Businesses should take the lead in engendering trust within the organisation through transparency, says PwC

The Covid-19 pandemic has had a profound impact on businesses in Malaysia. Issues like falling consumer confidence, job loss, and supply chain disruption have occupied not just the news, but also the consciousness of business executives and the public.

PricewaterhouseCoopers (PwC), a multinational professional services network of firms has done a study on the state of trust in medium-sized public companies during the Covid-19 pandemic using their proprietary trust analytics framework.

The report revealed that companies with high capability trust show great agility and put a strong focus on their customers when the crisis hit. Additionally, the strong positive correlation between capability trust scores and market performance suggests that these traits have the potential to move markets.

According to the report, companies that achieve a high transparency score during the first six months of 2020 also display honesty, fulfill their promises, and prioritise health and safety. The report suggested that Chief Executive Officers must take the lead in engendering trust within the organisation through transparency. 

Besides that, the top five industries (healthcare, real estate, F&B, constructions & materials, financial services) have one thing in common, they also score highly in responsibility trust. 

Based on the report, high-trust companies would lose 13.57 percent in value, collectively, in the month when WHO declared Covid-19 a global pandemic. In June, they recovered that initial loss and went on to gain 14.74 percent more than where they started in February.

Whereas, medium- and low-trust companies suffered greater initial losses and were slower to rebound.

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