Trust in the technology sector is on the rebound – but the pressure is on to reward people’s optimism.
We live in a cycle of distrust, with faith in government and media being eroded by societal challenges at every turn. According to the 2022 Edelman Trust Barometer published in January, business remains the only trusted institution and seen as by far the most effective at getting results (outstripping government by a clear 23 percentage points).
The picture is surprisingly positive for one business sector in particular: Edelman’s October 2022 Trust Barometer Special Report: Trust in Technology shows that in many markets, the sector is on track for a remarkable bounce back from some historic lows in 2021. On average across the 15 markets included in the study, technology sits at 76% trust, having gained four points between January and October and making it the most trusted sector.
But with great power comes great responsibility, and the latest results make clear that as technology becomes more intertwined in every element of society, expectation for companies to produce positive results beyond the stock market will only grow.
Levels of optimism split across geographies
In October’s report, we see a marked difference in the attitudes of developing and developed markets towards technology. In the US, home to tech incubator Silicon Valley, trust in technology has dropped 24 points in the past decade, from January 2012 to January 2022. Even more unusual is the consistency of this 10-year trust decline across genders, income, and age brackets.
Most developed countries surveyed have followed this trend. In contrast to 2016, when technology was the most trusted sector in 20 developed and developing markets, in January 2022 developed countries make up just two of the remaining 11 markets where technology is the most trusted.
Higher trust in technology among developing markets translates to a much greater willingness to adapt and adopt new tech as innovation continues apace. 33% of respondents in developing markets characterise themselves as first adopters of new tech versus just 10% in developed countries.
Whether this signals complacency or caution among developed markets, there is guidance here for companies looking to capitalise on the sector’s most-trusted status.
Take on the biggest challenges of our time
Where technology holds promise for some people, for others it is still seen as fuelling some of our most pressing issues. The differentiator is when tech is seen as being willing and able to contribute solutions particularly where it has caused disruption.
For example, according to January’s Trust Barometer, job loss is a worry for more than eight in ten employees. The October results show that 51% of employees worry that technology can do their work ‘as well as or even better’ than they can and 68% of people believe technology companies should be required to contribute resources to the reskilling of workers displaced by their technologies.
At the same time, 79% of employees agree technology is having an overall positive impact on the workplace and 63% of people say tech in the workplace frees people to do more meaningful work.
So, if technology must disrupt the world of work, people believe that it should also have a hand in keeping them in the job market. The consolation is that, thanks to technology, those new jobs are expected to be more enjoyable, and 71% believe technological innovations will increase the availability of good-paying jobs.
Action leadership builds trust and understanding
We know by now that to earn trust, businesses must walk the walk and demonstrate positive impact. In no sector is this expectation more pointed than technology.
Transparency and inclusivity are key, and there is a clear correlation between people seeing and understanding the benefits technology can bring, and an increase in trust. For example, health tech and 5G – already integrated into many of our everyday lives – are more trusted than cryptocurrency (by 28 points and 25 points, respectively) – still seen by many as opaque and exclusive.
When asked about how to increase their trust in new technologies, 41% of respondents say they expect companies to communicate the benefits of their products, but more importantly 38% want visibility of their potential drawbacks.
People expect to feel included and be equipped to make informed decisions before fully engaging. For example, people who feel most educated on autonomous technology demonstrate, on average, the highest levels of optimism about its impacts on society.
To drive this engagement and connect with the most important audiences, the tech sector will need to meet people where they feel most comfortable. Family and friends (63%) and workplace IT support (62%) are seen as the most credible sources of truth on technology and, in line with broader Trust Barometer findings, employers (61%) are the most believable channel for information about tech and its impact on society.
The rise in trust in technology within the past year paints a positive picture, however, as ever the case in this sector, the only constant is change. The breakneck speed at which the industry is shifting by the day promises more exciting twists and turns into 2023. However, if technology can continue demonstrating its positive contributions to society, acknowledge people’s concerns and show them an honest and inclusive vision, it stands to maintain pole position.
Danny Wilding is a Director on our Corporate team at Edelman UK