The Trust Factor: Getting Things Done on Energy
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We’re hearing from stakeholders that now, more than ever, energy leaders in the U.S. need to build — and in some cases, rebuild — trust in the industry. As our country becomes a major player in global energy markets, it is time for us to talk about trust — and to recognize the need not just for talk, but for concrete actions.
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The Trust Factor: Getting Things Done on Energy
- 1. energy industry The Trust Factor: Getting Things Done on Energy Washington, D.C. May 15, 2013
- 2. EDELMAN'S 13TH ANNUAL SURVEY, LARGEST GLOBAL EXPLORATION OF TRUST ONLINE SURVEY IN 26 COUNTRIES • 31,000+ respondents • 5 years in 20+ markets • 8 years in 10+ markets GENERAL POPULATION • 1000 respondents per country surveyed • Ages 18+ • 2 years of data INFORMED PUBLICS • 500 respondents in U.S. and China & 200 in other countries • Ages 25-64 • College-educated • In top 25% of household income per age group in each country • Report significant media consumption and engagement in business news and public policy • 13 years of data 2
- 3. EDELMAN TRUST BAROMETER IN RETROSPECT 2013 RISING INFLUENCE OF NGOS2001 FALL OF THE CELEBRITY CEO2002 EARNED MEDIA MORE CREDIBLE THAN ADVERTISING2003 U.S. COMPANIES IN EUROPE SUFFER TRUST DISCOUNT2004 TRUST SHIFTS FROM “AUTHORITIES” TO PEERS2005 “A PERSON LIKE ME” EMERGES AS CREDIBLE SPOKESPERSON2006 BUSINESS MORE TRUSTED THAN GOVERNMENT AND MEDIA2007 YOUNG INFLUENCERS HAVE MORE TRUST IN BUSINESS2008 BUSINESS MUST PARTNER WITH GOVERNMENT TO REGAIN TRUST2009 TRUST IS NOW AN ESSENTIAL LINE OF BUSINESS2010 RISE OF AUTHORITY FIGURES2011 THE FALL OF GOVERNMENT2012 CRISIS OF LEADERSHIP
- 4. TRUST ON THE RISE ACROSS INSTITUTIONS TRUST IN INSTITUTIONS – U.S. 4 45% 51% US 2012 Total Trust 2013 Total Trust 58% 70% US 2012 Total Trust 2013 Total Trust NGOS BUSINESS MEDIA GOVERNMENT 2012 Total Trust 2013 Total Trust 43% 53% US 50% 62% US ENERGY 56% 59% 2012 Total Trust 2013 Total Trust 2012 Total Trust 2013 Total Trust Q11-14.[TRACKING] Below is a list of institutions. For each one, please indicate how much you trust that institution to do what is right using a 9-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal”. (Top 2 Box, Trust a great deal and Top 4 Box, Trust) Informed Publics ages 25-64 in US
- 5. Q43-60. [TRACKING] Please indicate how much you trust businesses in each of the following industries to do what is right. Again, please use the same 9-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal”. (Top 4 Box, Trust) Informed Publics ages 25-64 (only industries tracked from 2012 to 2013shown) SLIGHT UPTICKS IN MANY SCORES, INCLUDING ENERGY TRUST IN INDUSTRIES – U.S. 5 80% 75% 72% 70% 70% 66% 59% 55% 52% 50% 50% Technology Brewing and spirits Food and beverage Automotive Consumer packaged goods Telecommunications Energy Pharmaceuticals Financial services Banks Media 20132012 41% 46% 48% 56% 56% 64% 66% 71% 74% 74% 83% Banks Financial services Media Energy Pharmaceuticals Telecommunications Automotive Brewing and spirits Consumer packaged goods Food and beverage Technology Technology #1 in all markets surveyed
- 6. 53% 65% 54% 53% 35% Energy Industry Renewables Natural Gas Utilities Oil Q61C-64C. [SPLIT SAMPLE] Now thinking about specific sectors within the energy industry, please indicate how much you trust businesses in each of the following sectors to do what is right. Again, please use the same 9-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal”. General Population in US TRUST AMONG ENERGY SECTORS – RENEWABLES MOST TRUSTED; OIL LEAST TRUSTED TRUST IN ENERGY INDUSTRY SECTORS – U.S. 6
- 7. COMMUNICATES FREQUENTLY AND HONESTLY ON THE STATE OF ITS BUSINESS LISTENS TO CUSTOMER NEEDS AND FEEDBACK TREATS EMPLOYEES WELL PLACES CUSTOMERS AHEAD OF PROFITS INTEGRITY TAKES RESPONSIBLE ACTIONS TO ADDRESS AN ISSUE OR CRISIS HAS TRANSPARENT AND OPEN BUSINESS PRACTICES HAS ETHICAL BUSINESS PRACTICES PURPOSE OPERATIONS DELIVERS CONSISTENT FINANCIAL RETURNS TO INVESTORS HAS HIGHLY-REGARDED AND WIDELY ADMIRED TOP LEADERSHIP RANKS ON A GLOBAL LIST OF TOP COMPANIES PRODUCTS & SERVICES IS AN INNOVATOR OF NEW PRODUCTS, SERVICES OR IDEAS OFFERS HIGH QUALITY PRODUCTS OR SERVICES WORKS TO PROTECT AND IMPROVE THE ENVIRONMENT ADDRESSES SOCIETY’S NEEDS IN ITS EVERYDAY BUSINESS CREATES PROGRAMS THAT POSITIVELY IMPACT THE LOCAL COMMUNITY PARTNERS WITH NGOs, GOVERNMENT AND 3RD PARTIES TO ADDRESS SOCIETAL NEEDS ENGAGEMENT Edelman Trust Barometer research reveals 16 SPECIFIC ATTRIBUTES which build trust. These can be grouped into FIVE PERFORMANCE CLUSTERS listed here in rank order of importance. BUILDING TRUST – KEY PERFORMANCE CLUSTERS 7
- 8. THE EVOLUTION OF TRUST – WHAT MOVES THE NEEDLE 8 Edelman Trust Barometer’s 2008 Trust Drivers Operations (76%) Reputation as a place to work (81%) Financial performance (76%) Respected CEO or leader (71%) Integrity (58%) Purpose (47%) Operations (39%) Products and Services (54%) Engagement (59%) Edelman Trust Barometer’s 2013 Trust Performance Clusters
- 9. 41% 49% 50% 55% 59% 63% 65% 68% 69% 69% 70% 72% 72% 76% 77% 77% PARTNERS WITH NGOS, GOVERNMENT AND THIRD PARTIES TO ADDRESS SOCIETAL ISSUES DELIVERS CONSISTENT FINANCIAL RETURNS TO INVESTORS RANKS ON A GLOBAL LIST OF TOP COMPANIES, SUCH AS BEST COMPANIES TO WORK FOR OR MOST… HAS HIGHLY-REGARDED AND WIDELY ADMIRED TOP LEADERSHIP IS AN INNOVATOR OF NEW PRODUCTS, SERVICES OR IDEAS ADDRESSES SOCIETY'S NEEDS IN ITS EVERYDAY BUSINESS HAS TRANSPARENT AND OPEN BUSINESS PRACTICES CREATES PROGRAMS THAT POSITIVELY IMPACT THE LOCAL COMMUNITY IN WHICH THE COMPANY… COMMUNICATES FREQUENTLY & HONESTLY ON STATE OF ITS BUSINESS TREATS EMPLOYEES WELL HAS ETHICAL BUSINESS PRACTICES OFFERS HIGH QUALITY PRODUCTS OR SERVICES WORKS TO PROTECT AND IMPROVE THE ENVIRONMENT PLACES CUSTOMERS AHEAD OF PROFITS TAKES RESPONSIBLE ACTIONS TO ADDRESS AN ISSUE OR A CRISIS LISTENS TO CUSTOMER NEEDS AND FEEDBACK 2013 ENERGY INDUSTRY IMPORTANCE – U.S. TRUST BUILDING ATTRIBUTES – WHAT MATTERS FOR ENERGY 9
- 10. TRUST IN BUSINESS AND GOVERNMENT – A CRISIS OF LEADERSHIP 10 Q144A-147A. [SPLIT SAMPLE] How much do you trust business leaders to do the following? (Top Box- Trust A great Deal) General population across 26-country global total Business Leaders 26% 20% 19% 18% Government Leaders Solve Social or Societal Issues 15% 15% 14% 13% Correct Issues Within Industries that are Experiencing Problems Make Ethical and Moral Decisions Tell You the Truth, Regardless of How Complex or Unpopular It Is How much do you trust business and government leaders to do the following?
- 11. PYRAMID of COMMUNITY PYRAMID of AUTHORITY BOARD OF DIRECTORS ACADEMICS TECHNICAL EXPERTS ELITE MEDIA CEO ACTION CONSUMERS SOCIAL ACTIVISTS EMPLOYEES GENERAL POPULATION 11 THE NEW DYNAMICS OF ENGAGEMENT Many Co-create Flexible Dialogue Empowerment Few Dictate Fixed Monologue Control ToFrom From License to Operate To License to Lead
Notas del editor
- We’re hearing from stakeholders that now is the time to have a conversation about trust: people are embracing the United States as a major energy player—now what are we going to do about it?
- This was Edelman’s largest evaluation of trust since the original Trust Barometer in 2001.
- In 2001, the influence of NGOs was rising and it has had staying power. Fast forward to 2013, and we are seeing a crisis of leadership. Both are critical points for the energy industry and government.
- Trust in institutions is increasing in the United States. The typical trust threshold is 50%--1 in 2 people trusting you is acceptable;anything less than that is cause for alarm. But energy and government are still dangerously low.
- The energy industry ranks low among other industries, but it increased slightly this year. Note that the technology industry not only ranked #1 in all markets surveyed this year, it has been the most trusted industry over more than a decade of Trust Barometer research.
- For the first time, the Trust Barometer expanded beyond the overall energy industry to include a measure of trust in four energy subsectors: renewables, natural gas, utilities and oil.
- By analyzing research from McKinsey, Harvard Business School and others, we identified 16 attributes that are critical to trust. Since that’s a lot to remember, we grouped them into 5 performance clusters, ranked in order of importance.
- There has been a fundamental reordering of the drivers of Trust in business. Operations is now seen as table stakes;Engagement and Integrity are what matter most in building, or rebuilding, Trust. Engagement should focus less on “what” and more on “how.”
- The rank order of trust-building attributes for energy tracks with the global ranking. Everything is more important than Operations (e.g., business performance.), including Purpose, which is often highlighted in the energy industry. And all serve as actionable insights for the industry.
- Returning to the key takeaway from this year’s Trust Barometer, both the government and business have incredibly low ratings on leadership criteria. People do not trust them to solve issues, make ethical or moral decisions, or tell the truth. This is a crisis. And both entities need to embrace the new dynamic in which they operate to improve their ability to get things done on energy and all issues.
- We are in the midst of a transformation. Old models no longer work in isolation and new models are firmly established. The Diamond of Influence has profound implications for how the energy industry and government communicate and engage with stakeholders and the general public. Forward-thinking businesses and institutions are integrating traditional, vertical (one-way) communications with modern, horizontal (multi-directional), always-on conversations. In this new dynamic, and with the opportunity and obligation to rebuild trust, Edelman works with clients to move beyond the familiar goal of “license to operate” and strive instead for a “license to lead.”