It’s a fact often touted that being willing to put in the hours and work hard is the only way to succeed in life, but now a new report has revealed that society’s attitude to good ol’ fashioned graft is actually changing.
According to the 2020 Edelman Trust Barometer, people no longer believe that simply working hard is enough to help you get ahead. Instead, the majority of people now believe that success is reserved for a select fortunate few and, if you’re not one of the lucky ones, your hard work will essentially go to waste.
The change in attitude appears to be directly linked with declining public trust in four key institutions – the government, media, business and NGOs [non-governmental organisations] – while income inequality has only further reduced the faith people have in the system.
Richard Edelman, CEO of Edelman said: “Since we began measuring trust 20 years ago, economic growth has fostered rising trust. This continues in Asia and the Middle East but not in developed markets, where national income inequality is now the more important factor.
“Fears are stifling hope, and long-held assumptions about hard work leading to upward mobility are now invalid.”
The report also revealed that, despite a strong global economy and high employment rates, a majority of respondents in developed countries do not believe they will be better off in five years’ time, while 56 per cent believe that capitalism is currently doing more harm than good in the world.
Among the biggest concerns raised were the possibility of another recession, lack of training, cheap competition from overseas and the impacts of immigration.
Technology was also found to play a major role as almost two-thirds of respondents said they feel that technological advances are happening too quickly, while more than 80 per cent of employees fear that they may lose their job due to automation.
The media and government fared the worst in the annual survey, as they tied for the title as least trusted institution. This is due to the fact that most people believe they are the pillars with the potential to address the issue of income inequality.
Business emerged as the most trusted institution overall, however increased importance is now being placed on ethical behaviour with Edelman adding that it’s “no longer only a matter of what you do, it’s also how you do it”.
He added: “It can no longer be business as usual … With 73 percent of employees saying they want the opportunity to change society, and nearly two-thirds of consumers identifying themselves as belief-driven buyers, CEOs understand that their mandate has changed.”