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

CAMBRIDGE, Mass., in 2022 October 25 /PRNewswire/ — According to Forrester’s (Nasdaq: FORR) 2023 forecasts released today, predictions, trust will be at the forefront of organizations’ business operations in the coming years 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 eroding consumer trust in organizations—nearly 40% of US consumers will stop doing business with a brand after a damaging headline.

Companies that earn greater trust from consumers and employees engage in loyalty behaviors such as retention and advocacy, helping to ensure resilience and long-term growth. As customer and employee mistrust continues to grow, in 2023 regulators will step up and crack down on harmful laundering, misinformation and employee surveillance. Forrester predicts several companies will receive millions in fines for greenwashing, and a C-level executive will be fired for their company’s use of employee surveillance.

Forrester’s forecasts analyze dynamics and trends across a range of topics and industries, including technology and innovation, customer experience (CX), the metaverse, artificial intelligence and automation, and the future of work. These insights help business and technology leaders see around the corner and gain a competitive edge to thrive in the years to come.

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Forrester 2023 predictions are:

  • Trust in consumer technology companies will drop by 15%. Declining reliance on technology, coupled with tech company scandals, failure to protect consumers from emerging risks, and a lack of effective ethical measures in their digital environment will gradually erode consumer trust.
  • At least 10 companies will experience 5 million dollars or more greens in washing fines. There will be a significant increase in the scrutiny of untrustworthy consumers and “greenwashing” by authorized guardians, leading regulators to target companies that spend more time and money promoting themselves as green than actually reducing their environmental impact.
  • Using AI to monitor work-from-home productivity will reduce employer trust. Forrester says that companies and business leaders will increasingly use artificial intelligence to monitor the productivity of knowledge workers, with more than half of workers actively looking for new opportunities in new organizations next year. Employee mistrust will be further fueled by the 40% of mixed-use companies that try and fail to end their work-anywhere policies.
  • In times of economic turmoil, banks will lose consumer confidence. According to Forrester, consumer trust in banks is falling for the first time in years, as many consumers feel their bank lacks empathy and fails to heed the lessons of the pandemic.
  • In the US, people’s trust in the government will increase. in 2023 The U.S. will rely on credibility—the government’s ability to keep people safe, promote economic growth, and effectively recover from a crisis—as a key lever of trust, and will invest heavily in trust levers such as accountability and competence. , and transparency.
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“In 2023 successful leaders will focus on eliminating wasted effort and prioritizing long-term growth. Sharyn Leaver, Forrester’s Chief Research Officer. “Building trust among customers, employees, and partners is a critical component of that long-term growth. When individuals have more trust in companies, they are more engaged and more likely to forgive the company’s mistakes. Smart investments focus on your organization’s mission and strengths and long-term customer and employee trust.” , leaders will make their companies future-proof.

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Resources:

  • to download Forrester’s 2023 Predictions, a free guide to 12 high-impact predictions for the year ahead.
  • Visit Forrester in 2023 forecast center and explore additional resources.
  • Register to participate in Forrester’s Security & Risk and Data Strategy & Insights Forums, where analysts will reveal these important dynamics for the coming year.

About Forrester

Forrester (Nasdaq: FORR) is one of the most influential research and consulting firms 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 proprietary research, consulting, and events, leaders around the world are empowered to be bold at work—to navigate change and put 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; rigorous and objective research methodologies, including Forrester Wave™ assessments; 70 million feedback votes in real time; and the collective wisdom of our customers.

Media Contact:
Ira Kantor
Public relations
Forrester Research, Inc.
[email protected]

SOURCE Forrester

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