We did it because diversity and inclusion are core to our purpose at PwC, and we wanted to apply greater rigor, accountability, and transparency into how we were continuing to drive our firm’s representation and culture of belonging. For example, one year ago, we at PwC took the important step in releasing our workforce demographics for the first time. To do so, tomorrow’s business leaders should set a clear strategy to build a culture of trust and transparency throughout the company. It’s time to galvanize around trust and transparency. So, what are the key takeaways for the business community? 1. Our survey found that in most companies, all C-suite roles were at least partly responsible, which makes accountability and alignment difficult. Why this misalignment in priorities? It may be because right now there is no one role in the C-suite that truly owns trust. However, fewer than half of businesses responding to our study have implemented formal initiatives related to accountability. They want businesses to take responsibility for their failures quickly and demonstrate action to address those failures. Consumers want oversight from leadership. This gap in what consumers say increases trust and what businesses are actually doing is also evident in the area of accountability. However, many businesses have not yet taken the time to connect the dots between their ESG-related actions and how they impact the average consumer. Consumers do indeed care about companies’ environmental and societal impact and if they are ethically governed. Our survey found that how companies manage their value chains, deploy responsible artificial intelligence, and report on ESG actions are all highly rated trust factors by business leaders, but of lesser importance to consumers. Of equal importance is identifying where business leaders and consumers disagree. There are many examples of businesses that have made a great deal of progress across these areas over the years, and many continue to improve.
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