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How CEOs can rebuild public confidence in corporate leadership

About a week before Russia invaded Ukraine and the Ukrainian president gave the world a lesson in leadership under fire, Edelman released its annual survey of Canadians’ trust in societal leaders.
holly-carinci

About a week before Russia invaded Ukraine and the Ukrainian president gave the world a lesson in leadership under fire, Edelman released its annual survey of Canadians’ trust in societal leaders.

To say that our executive officers didn’t measure up to Volodymyr Zelenskyy would be an understatement. 

The Canadian report from the 2022 Edelman Trust Barometer showed collective trust in Canadian CEOs slid for a third straight year in 2021. Among groups of leaders in Canada, including scientists, politicians and journalists, CEOs were the least trusted at just 36 per cent, according to Edelman. That’s down from 39 per cent in 2020 and 42 per cent in 2019. Canadians have less trust in our CEOs than Americans have in theirs.

Of course, it’s no surprise that worldwide confidence in societal leaders has fallen during the pandemic, although trust in business was weak before Covid-19. Exorbitant CEO salaries and waves of high-profile C-suite resignations have undermined our confidence in business leaders.

It may seem unfair to compare Canadian business leaders to the embattled president of a nation brutally invaded by Russia. After all, Zelenskyy, a former comedian, and the people of Ukraine are at war. For Canada’s CEOs, it’s business as usual.

That may be the root of their problem.

What caught my eye in the Edelman report was that 54 per cent of respondents want Canadian business leaders to speak out more about issues facing our people, our country and our planet. That’s because Canadians’ expectations have changed. 

In case you didn’t notice, we’re already in a war of sorts in Canada – a war against complacency in the face of great misery.

In British Columbia, six people a day on average die from tainted street drugs. Hate crimes in the province rose in 2020 by more than 60 per cent, the second-fastest rate of increase after Ontario. 

When was the last time you heard a CEO in Canada speak out about finding solutions to drug poisonings, hate crimes or any of the other hot-button issues? I’m sure they’re out there. But the public wants to hear more.

Many of us want to feel that business cares about the challenges facing Canadians. The Edelman report suggests CEOs are badly out of step with society.

Most CEOs will claim that society’s expectations are unrealistic – business leaders have enough to do without getting involved in issues not directly related to profit maximization. Most of them don’t understand that these issues are related to their companies in today’s business environment.

CEOs and the directors who oversee them need to put a greater emphasis on incentives for constructively engaging in the development of societal solutions.

A road map to raising the trustworthiness of Canadian CEOs could include:

•Ensuring that all employees feel welcome by creating a culturally diverse work environment.

•Recalibrating jobs to fit employees’ needs. Today’s talent wants to work for companies that reflect their values and priorities.

•Participating in community building. Far-sighted CEOs walk alongside employees who want to make a difference. Leaders listen and take action.

•Preparing for crisis situations to protect corporate brands and hard-won equity. Now more than ever, even highly regarded CEOs can be blindsided.

•Engaging with employees in projects that improve the world and speak up against public policies that don’t contribute to the greater good.

What I love about this plan is that it’s focused on solving the trust issue.

Too many promises in this field are made without a road map to success. It’s a win-win situation. 

What would Zelenskyy do? •

Holly Carinci is the CEO of HwP PR, which specializes in CEO publicity.