Business
Forrester's North America Predictions 2023: To Thrive, Organizations Will Make Consumer And Employee Trust Their Business Imperative
CAMBRIDGE, Mass., Oct. 25, 2022 /PRNewswire/ -- According to Forrester's (Nasdaq: FORR) 2023 predictions, released today, trust will be at the forefront of
About this update from Forrester Research, Inc.
[{"type":"text","content":"CAMBRIDGE, Mass., Oct. 25, 2022 /PRNewswire/ -- According to Forrester's (Nasdaq: FORR) 2023 predictions, released today, trust will be at the forefront of organizations' business operations in the year ahead as business and technology leaders focus on prioritizing long-term growth. Current factors, including economic and financial instability, geopolitical uncertainty, company scandals, and climate change, are undermining consumers' trust in organizations — nearly 40% of US consumers will stop doing business with a brand following a damaging headline.\nFirms that earn greater trust with consumers and employees drive loyalty behaviors such as retention and advocacy, helping to ensure resiliency and long-term growth. As customer and employee distrust continues to rise, in 2023, regulators will step in and crack down on greenwashing, misinformation, and employee surveillance practices. Forrester predicts that multiple companies will incur millions in greenwashing fines, while a C-level executive will be fired for their firm's use of employee monitoring.\nForrester's predictions analyze the dynamics and trends in different topics and industries, including technology and innovation, customer experience (CX), the metaverse, artificial intelligence and automation, and the future of work. These insights help business and technology leaders see around the corner and gain a competitive edge to thrive in the year ahead.\nHighlights from Forrester's 2023 predictions include:\nTrust in consumer technology companies will decline by 15%. Waning tech dependency, combined with tech company scandals, an inability to protect users from emerging risks, and lack of effective ethical measures in their digital environments, will progressively erode consumers' trust. At least 10 companies will incur $5 million or more in greenwashing fines. Greenwashing scrutiny from distrustful consumers and empowered watchdogs will significantly increase, pushing regulators to target companies that spend more time and money on marketing themselves as environmentally conscious than actually minimizing their environmental impact. AI usage to monitor work-from-home productivity will batter employer trust. Rising firm and business-leader usage of AI to track knowledge worker productivity will result in more than half of employees actively seeking new opportunities at ne...