard work and dedication are the keys to success.
This disillusionment is not without reason. The survey underlines concerns over job security, with factors such as automation, recession fears, and the gig economy causing widespread anxiety. Moreover, the perception that technology is advancing at an alarming rate adds to this anxiety, with countries like Australia notably mistrusting the pace of tech development.
But amidst the gloom, there’s a beacon of hope: businesses. The Edelman survey astonishingly finds that businesses are now regarded as the most trusted institutions, outstripping governments, NGOs, and the media in trustworthiness. This elevated trust in businesses carries with it a weighty responsibility, as respondents expect companies to take a stand on critical societal issues like climate change, economic inequality, and racial injustice.
Interestingly, while the broader trust in hard work may be dwindling, trust within the confines of the employer-employee relationship remains robust. A significant number of workers trust their company, underscoring the importance of this relationship in the current climate of skepticism. This trust extends to expectations of company CEOs, with a majority of respondents wanting leaders to be vocal on social and political issues that matter to them.
But what about loyalty? In the face of these changing dynamics, loyalty between employers and employees is undergoing a transformation. The younger workforce, particularly millennials and Gen Zers, question the concept of being loyal to companies that seemingly lack loyalty towards them. This sentiment is further validated by the trend of ‘overemployment,’ where individuals juggle multiple jobs, challenging traditional norms of employer loyalty.
We’re witnessing a significant redefinition of the psychological contract between employers and employees, where mutual trust and reciprocity are paramount. For businesses, this means navigating a delicate balance of being drivers of societal change while fostering a loyal, trusting workplace.
The landscape of work and the relationship between hard work and a better life are changing. In this new era, businesses have the opportunity to lead the way, not just in economic terms, but in building a more equitable, trustworthy society. The call for action is now louder than ever, urging businesses to step up and redefine the future of work, trust, and loyalty in our society.
Related posts:
Survey shows why working hard won’t make you successful: ‘We are living in a trust paradox’
Survey Shows People No Longer Believe Working Hard Will Lead To A Better Life
Why Employees No Longer Feel Loyalty Towards Their Bosses, Employers
