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In this article, we will be taking a look at the 15 most trusted companies in the world. To skip our detailed analysis, you can go directly to see 5 Most Trusted Companies in the World.
Companies are created not just to provide solutions that previously did not exist, but also to provide returns to shareholders in the form of profits. This is one of the reasons why companies have a strong focus on growth in both revenue and profits. The issue is, often times, corporations in their bid to achieve new highs, forget about customers or consumers and engage in unethical activities which can breach the trust placed in them. Sometimes, the mistrust is unfounded such as coining the term "Big Pharma" which alludes to major pharmaceutical companies colluding to achieve sinister purposes such as coming up with the cure for cancer but not making it public among other implausible suggestions. However, sometimes they are right and corporations engage in both unethical and illegal behavior to maximize profits. This is how major companies established for decades folded such as Enron and WorldCom, where both companies engaged in deceptive accounting practices to overstate profits and upon discovery, ended up filing for bankruptcy. Their audit firm, Arthur Anderson, at the time one of the largest audit firms in the world, collapsed after details of its misleading accounting practices for the two aforementioned companies were made public.
The scandals associated with the above companies, which had billions of dollars worth of assets, shook public confidence and even led to the enactment of the Sarbanes-Oxley Act of 2002, which mandates some practices in financial accounting and record keeping. However, if you expected the situation to improve, it is likely worse than it has ever been before. In an era of false information being spread like the gospel and the gap between the rich and the poor increasing, the scrutiny and lack of trust faced by corporations is a real concern. According to research by PwC in 2016, more than half the CEOs surveyed stated that the lack of trust is a significant threat for an organization to grow. Meanwhile, according to the Edelman Trust Barometer in 2019, 73% of respondents globally expressed concern about false information being used as a weapon, something which can further sew discontent and mistrust. According to a Harvard Business Review analysis, nearly two-thirds of global senior executives believed that trust among people and businesses was declining. Some of the reasons behind this mistrust pertains to cybersecurity exploits which lead to the leaking of personal data of people. Most will remember the Facebook-Cambridge Analytica data scandal, where Cambridge Analytica would collect the data of millions of Facebook users without any permission from them, which was then used for political advertising mainly. The data's misuse was exposed in 2018 and reports suggest that between Cambridge Analytica gathered data from between 50 million to 87 million profiles.
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Speaking of Facebook, its parent company Meta Platforms, Inc. (NASDAQ:META) is among the least trusted companies in the world. Meta Platforms, Inc. (META) was initially hailed as the biggest social media company in the world by far, and in fact, was influential in ushering in the dawn of social media, only to now be derided for its many controversies. One of the primary controversies surrounding Meta Platforms, Inc. (META) is the spread of fake news and how easy it is, allowing incidents such as Russian bots attempting to influence the American Presidential elections or simply the spread of fake news. According to Business Insider, in September 2020, Facebook ranked last in digital trust among consumers, showing how the mighty giant has fallen in recent times, something reflected in its nosediving share price too.
When the pandemic hit in 2020, many companies and businesses suffered across the globe as most countries went into lockdowns to avoid the spread of disease. However, in many countries, and especially in the United States, companies were given huge loans, ostensibly to pay employees and ensure they didn't go under, but many such loans were made to millionaire or major companies which laid off employees. A lot of these loans were then forgiven after just submitting a one page form instead of any robust review. In fact, according to NPR, 91% of all such loans were either partially or completely forgiven, while many people struggled to even afford proper meals. Corporations laid off millions of people leading to record unemployment in several countries including the U.S. even as the profits of such companies did not drop as much. In fact, many companies have since reported record profits in 2021 as the pandemic eased and none of these profits or benefits have been passed on to employees or even consumers, who have had to pay higher prices in an era where a recession is imminent and inflation has reached levels rarely seen before. The juxtaposition of companies enjoying record profits while people struggle to make ends meet because of high levels of inflations has furthered the mistrust in corporations, which is at an all-time high right now.
Of course, that's not to say that companies aren't trusted at all. The most trusted companies in the world have worked hard to ensure that they are seen as shining lights in an era where the default assumption is that corporations are only looking out for themselves. These companies are generally multinationals with operations in several countries and are often household names as well. Trust is a complex and subjective concept, and different people and organizations may have different opinions about which companies are the most trustworthy. Additionally, trust can change over time based on a variety of factors, such as a company's financial performance, its treatment of employees, and its reputation for ethical behavior. As a result, it is difficult to definitively identify the most trusted companies in the world. To determine the most trusted companies in the world, we looked at various lists and gave the highest rankings to companies which appeared on the greatest number of lists. So, without further ado, let's take a look at some of the companies which have earnt the trust of consumers, starting with number 15:
15. 3M Company (NYE:MMM)
One of the biggest industrial companies in the world, 3M Company (NYE:MMM), 3M Company (NYE:MMM) produces more than 60,000 goods which include abrasives, adhesives, passive fire protection and personal protective equipment among many others. 3M Company (NYE:MMM) has also continued to commit to high ethical standards in order to improve its business while simultaneously having a positive impact on the planet, and details these plans through it Sustainability Report.
14. PayPal Holdings, Inc. (NASDAQ:PYPL)
PayPal Holdings, Inc. (NASDAQ:PYPL) is a financial technology company which operates in most countries which support online money transfer. PayPal Holdings, Inc. (NASDAQ:PYPL) used end-t0-end encryption and two factor authentication which ensures that the sums being transferred are safe from any malfeasance or manipulation. Founded in 1998, PayPal was one of the first companies to offer online payment services, and it has since become one of the most widely used payment platforms in the world. In addition to facilitating online transactions, PayPal also offers a range of other services, such as credit and debit card processing, fraud protection, and mobile payments. The company is known for its commitment to security and convenience, and it has a large and dedicated customer base. In 2015, PayPal was spun off from its parent company eBay and became a separate publicly-traded company. Today, it operates in more than 200 countries and has over 300 million active users.
13. Canon Inc. (NYSE:CAJ)
Canon Inc. (NYSE:CAJ) is a Japanese company which specializes in imaging and optical products, well-known for its cameras and lenses, while lesser well-known for its medical devices, scanners and printers. The Canon Inc. (NYSE:CAJ) brand has been established over 80 years and its products have been a hit with customers in terms of both quality and reliability.
12. Bosch
Bosch is a German multinational corporation that is one of the world's largest suppliers of automotive and industrial technology. Founded in 1886 by Robert Bosch, the company initially focused on producing automotive components, but it has since expanded to cover a wide range of industries and products, including power tools, home appliances, security systems, and smart home technology. Bosch is known for its commitment to innovation and sustainability, and it invests heavily in research and development. The company has a global presence, with operations in more than 60 countries and over 400,000 employees worldwide. Overall, Bosch is a major player in the global technology industry, and it is well-known for its high-quality products and services.
11. Target Corporation (NYSE:TGT)
Target Corporation (NYSE:TGT) is one of the most well-known departmental stores in America. With close to 2,000 stores, the number of locations of Target Corporation (NYSE:TGT) stores continues to increase. Target Corporation (NYSE:TGT) is known for its well-trained and helpful staff, which has helped it have an edge against competition.
Founded in 1902, Target is one of the largest retailers in the United States, with over 1,800 stores nationwide. The company offers a wide range of products, including clothing, electronics, home goods, and groceries, and it is known for its affordable prices and stylish products. In addition to its retail operations, Target also owns several well-known brands, such as the fashion brand Mossimo and the home goods brand Threshold. The company is known for its commitment to sustainability and social responsibility, and it has a large and loyal customer base. Overall, Target is a major player in the American retail industry, and it is well-known for its wide range of products and high-quality shopping experience.
One blemish in Target's reputation is a hacking scandal. The Target hacking scandal was a major data breach that occurred at Target Corporation in 2013. The breach, which was discovered on December 19, 2013, affected over 40 million credit and debit card accounts and exposed the personal information of millions of Target customers. The hackers, who are believed to have been based in Russia, used malware to steal the data from Target's point-of-sale systems, and the stolen information was then used to make fraudulent purchases. The incident was one of the largest data breaches in US history, and it prompted significant public concern about the security of personal data. In the aftermath of the breach, Target faced legal and financial consequences, including a $10 million settlement with the US government and a significant drop in its stock price. The incident also led to increased scrutiny of cybersecurity practices at companies across the country.
10. Amazon.com, Inc. (NASDAQ:AMZN)
Amazon.com, Inc. (NASDAQ:AMZN) is the biggest online retailer in the world and it may be a controversial pick considering that its alleged ill treatment of workers has been document for a while now. However, there is no denying that Amazon.com, Inc. (NASDAQ:AMZN) cuts no corners in delivering the best possible service to its customers, which is why it has earned a place among the most trusted companies in the world.
Amazon's customer service approach is focused on providing a convenient and seamless experience for its customers. The company offers a range of options for customers to get help and support, including a customer service hotline, email support, and live chat. Additionally, Amazon's website and mobile app have a number of self-service tools, such as a searchable help center and frequently asked questions section, that customers can use to find answers to common questions and issues. Amazon's customer service team is known for its friendly and helpful attitude, and the company has a strong reputation for providing excellent customer support. Overall, Amazon's customer service approach is designed to make it easy for customers to get the help and support they need, and the company is committed to providing a high-quality customer experience.
9. Rolex
For more than a century, Rolex has been considered to be the pinnacle of luxury watch-making. Rolex produces watches that not only redefine class and elegance, but are also extremely sturdy and reliable, and will serve you well for decades. The fact that it value tends to appreciate with time rather than depreciate doesn't hurt either.
8. Ferrari N.V. (NYSE:RACE)
Several luxury car brands make our list of the most trusted companies in the world and Ferrari N.V. (NYSE:RACE) is no exception. Perhaps the most recognizable supercar brand in the world, Ferrari N.V. (NYSE:RACE) has managed to maintain an aura of supremacy and reliability over several decades. Ferrari is a well-known Italian luxury sports car manufacturer that is known for its high-performance vehicles and prestigious reputation. Founded in 1947 by Enzo Ferrari, the company has a long history of producing some of the world's most iconic and desirable sports cars, including the Ferrari F40, the Ferrari Enzo, and the Ferrari LaFerrari. Ferrari is known for its commitment to innovation and quality, and its cars are highly sought-after by car enthusiasts and collectors around the world. Additionally, the company is closely associated with Italy's automotive heritage, and it has a strong reputation for craftsmanship and attention to detail. Overall, Ferrari is a highly respected and well-known brand in the automotive industry, and it has a reputation for producing some of the world's finest sports cars.
7. Rolls-Royce Motor Cars
Known as perhaps the most premium vehicle in the world, Rolls-Royce has been the symbol of opulence and luxury for around a century now. In 1987, a survey showed that Rolls-Royce was the second most well-known brand in the world. Even now, when describing anything premium, from a product to a performance, Rolls-Royce is often used as a superlative. It is one of the rare companies that recognizes it has to earn trust every day and strives to achieve that.
6. BMW
The German automotive manufacturer is well-known for producing luxury cars and motorcycles. Easily one of the biggest automotive manufacturers in the world and also among the most trusted companies in the world, BMW has continued to maintain a high level of quality over the decades which, while at a premium price, has ensured loyalty among its customers. Further, the company has continued to innovate both in terms of concept and quality, which has allowed it to maintain trust and a loyal fanbase.
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Disclosure: None. 15 most trusted companies in the world is originally published at Insider Monkey.
