2010 Ethics & Workplace Survey
Trust in the workplace
In 2007 Sharon Allen, Deloitte LLP’s chairman of the board, commissioned the first annual Ethics & Workplace Survey. In the past the survey has focused on the relationship between career-life fit and ethical behavior at work, how leadership transparency translates into a more productive and ethical workforce, and the reputational risk associated with the increased use of social networking. This year the survey takes a closer look at trust in the workplace.
During challenging economic times, the relationship between employees and employers is often tested. Frequently, executives are forced to make decisions that broadly affect their workforces and alter what matters in the workplace. Today’s business environment is no exception; it appears that the recession has diminished two important forms of business currency: trust and ethics.
According to Deloitte LLP’s fourth annual Ethics & Workplace Survey, one-third of employed Americans plan to look for a new job when the economy gets better. Of this group of respondents, 48 percent cite a loss of trust in their employer and 46 percent say that a lack of transparent communication from their company’s leadership are their reasons for looking for new employment at the end of the recession. Additionally, 65 percent of Fortune 1000 executives who are concerned employees will be job hunting in the coming months believe trust will be a factor in a potential increase in voluntary turnover.
“With lack of trust and transparency factoring into the employment decision of roughly half of the respondents who plan to job hunt in the coming months, business leaders must be mindful of the importance of both on talent management and retention strategies as well as the bottom line impact,” says Allen. “By focusing on these two areas executives may be able to reduce attrition. It could also allow them to mitigate the expenses associated with the hiring and on-boarding process and ensure that tacit knowledge remains within their organizations. Establishing and reinforcing a values-based culture will ultimately help to can help cultivate employee trust.”