This year’s global trust survey, conducted by Edelman, the world’s largest independent public relations firm, showed that government is the least trusted institution (trust in goverment suffered its steepest decline in Edelman history), followed by trust in business, while trust in social media is up. For the fifth year in a row, NGOs are the most trusted institution.

Edelman’s annual trust and credibility survey, now in its 12th year, tracks attitudes about the state of trust in business, government, NGOs, and media, surveying more than 30,000 respondents across 25 countries.

Trust in business fell globally from 56% to 53%. The survey showed the biggest decline in Barometer history for trust in CEO’s (CEO credibility declined 38%; 12 point decline is its biggest drop in nine years). “It’s the Occupy Wall Street theme of the haves and have notes. CEOs are perceived as making too much money, relative to the average working person,” said Richard Edelman, president and CEO of Edelman.

Trust in peers (employees and “a person like yourself”) increased dramatically (+16 and +22, respectively). The increased trust in messages from our peers is the greatest increase since 2004.

Media, the one institution to see an increase, saw its global trust level rise above 50%. Trust in social media rose 75%, while trust in traditional news rose 10% from 2011. However, traditional media, TV, newspapers, and magazines are still more trusted than social media overall.

Banks and financial services remain the least trusted. Technology remained the most trusted sector globally.

Listening to customer needs, treating employees well, placing customers ahead of profits, and having ethical business practices are all considered more important than delivering consistent financial returns. The survey showed:
– 67% believe that listening to customers is important (only 6% believe businesses are doing it).
– 64% believe that treating employees well is important (only 27% believe businesses are doing it).
– 62% believe it’s important to put customers ahead of profits (only 26% believe businesses are doing it).
– 62% believe it’s important to take responsible actions (only 28% believe businesses are doing it).

Edelman reported that the factors responsible for shaping current business trust levels are largely tied to business competence and that factors involving engagement behavior and societal imperatives will build trust in the future.

“Business is now better placed than government to lead the way out of the trust crisis,” said Richard Edelman in a news release. “But the balance must change so that business is seen both as a force for good and an engine for profit.”