Winning back trust requires more than just honesty… it requires concrete solutions. As business leaders we need to work, together and with government, to create shared success – prosperity that benefits all of our stakeholders.
Eight years of slow growth, a lack of job opportunities and the impact of technology on traditional industries have led to a trust deficit — people simply don’t trust institutions to create widespread prosperity anymore.
As business leaders, we have an important role to play to win that trust back. In order to do so, however, we first need to recognize that people’s concerns are real. Today, median incomes, in real terms, are 2.4 percent lower than they were two decades ago.
We also have to be open about the situation we are in. Going back to the middle of the 20th century is not an option. Jobs are disappearing not because they are going to other countries — they are being replaced by technology. Nor is the answer to close our doors to the global economy. Not when all of the fastest growing markets are outside the United States.
Winning back trust requires more than just honesty though — it requires concrete solutions. As business leaders we need to work, together and with government, to create shared success — prosperity that benefits all of our stakeholders, not just shareholders — and make sure that as the economy changes, it doesn’t leave people behind.
At EY the principle of shared success is represented by our purpose: Building a better working world.
What does building a better working world mean? It means we help organizations comply with regulatory requirements and find improvements that enable them to forge better working businesses. We help clients expand, leading to higher living standards and more opportunities for local economies. We support entrepreneurs — who are so important for economic health — and collaborate with governments, nongovernmental organizations and universities to help drive innovation and growth.
The work we do doesn’t just generate profits. It creates value for stakeholders worldwide — by stimulating investment, creating employment and fostering greater prosperity across the economy.
We also extend our purpose to the communities in which we live and work. Through initiatives such as Enterprise Growth Services and EY Vantage, we’re collaborating with organizations to expand the reach of social and high-impact entrepreneurs.
We’re supporting the next generation, too, by improving access to quality education and work experience and equipping young people with the skills they need to thrive.
Trust is vital in a world that is changing faster than ever and is more uncertain than ever. And committing to shared success — inclusive growth that delivers more benefits for more people — will go a long way to reducing the trust deficit.