WEBVTT - Edelman CEO on Latest `Trust Barometer'

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<v Speaker 1>This is Bloomberg Business Week with Carol Masser from Bloomberg Radio.

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<v Speaker 1>It has been, as you know, we've been saying this

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<v Speaker 1>about a year since the World Health Organization declared that

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<v Speaker 1>the coronavirus outbreak was a global pandemic. So much has

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<v Speaker 1>happened since then. Many have said going back to normal

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<v Speaker 1>is not what happened, since things have changed so much

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<v Speaker 1>as a result of the health crisis. So one way

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<v Speaker 1>to see what is on the minds of individuals is

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<v Speaker 1>the Edelman Trust Barometer, which we have gotten to several

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<v Speaker 1>times over the past twelve months and back with the

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<v Speaker 1>latest and which looks at the past twelve months. Is

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<v Speaker 1>the founder and CE of the Global Communications from Edelman.

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<v Speaker 1>He's Richard Edelman, and he's back with us on the

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<v Speaker 1>phone in New York. Richard, how are you hey, Carol?

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<v Speaker 1>How are you doing? Tell me about it. In some ways,

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<v Speaker 1>it feels like it was yesterday. Some days it feels

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<v Speaker 1>like it was a decade ago. It's just kind of crazy. UM.

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<v Speaker 1>I read through all of the latest Trust Barometer and

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<v Speaker 1>I want to get to the details. But first remind

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<v Speaker 1>our audience, because you guys do this survey several times

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<v Speaker 1>throughout a year. Tell us how you go about it,

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<v Speaker 1>who you talked to, h in a little bit of

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<v Speaker 1>the process. So, UM, last weekend we talked to Americans

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<v Speaker 1>across the economic spectrum, across the geographies, and UM, we

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<v Speaker 1>do it online and we lasted it in uh December.

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<v Speaker 1>And you'll recall that business was the most trusted institution

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<v Speaker 1>in the world for the first time. The deep divide

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<v Speaker 1>between Trump voter and a Biden voter um for example,

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<v Speaker 1>especially about media, where there was a forty point difference

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<v Speaker 1>in terms of trust. Um, the only thing they could

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<v Speaker 1>agree on was that business is trusted, and especially and

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<v Speaker 1>especially my employer, that my employer, the trust is local.

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<v Speaker 1>That you know, I trust my CEO, my colleagues at work,

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<v Speaker 1>and so you know, things near me because I can

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<v Speaker 1>control that relationship. Well, okay, and so that was last

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<v Speaker 1>time around. What's interesting in this time around is there's

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<v Speaker 1>not a lot trust of anything. Yeah. Well, Carol, I

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<v Speaker 1>think the most important thing to say out of this

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<v Speaker 1>is America's in shock. I wrote my essay last week

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<v Speaker 1>about America and trauma, and UM, I think half the

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<v Speaker 1>people we surveyed said they knew someone who had been

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<v Speaker 1>hospitalized or was dead. And um, you know, I had

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<v Speaker 1>gotten sick from COVID, and and uh, the two thirds said,

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<v Speaker 1>I'm still living in a pandemic survival mode. And I

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<v Speaker 1>know the markets are going up and and everybody's optimistic

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<v Speaker 1>about the future, but the markets are not seeing today. Um.

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<v Speaker 1>And you know, it's a real, um, kind of stunning

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<v Speaker 1>thing that more people have died than than in World

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<v Speaker 1>War two, World War One, Vietnam and Korea. And it's

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<v Speaker 1>we are literally the death of the world or something

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<v Speaker 1>like this. It's scary, it's shocking. Well, I can hear

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<v Speaker 1>it in your voice to Richard, and you're right when

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<v Speaker 1>I think at this one, we actually it's not just

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<v Speaker 1>numbers and stats that we roll off here. It's it's individuals.

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<v Speaker 1>And as you said, you know most people either know

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<v Speaker 1>someone or know someone who lost someone because of COVID specifically.

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<v Speaker 1>You know, listen, you have been talking to ceo s

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<v Speaker 1>for so many years. You know, how is this kind

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<v Speaker 1>of changing how they will run their companies going forward,

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<v Speaker 1>especially if if they're seeing these surveys and they're saying

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<v Speaker 1>people are employees don't trust us. So I think they

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<v Speaker 1>feel a special responsibility after this year to do differently

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<v Speaker 1>and I actually feel very inspired by that. You know,

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<v Speaker 1>we have clients new Lever for change the song on

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<v Speaker 1>the ice cream trucks because they found out that it

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<v Speaker 1>was a racist minstrel song from the eighties, and within

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<v Speaker 1>a month they said, Okay, we're gonna be sharing a

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<v Speaker 1>new song with the Rizard from New Wittan Clan. And

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<v Speaker 1>as songs for a World Day are going to be different,

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<v Speaker 1>kids are gonna have a different jingle. That's the kind

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<v Speaker 1>of speed and agility that that American business is doing.

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<v Speaker 1>Or Dan Showman of PayPal saying, I found out that

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<v Speaker 1>half my people were living kind of on a hand

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<v Speaker 1>to mouth way and I had to raise their wages.

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<v Speaker 1>That's amazing, Uh, flexibility like I've never seen before. Carol, Yeah,

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<v Speaker 1>which is really remarkable. You know it's interesting too, Richard,

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<v Speaker 1>like some of the uncomfortable conversations we've been having. And

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<v Speaker 1>one individual said to me and and she's like, you're

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<v Speaker 1>not gonna believe this is going to come out of

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<v Speaker 1>my mouth. And this is from a black American said,

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<v Speaker 1>you know, we need to kind of thank Donald Trump

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<v Speaker 1>in some ways because there are conversations that came out

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<v Speaker 1>over the last year to some extent because of some

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<v Speaker 1>of what he said and the conversations that came out

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<v Speaker 1>of that, and that we're having on a corporate level

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<v Speaker 1>that that we didn't have before. To be fair, well,

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<v Speaker 1>I think one big thing that that really is important though,

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<v Speaker 1>that I want to listeners to processes. We cannot as

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<v Speaker 1>business force our employees to get vaccinated. Of our respondents said, listen,

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<v Speaker 1>I'm prepared to consider it, but don't compel me. Uh.

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<v Speaker 1>And the same thing about only sixty are prepared to

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<v Speaker 1>go back to work, to the workplace, to the city

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<v Speaker 1>because there's still afraid. Only fiftent said that they're ready

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<v Speaker 1>to take the subway, said they're ready to fly, saying

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<v Speaker 1>they're ready to go see Grandma. So again we're still

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<v Speaker 1>in trauma. Small steps will get business to the right place. Richard,

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<v Speaker 1>there's just so many data points when you guys do

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<v Speaker 1>this survey on trust. I thought it was interesting and

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<v Speaker 1>one that caught my attention. Listen, one in three believe

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<v Speaker 1>everything will be back to normal by the end of

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<v Speaker 1>Trump voters versus of Biden voters. So there's still a

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<v Speaker 1>lot of hesitancy about kind of where we are by

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<v Speaker 1>the end of the year. So Carol, I think a

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<v Speaker 1>lot of this reflects a basic problem with information. So

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<v Speaker 1>when you see that belief in major news organizations is

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<v Speaker 1>down twenty one is down by a third um in

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<v Speaker 1>a year. People don't know where to get good facts.

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<v Speaker 1>They go to their doctor, they go to local government, um.

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<v Speaker 1>But they think the media is biased, they think it's politicized. Um.

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<v Speaker 1>Only of Trump voters trust the media at all. And

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<v Speaker 1>so we we have a real crisis of information bankruptcy.

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<v Speaker 1>And our doctors and scientists are definitely the most trusted

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<v Speaker 1>to tell the truth about the vaccine. And you know,

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<v Speaker 1>here's where companies have to be smart and get in

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<v Speaker 1>sort of public health officials and others who have the

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<v Speaker 1>credibility and the m D behind their name. Well, and

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<v Speaker 1>I do wonder, you know, because you've done a series

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<v Speaker 1>of these trust barometers during the pandemic. You know, how

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<v Speaker 1>quickly can things change in terms of who individuals are

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<v Speaker 1>trusting in society? You know, employ yer versus a business,

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<v Speaker 1>versus institutions versus the health you know, institutions, Um, how

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<v Speaker 1>quickly can you remember last You'll remember last May, government

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<v Speaker 1>was the most trusted institution, especially local government. In Andrew

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<v Speaker 1>Cuomo with etcetera. And look with it's going on now,

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<v Speaker 1>I mean the events of the world. Trust is really

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<v Speaker 1>unstable right now. And again, if if you're an employer

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<v Speaker 1>or a small business, you have really to pay attention

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<v Speaker 1>to the needs of your employees who are not getting

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<v Speaker 1>quality effects. I heard from the communications head at Columbia University.

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<v Speaker 1>She's the number one source of information on vaccination and

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<v Speaker 1>access for the fifty employees of that university. That's stunning. Uh.

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<v Speaker 1>It means that you trusting my company's newsletter, for example,

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<v Speaker 1>is the highest thing and that's why you have to

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<v Speaker 1>talk to the employees in our study this this weekend

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<v Speaker 1>said I want to be communicated once a week out

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<v Speaker 1>this so again, a company being an information source is

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<v Speaker 1>kind of a new deal. Yeah. I do feel like

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<v Speaker 1>and I think a lot of people would would agree

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<v Speaker 1>with this, that there is a lot of information that's

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<v Speaker 1>come down and you know, you almost want a clearinghouse,

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<v Speaker 1>one central place where we all go. And I guess

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<v Speaker 1>one would assume it would be something like the c

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<v Speaker 1>d C, but it it hasn't necessarily played out that way.

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<v Speaker 1>And I think in the in the era of seven

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<v Speaker 1>cable news and just NonStop online news. You know, it's

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<v Speaker 1>hard to get get control of this. One data point

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<v Speaker 1>that that did stand out for me along these lines

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<v Speaker 1>of vaccine hesitancy is decreasing. Absolutely. Yeah, so this is

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<v Speaker 1>really a positive. Vaccine hesitancy in fact, um is, you know,

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<v Speaker 1>deeply decreased. At seventy plus percent of people say that

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<v Speaker 1>they'll get a vaccine as soon as possible. That's up

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<v Speaker 1>twenty points. Um. But we still see um that there's

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<v Speaker 1>a sort of lack of information among those who are hesitant.

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<v Speaker 1>It is I don't have enough facts. And but I

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<v Speaker 1>also want to say there's a huge myth about vaccine

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<v Speaker 1>hesitancy about communities of color. This is very important because

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<v Speaker 1>already says, oh, well, blacks and Hispanics, you know that

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<v Speaker 1>they're thinking about history, and no, they can't get to

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<v Speaker 1>appointments of black and Hispanics said, I'm qualified to get vaccinated,

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<v Speaker 1>but I can't get on the website. I can't, I

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<v Speaker 1>can't get registered. That's bad. We have to even if

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<v Speaker 1>we have to go door to door or whatever it is,

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<v Speaker 1>we have to make sure that there's equal opportunity and

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<v Speaker 1>equal access. Yeah. I actually think that's a really important

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<v Speaker 1>distinction because you're right. We've how many times have said

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<v Speaker 1>it's it's a case of UM minorities don't want to

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<v Speaker 1>take the vaccine. But you're right. It has to do

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<v Speaker 1>often with either access to signing up online or just

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<v Speaker 1>having the ability to take off of work and do it.

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<v Speaker 1>And and it's a really big data point in terms

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<v Speaker 1>of demographics. And just got about thirty seconds left. Was

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<v Speaker 1>that the biggest thing that stood out for you. I

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<v Speaker 1>think that there's UM. I think young people have actually

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<v Speaker 1>suffered disproportionately in this especially in terms of economic effect.

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<v Speaker 1>I was shocked one and three said, you know, I've

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<v Speaker 1>had a decrease in my income or or I can't

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<v Speaker 1>get a job. And it's especially true of the eighteen

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<v Speaker 1>to twenty nine And so again we have real work

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<v Speaker 1>to do to get these young people into the workforce

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<v Speaker 1>again and not get frustrated and get them going. And

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<v Speaker 1>also people, um, women, especially women are women are really nervous,

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<v Speaker 1>more nervous about getting vaccinated, and they've had a disproportionate

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<v Speaker 1>job impact, so we have to get them back on

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<v Speaker 1>the on the on the wheel. Well, we always learn

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<v Speaker 1>a bunch and it's really a great kind of snapshot

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<v Speaker 1>of where we are Richard, thank you so much. Richard Edelman,

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<v Speaker 1>CEO AT Edelman, on the phone in New York City,