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

Cambridge, Massachusetts, October 25, 2022 /PRNewswire/ — Trust will become an organizational business operation in the year ahead as business and technology leaders focus on prioritizing long-term growth, according to Forrester’s (NASDAQ: FORR) 2023 forecast released today. the forefront. Current factors, including economic and financial instability, geopolitical uncertainty, corporate scandals, and climate change, are eroding consumer trust in organizations—nearly 40% of U.S. consumers will stop after a damaging headline Do business with brands.

Companies that earn greater trust from consumers and employees drive loyalty behaviors, such as retention and advocacy, that help ensure resilience and long-term growth. As customer and employee mistrust continues to rise, regulators will step in and crack down on greenwashing, misinformation and employee surveillance in 2023. Forrester predicts that companies will face multimillion-dollar greenwashing fines, while a C-level executive will be fired for his company’s use of employee surveillance.

Forrester’s forecasts analyze dynamics and trends across different topics and industries, including technology and innovation, customer experience (CX), Metaverse, artificial intelligence and automation, and the future of work. These insights help business and technology leaders foresee the future and gain a competitive advantage to thrive in the coming year.

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Highlights of Forrester’s 2023 forecast include:

  • Trust in consumer technology companies will drop by 15%. Weakening reliance on technology, coupled with scandals at tech companies, the inability to protect users from emerging risks and the lack of effective ethical measures in their digital environment, will gradually erode consumer trust.
  • At least 10 companies will incur $5 million or more greenwashing fines. Greenwash scrutiny from distrusting consumers and empowered regulators will increase significantly, prompting regulators to target companies that spend more time and money advertising themselves as environmentally conscious rather than actually reducing their environmental impact.
  • Using AI to monitor work-from-home productivity will hit employers’ trust. Forrester found that corporate and business leaders are increasingly using AI to track knowledge worker productivity, which will lead to more than half of employees actively seeking out new opportunities in new organizations over the next year. 40% of mixed-work companies have tried – and failed – to rescind their work-from-anywhere policies, further fueling employee mistrust.
  • During economic turmoil, banks will lose the trust of consumers. Consumer trust in banks has declined for the first time in several years, according to Forrester, as many consumers feel their banks lack empathy and have not learned from the pandemic.
  • In the United States, people’s trust in government will increase. By 2023, the United States will make reliability—the ability of governments to keep people safe, promote economic growth, and ensure effective recovery from crises—as a core lever of trust, while investing heavily in trust levers such as accountability, competence, and transparency .
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“By 2023, successful leaders will focus on efforts to eliminate waste and prioritize long-term growth,” said shalin leaver, Forrester Chief Research Officer. “Building trust among customers, employees and partners is a key component of long-term growth. When individuals have greater trust in a company, they become more deeply engaged and more willing to forgive the company’s mistakes. In making smart investments When focused on their organization’s mission and strengths, as well as building long-term trust with customers and employees, leaders will drive the future resilience of their companies.”

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resource:

  • download Forrester’s free guide to 2023 forecasts, covering 12 big forecasts for the coming year.
  • Visit Forrester’s 2023 Prediction Center to explore additional resources.
  • Sign up for Forrester’s Security & Risk and Data Strategy & Insights forums, where analysts will unravel these key developments for the year ahead.

About Forrester

Forrester (Nasdaq: FORR) is one of the world’s most influential research and consulting firms. We help leaders in technology, customer experience, digital, marketing, sales and product capabilities leverage the customer first to accelerate growth. Through Forrester’s proprietary research, consulting and events, leaders from around the world are empowered to be bold at work – to navigate change and place clients at the center of their leadership, strategy and operations. Our unique insights are based on an annual survey of more than 700,000 consumers, business leaders, and technology leaders around the world; rigorous and objective research methods, including Forrester Wave™ assessments; 70 million real-time feedback polls; and the collective wisdom of our customers.

Media Contact:
Ella Canter
public relationship
forrest research corp.
[email protected]

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