To Thrive, Organizations Will Make Consumer And Employee Trust Their Business Imperative

Cambridge, Mass., October 25, 2022 /PRNewswire/ — Trust will be at the forefront of organizations’ business operations next year as business and technology leaders focus on prioritizing long-term growth, according to Forrester’s (Nasdaq: FORR) 2023 forecasts released today. Current factors, including economic and financial instability, geopolitical uncertainty, corporate scandals and climate change, are eroding consumer trust in organizations—nearly 40% of US consumers stop doing business with a brand after a bad name.

Firms that have greater trust with consumers and employees are more likely to engage in loyalty behaviors such as retention and advocacy, helping to ensure sustainability and long-term growth. As customer and employee mistrust grows, regulators will step in in 2023 to crack down on practices of greenwashing, misinformation and employee surveillance. Forrester predicts that several companies will pay millions in fines for going green, and a C-level executive will be fired because their firm used employee monitoring.

Forrester’s forecasts analyze dynamics and trends in a variety of topics and industries, including technology and innovation, customer experience (CX), the metaverse, artificial intelligence and automation, and the future of work. These insights help business and technology leaders see around the corner and gain a competitive advantage for success in the year ahead.

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Highlights of Forrester’s predictions for 2023 include:

  • Trust in consumer technology companies drops 15%. The decline in technological dependence, coupled with tech company scandals, failure to protect users from emerging risks, and the lack of effective ethical measures in their digital environments, will gradually erode consumer trust.
  • At least 10 companies will be involved $5 million or more landscaping fines. Scrutiny of “greening” by distrustful consumers and mandated watchdogs is increasing, and regulators are pushing companies to spend more time and money marketing themselves as environmentally conscious rather than minimizing their environmental impact.
  • Using AI to monitor work-from-home productivity undermines employer trust. According to Forrester, the growing use of AI to track employee knowledge productivity will lead firms and business leaders to look for new opportunities in new organizations in the coming year. Employee mistrust is exacerbated by the fact that 40% of hybrid companies have tried to reverse their work-from-home policies and failed.
  • Banks lose consumer confidence during economic turmoil. According to Forrester, consumer trust in banks is falling for the first time in years, as many consumers believe their bank lacks empathy and is failing to follow lessons learned from the pandemic.
  • In the United States, people’s trust in the government will increase. In 2023, the US relies on credibility – the government’s ability to keep people safe, provide economic growth, and ensure effective crisis recovery – as a key lever of trust, and invests heavily in trust levers such as accountability and competence. , and transparency.
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“In 2023, successful leaders will focus on eliminating waste and prioritizing long-term growth,” he said. Sharyn Liver, Forrester’s chief research officer. “Building trust between customers, employees, and partners is a critical component of long-term growth. When individuals have more trust in companies, they are more deeply engaged and willing to forgive the company’s mistakes. In making wise investments, their organization’s mission and strengths, as well as customers and employees By establishing long-term trust, leaders strengthen their firms’ future resilience.”

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Resources:

  • Download Forrester’s 2023 Predictions companion guide features 12 predictions that will have a big impact on the coming year.
  • Visit Forrester’s 2023 Predictions Center to explore additional resources.
  • Register to attend Forrester’s Security & Risk and Data Strategy & Insights forums, where analysts will unpack these important dynamics for the coming year.

About Forrester

Forrester (Nasdaq: FORR) is one of the world’s most influential research and consulting firms. We help leaders across technology, customer experience, digital, marketing, sales and product functions leverage customer engagement to accelerate growth. Through Forrester’s proprietary research, consulting, and events, leaders around the world are empowered to be bold at work—to manage change and put their customers at the center of leadership, strategy, and operations. Our unique insights are based on annual surveys of more than 700,000 consumers, business leaders and technology leaders worldwide; rigorous and objective research methodologies, including Forrester Wave™ assessments; 70 million real-time feedback votes; and the collective wisdom of our clients.

Media Contact:
Ira Cantor
Public relations
Forrester Research, Inc.
[email protected]

SOURCE Forrester

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