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

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

Companies that gain greater trust with consumers and employees drive loyalty behaviors such as retention and advocacy, helping to ensure sustainability and long-term growth. As customer and employee mistrust grows, in 2023 regulators will step in and crack down on greenwashing, misinformation and employee surveillance practices. Forrester predicts that numerous companies will incur millions in green fines, while a C-level executive will be fired for his company’s use of 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 will help business and technology leaders see around the corner and gain a competitive advantage to thrive in the coming year.

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Highlights from Forrester’s predictions for 2023 include:

  • Confidence in consumer technology companies will drop by 15%. The decline in technological dependence, combined with the scandals of technology companies, the inability to protect users from emerging risks and the lack of effective ethical measures in their digital environment, is gradually eroding consumer confidence.
  • At least 10 companies are affected $5 million or more in greenwashing fines. Scrutiny of greenwashing by unsuspecting consumers and authorized watchdogs will increase dramatically, prompting regulators to target companies that spend more time and money marketing themselves as environmentally friendly than actually reducing their environmental impact.
  • Using AI to monitor work-from-home productivity undermines employer trust. The increasing use of AI by companies and business leaders to track the productivity of knowledge workers means that more than half of employees will actively seek new opportunities in new organizations in the coming year, says Forrester. Employee mistrust will be further fueled by the 40% of hybrid companies that have tried and failed to override their work-anywhere policies.
  • Banks lose consumer confidence in times of 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 fails to follow the lessons learned from the pandemic.
  • In the US, people’s trust in the government is increasing. In 2023, the US will rely on credibility – the ability of the government to keep people safe, promote economic growth and ensure effective recovery from crisis – as a key lever of trust, as well as investing heavily in trust levers such as accountability, competence. , and transparency.
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“In 2023, successful leaders will focus on eliminating wasted effort and prioritizing long-term growth,” he said. Sharyn Liver, Chief Scientific Officer of Forrester. “Building trust among 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 a wise investment, focus on the mission and strengths of their organization. and by building long-term trust with customers and employees, leaders strengthen their companies’ resilience for the future.”

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Sources:

  • Download it Free Forrester Predictions Guide for 2023, which includes 12 powerful predictions for the coming year.
  • Visit the Forrester Forecasts for 2023 hub to explore additional resources.
  • Sign up to participate in Forrester’s Security, Risk, and Strategy Data & Insights Forums, where analysts will unpack these important dynamics for the coming year.

About Forrester

Forrester (Nasdaq: FORR) is one of the most influential research and consulting companies in the world. We help leaders across technology, customer experience, digital, marketing, sales and product functions harness customer obsession to accelerate growth. Through Forrester’s research, consulting and private events, leaders from around the world are empowered to be bold at work – to navigate change and put their customers at the center of their leadership, strategy and operations. Our unique insights are based on annual surveys of more than 700,000 consumers, business leaders and technology leaders worldwide; accurate and objective research methodologies, including the Forrester Wave™ assessment; 70 million real-time review 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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