Hispanics trust business more than government, study shows
According to figures shared by the 2022 Edelman Trust Barometer, Americans believe in actions more than words.
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Highlighting how Americans, especially Latinos, continue to drag on their backs with the impacts and fears of the pandemic, as well as the new geopolitical scenario that, as a result of the war between Russia and Ukraine, has strengthened an economic crisis marked by exaggerated inflation and a fragmented operation of the different industrial production chains, a study carried out by the Edelman Trust Barometer points to a lack of optimism and distrust as latent feelings among the Hispanic communities in the United States.
Richard Edelman, CEO of Edelman, who was in charge of presenting the key findings in the framework of this particular session of the 2022 Hispanic Leadership Summit, highlighted that the business sector is the one in which citizens trust the most, while stating that they do not believe in many of the announcements that the government makes.
“People are disappointed. They are losing their jobs and their businesses are being affected by the impact of globalization,” Edelman highlighted.
Join us for an exclusive presentation of the 2022 Edelman Trust Barometer, presented by @richardwedelman exploring the state of trust within the Hispanic community.#HLS2022 #HispanicLeadershipSummit #TogetherWeShine pic.twitter.com/soXkdXe5z2— We Are All Human Foundation (@WAAH_Foundation) December 7, 2022
In the middle of his presentation “The State of Trust with Hispanics,” Edelman stressed the following figures in terms of the trust that Americans feel towards their institutions:
- Mistrust continues to grow towards the government and the media.
- Since May 2021, there has been a sharp decline in credibility among US Hispanic communities, going from a Trust Index score of 60 to 48, which represents a 12-point drop in a single year, the higher rate among different ethnic groups.
- There is an evident trust gap between communities with high incomes and those with low incomes, where mistrust is perceived to be stronger in the second group.
- Confidence in the face of income inequality is felt much less in the Midwest region.
- Hispanics are the most fearful of losing their jobs and are the least economically optimistic.
Featuring another segment of his latest report, Edelman also highlighted some changes in attitude towards the Latino community:
- An increase in trust between companies and employers towards members of the Hispanic community was highlighted.
- 3 out of 4 Hispanic employees expect their jobs to have a social impact.
- 7 out of 10 Hispanics see progress in terms of Diversity, Equity and Inclusion (DEI) in their workplaces.
- The business agenda must now take geopolitical and social issues into account.
- The Hispanic community transfers its confidence towards the processes of consumption and investment.
Win Back Latino Confidence
Edelman also points out the following criteria for organizations to win back the trust of the Latino public:
- Commit to a sustained focus on the Hispanic community — Tap into the authentic values of this community and stay engaged throughout the year.
- Ensure representation at all levels of the organization — Employers must make significant progress on DEI goals and ensure representation at all levels of the organization.
- Address the root causes of job loss and economic fears — Invest in training and refresher programs to keep the skills of Hispanic employees competitive and mitigate fears of job loss.
- Demonstrate a commitment to meaningful social change — Work with the Hispanic community to create action on long-term social change.