Recent Global Generations 3.0 research by EY (formerly Ernst & Young) surveying over 9,800 full-time workers in eight countries revealed that less than half of full-time workers surveyed globally trust their employer, boss or colleagues a great deal.
“More than half of the respondents cited what we see as obvious reasons for not trusting their employer — employee compensation is not fair, does not provide employees with equal opportunity for pay and promotion and a lack of strong leadership,” says Karyn Twaronite, EY global diversity & inclusiveness officer.
“The less obvious reasons we see growing in importance for determining trust are too much employee turnover, does not foster a collaborative work environment, and no opportunity for managing work-life responsibilities.”
Full-time workers surveyed in India, Mexico, and Brazil are among the most likely to place “a great deal of trust” in their current employer (66%, 65% and 59%, respectively). Respondents in Japan, the UK, and the US, are least likely to do so (21%, 33% and 38%), respectively.
According to Twaronite, India, Mexico and Brazil are hubs for emerging markets, which may attribute to a more trusting environment, compared to the mature, slow-growing economies of Japan, the UK, and the U.S.
Twaronite also suggests that economic growth in India, Mexico and Brazil might also help increase the likelihood of raises in wages, and these could be key reasons these three countries trust their employers the most.
The implications of this research reveal a number of actionable opportunities that C-suite executives across the globe can implement to positively enhance trust for their organization. This includes CEO transparency, open communications, a diverse and inclusive culture and a commitment to equity and fairness.
“Employers and bosses could consider informing their employees of the company’s performance as well as providing solutions of how they can help,” mentioned Twaronite. “They could also consider sharing the short and long-term plans and goals of the organization. Employees want to feel as though they are of value and front of mind. Once an employee feels like a full member of the company they trust, they are better able to envision a longer-term relationship with the company, a stronger commitment, and may become ambassadors of the organization.”
In order to foster more trust in the workplace, Twaronite recommends that companies build a diverse and inclusive culture as research found that 40% of respondents globally cited this as a “very important” determinant for trusting an employer. “This specifically means that their employer strives “to recruit, retain, and promote diverse people with all differences including gender, country of origin, and thinking style,” she concludes.
To learn more about the research and EY’s previous global generation reports, visit www.EY.com.