The 2019 Edelman Trust Barometer: Implications for Family Business report shows that 69 percent of people trust family business, a 13-point trust advantage over business in general.
To dive a bit deeper into this trust advantage, this year’s report examines Trust Barometer data from employees of large family businesses versus employees of other large businesses and uncovers a significant advantage for family business employers among talent. Highlights include:
- Sixty-four percent of large family business employees agree that the organization they work for acts on its values, versus 54 percent of large non-family business employees who say the same.
- Sixty-eight percent of large family business employees look to their employer to be a trustworthy source of information about social issues and other important issues versus 62 percent of non-family business employees who say the same.
- Fifty-two percent of large family business employees are more likely to believe what the CEO says about the company they work for compared to only 41 percent of large non-family business employees who say the same.
- Despite this advantage, the study unveils several areas where family business employers fall short on expectations including regular communications (15-point performance gap) and training programs (11-point performance gap).
To help family businesses leverage their trust advantage, the report concludes with clear imperatives for family business employers including taking the lead on change, empowering employees and telling their story.