The New Paradigm of Business

Brian Bacon, of the Oxford Leadership Academy in Britain, told the annual dinner of the Business Council of Australia that building public trust could be a major source of competitive advantage, while failing to do so would be a disaster for the companies involved.  

“Never in history have the expectations of business by the public been higher, nor has it ever been so distrusted,’’ he said. He warned that consumers were increasingly intolerant of campaigns perceived as “greenwash’’, and cynically adopting a social mission or sponsoring a cause would not work. “Today’s consumers are well educated, clued in and highly sensitive to companies that are genuine about their social commitments compared with those that are simply jumping on the CSR bandwagon to enhance their reputations,’’ he said.  

From ‘Companies Urged to Earn Public’s Trust’ by Jennifer Hewett, The Australian, 25 October 2007, p. 21.

Read Brian Bacon’s speech here.