ETHICAL LEADERSHIP IN BUSINESS: Rethinking trust in the digital age
Trust is at the centre of human relations and is the glue that holds our society together. In business, trust is a critical ingredient for innovation and investment, to foster consumer loyalty and nurture employee motivation. Nowhere is this more apparent than in the digital economy where public trust in the benefits of the digital transformation has been the basis for economic growth and societal progress.
Trust in technologies – also called Digital Trust – is constantly challenged by an increasing number of security and privacy breaches, either by hackers or user data collection without clear user consent. Faith in the promise that new technology leads to progress and a better human future is beginning to dwindle as digitization is significantly transforming the world of work with uncertain outcomes. Such breaches also jeapodise consumer trust and confidence in the brand and company. Companies that engage in building digital trust and strengthening faith in a humane future will have a crucial competitive advantage.