New Surveys: Stakeholder Capitalism Is Top 2023 Priority; Americans Have Low Levels of Trust
As the world’s business and political leaders convene in Davos, Switz., for the annual World Economic Forum conference, two separate surveys find that Stakeholder Capitalism will be a top business priority in 2023 and that large numbers of people worldwide make purchasing or job decisions based on the values of organizations.Sixty-five percent of corporate communications officers (CCOs) believe that Stakeholder Capitalism is the top business priority for 2023, according to a survey released in conjunction with the Davos Conference of members of the Page Society, which finds that 42% believe economic uncertainty is the biggest risk. In the meantime, Edelman’s Annual Trust Barometer of over 30,000 people worldwide finds that US citizens have generally low levels of trust in institutions, with 55% in the US saying they have a trust in business and 42% in government. World citizens have greater aggregate trust in business, at 62%, versus 59% in government, 51% in non-governmental organizations, and 50% in the media. As in past years, people have greater trust in their own CEOs at 64% globally, versus CEOs generally (48%).
The Page Society defines Stakeholder Capitalism as “[The] ability to be a leader on sustainability and ESG (Environmental, Social, Government) matters in mitigating political and social risk,” [as] one CCO wrote. Others note the opportunity for their enterprises to provide values-based leadership on societal and geopolitical issues.” According to a Page Society blog post announcing the survey, “The second-ranked risk was employee issues, mentioned by 32%, and an equal percentage listed employees and culture as an area of opportunity. Attracting and retaining top talent is critical in a market where there are nearly two jobs for every applicant. The pandemic has irrevocably changed the work experience and, along with it, employees’ expectations of where, how, and when they do their job. CCOs are leaders on corporate culture and employee engagement and are now increasingly focused on ‘employer brand’ as an expression of the differentiated experience of working for their company.”
According to the Edelman survey, “While trust in business is on the rise, so are expectations. Roughly half of respondents say business is not doing enough to address climate change and economic inequality. And 69% of workers say a company’s social impact is a ‘strong expectation’ for them when considering a job, while 63% of consumers say they will ‘buy or advocate for brands based on my beliefs and values.’”
About two-thirds of respondents say they buy or advocate for brands based on their belief and values, and "69% say that having a societal impact is a strong expectation or deal breaker when considering a job.”
Of the respondents, 89% expect CEOs to take a public stance on treatment of employees; 82% on climate change; 80% on discrimination; 77% on the wealth gap; 72% on immigration. On the other hand, only 48% believe that business can avoid being political when it addresses contentious societal issues.
Subscribe to ESM's weekly newsletter.
Profit From the “S” of Environmental, Social, Governance (ESG)Through education, media, business development, advisory services, and outreach, the Enterprise Engagement Alliance supports boards, business analysts, the C-suite, management in finance, marketing, sales, human resources and operations, etc., educators, students and engagement solution providers seeking a competitive advantage by implementing a strategic and systematic approach to stakeholder engagement across the enterprise. Click here for details on all EEA and RRN media services.
1. Professional Education on Stakeholder Management and Total Rewards
-
Become part of the EEA as an individual, corporation, or solution provider to gain access to valuable learning, thought leadership, and marketing resources. - The only education and certification program focusing on Stakeholder Engagement and Human Capital metrics and reporting, featuring seven members-only training videos that provide preparation for certification in Enterprise Engagement.
- EEA books: Paid EEA participants receive Enterprise Engagement for CEOs: The Little Blue Book for People-Centric Capitalists, a quick implementation guide for CEOs; Enterprise Engagement: The Roadmap 5th Edition implementation guide; a comprehensive textbook for practitioners, academics, and students, plus four books on theory and implementation from leaders in Stakeholder Management, Finance, Human Capital Management, and Culture.
- ESM at EnterpriseEngagement.org, EEXAdvisors.com marketplace, ESM e–newsletters, and library.
- RRN at RewardsRecognitionNetwork.com; BrandMediaCoalition.com marketplace, RRN e-newsletters, and library.
- EEA YouTube Channel with over three dozen how-to and insight videos and growing with nearly 100 expert guests.
Strategic Business Development for Stakeholder Management and Total Rewards solution providers, including Integrated blog, social media, and e-newsletter campaigns managed by content marketing experts.
4. Advisory Services for Organizations
Stakeholder Management Business Plans; Human Capital Management, Metrics, and Reporting for organizations, including ISO human capital certifications, and services for solution providers.
5. Outreach in the US and Around the World on Stakeholder Management and Total Rewards
The EEA promotes a strategic approach to people management and total rewards through its e-newsletters, web sites, and social media reaching 20,000 professionals a month and through other activities, such as:
- Association of National Advertisers Brand Engagement 360 Knowledge Center to educate brands and agencies.
- The EEA Engagement widget to promote, track, and measure customers/employee referrals and suggestions that can be connected to any rewards or front-end program management technology.
- The Stakeholder Capitalism free insignia to promote a commitment to better business.
- The BMC Brand Club and transactional storefronts to educate corporate and agency buyers on the IRR market.
- The EME Gold program to educate the top 3% of promotional consultants on selling engagement and rewards services.
