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, optimism will be at the forefront of corporate business performance next year as business and technology leaders focus on leading before long-term growth. Current factors, including economic and financial uncertainty, environmental uncertainty, corporate scandals, and climate change, are undermining consumer trust in organizations – nearly 40% of US consumers will stop doing business with the brand based on the damaging article.

Companies that gain the most trust from customers and employees drive loyalty strategies such as retention and advocacy, helping to ensure sustainability and long-term growth. As consumer and employee mistrust increases, by 2023, regulators will step in and crack down on greenwashing, misinformation and employee monitoring practices. Forrester predicts that many companies will incur millions in greenwashing penalties, while C-level executives will be fired for their use of employee surveillance.

Forrester’s forecasts analyze the dynamics and trends of various 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 find a competitive advantage to succeed in the coming year.

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Highlights of Forrester’s predictions for 2023 include:

  • Trust in consumer technology companies will decrease by 15%. The destruction that depends on technology, combined with the scandals of the technology company, the inability to protect users from emerging risks, and the lack of effective behavioral measures in their digital environment, will gradually end consumer confidence.
  • At least 10 companies will be present $5 million or more with green fines. Greenwashing scrutiny from unscrupulous consumers and empowered watchdogs will increase dramatically, pushing regulators to target companies that spend more time and money promoting themselves as environmentally conscious than reducing their impact. of the environment.
  • The use of AI to assess work-from-home productivity will undermine employer confidence. The increasing use of AI by companies and business leaders to track the productivity of knowledge workers will result in more than half of workers looking for new opportunities in new organizations next year, Forrester finds. Employee mistrust will be further fueled by the 40% of hybrid companies that are trying – and failing – to reverse their work policies anywhere.
  • Banks will lose customer confidence during economic crises. Consumer confidence in banks is falling for the first time in several years, as many customers believe their bank is insensitive and not following the lessons learned from the pandemic, in follow Forrester.
  • People’s trust in government will increase in the United States. By 2023, the US will build on trust – the government’s ability to keep people safe, promote economic growth, and ensure effective recovery from crisis – as a foundation of trust as it invests especially in trust institutions such as responsibility, competence. , and transparency.
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“By 2023, successful leaders will focus on eliminating wasteful efforts and prioritizing long-term growth,” it said. Sharyn Leaver, chief research officer at Forrester. “Building trust among customers, employees and partners is an important part of that long-term growth. When people have great trust in companies, they engage deeply and are willing to forgive the mistakes of company. To make smart investments, to focus their organization’s mission and their strengths, and to create long-term trust with customers and employees, leaders will strengthen their ability to be resilient in the future. “

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Tools:

  • Download A complementary guide to Forrester’s 2023 Predictions, which covers 12 major impact predictions for the coming year.
  • Visit Forrester’s 2023 Predictions site to explore other resources.
  • Register to attend Forrester’s Security & Risk and Data Strategy & Insights Forums, where analysts will unpack these critical changes 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 frustration to accelerate growth. Through Forrester’s research, interviews and events, leaders from around the world are empowered to be bold at work – to drive change and put their customers at the center of their leadership, strategy and performance. Our unique insights are based on annual surveys of more than 700,000 consumers, business leaders, and technology leaders worldwide; robust and objective research methods, including Forrester Wave™ analyses; 70 million real-time opinion polls; and the shared intelligence of our customers.

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

SOURCE Forrester

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