Trust undeniably plays an important role in the workplace – but if previous reports are anything to go by, getting your employees to trust you is easier said than done.
The top factor for this lack of trust in the workplace? Issues around compensation.
This was, at least, according to latest research by EY, which surveyed over 9,800 full-time workers, age 19-68, at companies of varying sizes.
The research found less than half (46%) of full-time employed respondents globally, ages 19-68, place a “great deal of trust” in their employer, boss or colleagues (both 49%).
Among those who said they have “very little” or “no trust” in their current employer, the top five factors that led them to say this were:
1. “Employee compensation is not fair” (53%)
2. “Does not provide employees with equal opportunity for pay and promotion” (48%)
3. “Lack of strong leadership” (46%)
4. “Too much employee turnover – voluntary and/or involuntary” (43%)
5. “Does not foster a collaborative work environment” (43%)
The survey stated the implications of this research reveal a number of actionable opportunities that C-suite executives across the globe can implement to positively enhance trust for their organisation.
These included actions such as CEO transparency, open communication, a diverse and inclusive culture and a commitment to equity and fairness.
“Our global research sheds some light on the determinants of trust across generations, including Gen Z,” said Karyn Twaronite, EY global diversity and inclusiveness officer.
“We found that parents of Gen Z often both positively and negatively impact the level of trust this next wave of talent are looking for in their future employers.”
Gen Z were, in fact, the least likely to place “a great deal of trust” their employer (41%) and boss (46%).
Millennials (ages 19-34) were in the middle for placing this much trust in their employer (45%), and boss (50%).
Globally, the research found a higher percentage of full-time working Baby Boomers (ages 51-68) place a “great deal of trust” in their employer (51%), boss (52%) and team/colleagues (53%) than other generations.