Talking Trust

James: Hello and welcome to Talking Trust, PwC Canada's new podcast series on the trust agenda. I'm James Temple, PwC Canada's chief corporate responsibility officer, and I'm your host. We know we're in an era like never before, where trust has become a critical business imperative and a lever for value creation. In this podcast series, we've been exploring some of the key elements of trust. And today, we're going to discuss how organizations can build a trusted brand and the importance of communications. Joining me today to discuss that is Louanne Buckley, a partner here at PwC Canada and the firm's chief marketing and communications officer. Welcome Louanne, and thanks for joining me today. 

Louanne: Hey, James, happy to be here. And I guess this time, I'm the one on the hot seat. 

James: Right. Now to start things off, can you talk about the importance of being a trusted brand in today's environment? 

Louanne: Sure. Being a trusted brand is really everything these days. I mean, think about it. The question of trust plays in every decision we make, who our friends are, what organization you want to work for, what product we end up buying. And that's because it's human nature to default to what we know into what we trust. I think every brand really aspires to being the go to are the first choice within their target market, which is easier said than done because building that kind of brand equity, it takes time because you can't just demand it, you have to earn it. So James, I think you said it really well in episode two. Trust is about consistency, it's about competence, it's about integrity. So today, trust is really a currency that brands can't live without. And we're at a real turning point. There's been so many trust breaking moments that we've witnessed, whether it's been missteps that lead to bad publicity, questionable business practices. We've all had an experience where it's been subpar and we've left frustrated or unhappy. So when things like that happen, it causes us to stop and reconsider what we know and what we trust. And therefore, you know, the worst thing that comes out of that is people leave the brand, whether you're a customer or an employee and you go to a competitor. So trust really matters more than ever now. 

James: You talked about missteps. Are there some examples you want to call it specifically? 

Louanne: Look, missteps happen as much as we all try and avoid them, and repairing or regaining trust starts with acknowledging what happened and then taking action to do better. I think the example that we're most familiar with is big tech and the role that they play in the spreading or not spreading of misinformation. If you look at Facebook, look at how much our trust plummeted in them and unfortunately, they've been unable to restore it back to previous levels. This is pretty top of mind for me right now, so let me share a couple of PwC examples. As we're recording this, actually, I'm dealing with a situation where we as a firm are going out and publicly acknowledging a situation. It's a situation where we fell short of the standards we set for ourselves. But what goes beyond acknowledging it is our ability to talk about what we did to address it and then to reinforce our commitment to do better. It's more than just drafting a media statement. It's about having the right conversations. It's about talking to our people about what it means to them and what expectations we have. It's about talking to our clients and being transparent and upfront. It's not about trying to hide behind it, it's owning up to it. And as as I said, it's about taking action to do better. So at PwC, we're really trying to treat this as a learning learning moment for everyone in the firm and use it to reinforce the fact that we all need to live our values and our purpose every day very consistently. 

James: When I got to say I read a note from Nicolas Marcoux, our CEO, this morning, and for me, it built trust when I could see our leaders taking accountability for issues immediately, having a courageous conversation and moreover recognizing that we can do a lot better. For me, it humanizes an issue, albeit a difficult one. And it makes me believe that our firm can take the lead. Do you have any other examples you would share? 

Louanne: Thanks, James. That's great to hear. Another example I'll share is around inclusion and diversity. So we've seen a dramatic increase in racial injustice play out very publicly. And a lot of brands responded rightfully so by making public statements. However, the challenge is that a lot of them didn't have the actions to back up those statements, so the statement actually sometimes became perceived as an empty promise. Here at PwC, our people told us very clearly that it didn't matter what we said externally if they didn't truly believe and feel it in their hearts that they belonged. And in fact, if we did go out with a statement where they didn't feel that way, it would be viewed as disingenuous. So we really focused all of our efforts internally to take action, to create that culture of belonging and earn the trust first and foremost of our people. And I think that's a good way to go because the best marketing and communications strategy any organization can have is when it's people are talking about it in a way that's consistent with your brand purpose and what you stand for, and that only happens through consistent actions and behaviors over time. So I often say actions need to proceed words, and that comes back to integrity. Behaviors have to match intentions, and when behaviors fall short, the best thing to do is acknowledge it and then, more importantly, take action to do better. 

James: That's a great point. And I want to circle back on her statement about being at a turning point for trust. I agree. And right now, businesses is the most trusted institution, but could you unpack that a little bit more for us? 

Louanne: We're definitely seeing increased pressure for businesses to step up and lead. Trust is no longer about the brand or just a nice to have, it's actually an imperative for business growth. And we touched on this earlier, right? Trust is gained by consistently delivering on your brand promise. It's underpinned by social responsibility and the emotional connections that you make with your stakeholders. Our recent CEO survey at PwC shows that customers want to work with brands they trust and whose values and purpose align with our own. I think it's something like 60 percent of Canadian CEOs believe that customers choose their products and services primarily because of the organization's values. And we know that more and more people, especially millennials, want their work to have a purpose to contribute something to the world. They want to be proud of the organization they work for. They want to matter. So for me, this really underscores the opportunity that brands have. And that's the shift from marketing to customers to really mattering to people as humans. And if you think about it, these humans are your employees current and future your customers, your communities and the world at large. So as our expectations as humans continue to rise, this is the opportunities for brands that lead with purpose and authenticity to really set themselves apart. 

James: You've talked a lot about purpose. And I'm really curious, how does purpose play into PwC Canada's approach to trust and then specifically in your role in the great work your team does? 

Louanne: You will know our purpose at PwC is to build trust in society and to solve important problems. So as chief marketing and communications officer, I have the amazing privilege of helping bring this to life every day, be it with our clients, our people and our communities. And the most important factor in bringing a purpose to life is really helping your stakeholders understand it. Picking the spots where you can execute and demonstrate it. I think you need to choose a couple of things. Scale them and do them really well for impact. It's what you want to be recognized for with your stakeholders. Here at PwC, our marketing and communications team help stakeholders understand what our purpose means. Not just in words but in actions or outcomes. And they find amazingly creative and innovative ways to bring it to life in a way that engages our stakeholders so that they're able to see it in real time. And for the first time in my career, and one of the things I love most about this role is that we actually have all of marketing, communications and sales together in one team. So together we're listening to feedback from our clients, from our people, from our community, and we're feeding that back into the business in real time. So it helps shape and evolve our strategy, and having that closed loop is really the secret sauce. 

James: And, you know, Louanne, you also include our environmental, social governance, our ESG teams in everything you do as well. So thank you for that because my teams are really excited to work with you. Now you've outlined how purpose links to strategy and what we do to prioritize that as a firm. How does this fundamentally shape our trust roadmap? 

Louanne: The trust road map is all about living our purpose. It's about understanding why our stakeholders put their trust in us and what matters most to them. And of course, each stakeholder group has its own unique nuances. No one of them is the same. It's about making sure we're holding ourselves accountable and that we're doing what we said we do. Really, I think the trust road map is a framework for identifying the factors that reflect how well our behaviors match our intentions, and that measures how well we're living up to our purpose. It's about us being transparent, owning up to where we fall short and outlining the actions that we're going to take to do better. It's definitely not about just telling a good news story. 

James: In our last episode, Sofia Theodorou, our chief people officer, talked about some of the KPIs as they relate to our people. What's your take on that from a brand perspective? 

Louanne: PwC, I'd say, even its founding firms have really a long history of building trust in the systems and processes that have enabled businesses, governments and societies throughout history, right, most notably the financial reporting system. You know, we've got a long history of financial reporting and compliance work. But today, building trust goes so much further, it's got to encompass a much more diverse stakeholder landscape. And the drivers of accountability are new and evolving. So in our trust roadmap, the KPIs go beyond just the people aspects that Sofia talked to and the typical NPS or net promoter score that organizations use to measure client satisfaction. Our KPIs actually include things like compliance and quality independence, net zero, whether we're paying our fair share of tax, what our economic contribution to the Canadian economy is, and we did that. It comes back to what we spoke about earlier. We did that because it's all about measuring what matters to our stakeholders and then holding ourselves accountable. A lot of companies are talking about trust. But what I'm actually most proud of is that PwC Canada is the first organization to measure ourselves on trust and then to publicly disclose such bold targets across a range of metrics that influence trust. 

James: I feel like you're reading my mind because this is a great bridge to my next question. You oversee internal and external communications and activities for the firm. What role does communications play in building trust and how do we make sure it's authentic? 

Louanne: It's so important and often taken for granted. I would say that just as in life, communications is the beating heart of everything, right? How we communicate is foundational. What we say, how we say it, when we respond can either make or break trust. So to communicate authentically, your words have to match your behaviors. Saying what you do, doing what you say builds credibility. It gives your stakeholders the confidence. That you're someone who shows up, keeps their word, delivers, and that translates to trust. The role of communications is really to bring your purpose to life inside and out. And as you have an increasing set of stakeholders to engage with, clear communications is even more important and has to be a top priority. In our own CEO survey, 68 percent of Canadian CEOs noted that leaders being transparent about an organization's direction and performance was the most important way to build trust with employees. So there are times to own up and you don't have the answers. Acknowledge where you've fallen short. Being vulnerable is not a sign of weakness. It's really actually critical to building that long term trust. The other thing I'd add here is that one of the absolute truth I've experienced over the years is that everyone wants to be heard. And that's true in our personal lives as well as in our professional lives. And that's exactly why we started our trust journey at PwC by listening to our stakeholders, understanding their expectations, and then we use that to inform the development of our roadmap. Lastly, what I'd say is communication goes far beyond any organization's comms team. It's ultimately everybody's responsibility. It's about being transparent and accountable. It's about telling stories that demonstrate your purpose or your brand in action. It's stories that people can see themselves and identify with and that evoke a sense of pride or connection. And that's why having a clear purpose and a strong shared message that's embraced it and consistently brought to life. Really, that's the only way to build an enduring trusted brand. 

James: This is extremely compelling, and again, like in the last few podcasts, I find myself with a checklist. This is great, you know. What would you say are the top three things every brand should be thinking about when it comes to building trust? 

Louanne: It's going to be hard to get it down to three, but let me try. First, I would say be very clear on your brand's purpose and understand what it means across all your stakeholders because your stakeholders will differ. Number two, focus on demonstrating how you bring your purpose to life every day. Actions speak louder than words, and that's what builds trust. And then three, I would say, measure what matters. So measure trust via stakeholder sentiment. Be transparent about how you're doing and then hold yourselves accountable. 

James: Thank you for these amazing insights, Louanne. And for our listeners to learn more about trust and explore our journey here at PwC Canada, I encourage you to visit pwc.com/ca/trust. In our next episode of Talking Trust, I'll be speaking with Olivia Nuamah, PwC Canada's national leader of inclusion, diversity and belonging. We're going to explore the role trust plays in creating a culture where everyone feels comfortable being their true self, more importantly, the power that this creates for organizations for a sense of belonging. As always, thank you for listening, engaging and sharing your feedback. I'm James Temple and this is Talking Trust.