This year, business managers face more hurdles in building trust with stakeholders, with 94% reporting at least one challenge, up 11 points compared to 2023.
For example, 30% of executives cite the inability to change supply chain processes and materials due to cost as one of the top three issues they face, more than any other factor (up from 23% in 2023). This may be due to inflationary pressures as executives consider whether or not to pass on the increased cost of production to consumers.
Another challenge is a lack of clear ownership of trust among leaders, which 24% of executives cite as a top three challenge, up 10 points from 2023. The lack of ownership reflects an opportunity for companies to make clear that trust should not be relegated to a higher level than Importance. The only leader. Instead, it should be everyone's responsibility, with clear goals, metrics and incentives. In this way, trust is a team effort with the key roles of the CEO, CHRO, COO, CFO, and business unit heads.
Nearly a quarter of executives (24%) cite a lack of clarity about what stakeholders want (up from 17% in 2023) as a major challenge. A strong stakeholder engagement plan can help. Your plan should specify how and when to communicate with stakeholder groups to engage them in your strategy. Realize that the goal is not to get universal buy-in from all stakeholders, but to open lines of communication so they understand the choices you are making.
