What is the purpose of this article?
Provide business leaders with a perspective on how global society is perceiving the current world.
This article highlights a few key findings from the 2023 Edelman Trust Surveys (Global and Canadian Edition). All data is global, unless otherwise noted.
You can download a PDF of this article from: Many are losing hope in our polarized and distrustful world
Fear and anxiety are increasing and hope for the future decreasing
- Only 28% of Canadians believe that their family will be better off in 5 years.
89% worry about job loss, 76% worry about climate change and 72% worry about nuclear war.
- 62% believe their country’s social fabric has grown too weak to serve as a foundation for unity and common purpose.
We live in a polarizing world, with leaders driving polarization
There is limited trust in government
- 46% of people believe government is a source of false or misleading information. Only 30% feel that way about business.
- 41% trust government leaders while 64% trust the CEO they work for.
- Only business is seen as competent and ethical. Government is seen as less competent and unethical.
Globally, 62% see the rich and powerful are dividing forces pulling people apart, and 49% feel the same way about government leaders
In the US:
- 63% of the top quartile income earners trust institutions, while only 40% in the bottom quartile trust institutions.
- Only 26% of US Republicans trust government while 61% of Democrats trust government
Few people would help, live, or work with those who strongly disagreed them.
- Only 30% would help those in need
- 20% would be willing to live in the same neighbourhood or have them as a coworker
What are your next steps?
- Discuss the implications of the above findings: for the members of your company’s ecosystem; and for your company’s long-term success.
- Survey the members of your company’s ecosystem. Compare those finding to Edelman’s findings. What are the implications of the differences?
- Identify future scenarios, some better and some worse than today. What are the implications and what actions must you take to minimize the risk of long-term company failure?
- Assess the actions and communications of your company. Are you building or destroying trust? Are you a unifying or polarizing force in society?
What further reading should you do?
2023 Edelman Trust Barometer – global report
https://www.edelman.com/trust/2023/trust-barometer
2023 Edelman Trust Barometer – Canada
Society’s trust in corporate leadership and political leadership is low
elp shareholders, the board of directors, and C-Suite have a fact-based discussion regarding the status of your company.
You can download a PDF of this article from: Is your company actually a startup
What are the critical learnings in this article?
- The leaders of many long-established companies are unaware that their company has become a startup.
- As a result, the wrong type of talent is in place, taking the wrong actions.
Where is your company it its life cycle?
#1 a startup
A startup is a temporary organization designed to search out a repeatable, scalable, and profitable business model with lots of potential customers who are willing and able to pay to solve their problems and needs. Startups are not building a solution. They are building a tool to learn what solution to build.
#2 most startups fail or end up as small companies.
#3 A scaling, growing profitable business enabling customers to achieve a competitively differentiated value proposition. Market share is growing, the overall market may be growing, customers are strongly recommending the company, employees want to join and stay, etc,
#4 Failure may occur at any time. The company may end up being a startup again and not realize it.
#5 A large, slow growing or static company. Market size isn’t growing, market share isn’t growing, etc.
#6 Most large companies fail or disappear. Market size shrinks, market share shrinks customers no longer perceive that they achieve a competitively differentiated value proposition, hard to hire and keep the best employees. The company has become a startup again.
#7 The company is constantly improving and changing to avoid becoming a start. Transformation is continuous rather than a one-time event. Ongoing talent management transformation, starting with the board of directors, is the foundation for long -erm success.
The company can become a startup again at any time, but the leaders don’t realize that.
- A company, at any stage, is competing in a hyper-competitive world, with constant massive changes in the ecosystem. A company can suddenly become a startup.
- Companies must be constantly improving, changing, and transforming to avoid becoming a startup. There are trillions of dollars of capital available to fund the right talent.
- Exceptional talent is much rarer than capital. The ability to determine future talent requirements, assess the future potential of talent, and successfully develop that talent is the core foundation of long-term growth.
What are your next steps?
- Do a fact-based analysis of where your company is in its lifecycle.
- Identify the changes you need to your ongoing talent management processes.
- Identify the changes you need to your talent, using your new talent management processes.
- Your new talent will create and execute the appropriate plans.
What further reading should you do?
Is your company planning to fail? Koor and Associates
https://koorandassociates.org/avoiding-business-failure/is-your-company-planning-to-fail/
Koor and Associates 