C-Suite is seizing on the current crisis as an opportunity to reassess their values and choices, says the report, as Main Street is alienated and enraged, blaming corporate executives and themselves for failures and mistakes. While C-Suite respondents look inward for control over their destinies, many on Main Street place equal responsibility in God or government.
But as polarized as the feelings and needs of these two groups are, there are also some surprising commonalities in their hopes, values, and beliefs, finds the study. Both groups crave free time and cherish loved ones. Both see themselves as "managers" or "executives"-of their own lives and households, if not of corporations.
Despite Main Street's feelings of anger at the greed, incompetence, luck, and/or connections of C-Suite, both groups share a belief that:
C-Suite and Main St. have many beliefs and values in common when it comes to optimism and sense of personal efficacy. Both groups think that:
But there are some differences in their views of society and how to get ahead. Both groups believe in the importance of hard work and dismiss looks or family status as major factors in success. But C-Suite is less likely to acknowledge the importance of social connections (who you know), and Main Street places more value in one's ability to improve their status (pursuing additional education).
Religious faith plays a markedly more dominant role in guiding the lives of Main Street respondents; among this group faith in general is the centerpiece of personal mottos and pep-talks, as is frugality.
In contrast, C-Suite respondents spoke more in terms of "simplifying." This echoes the theme that in the current climate, Main Street is quite focused on the positive struggle to acquire and maintain the basics of survival, while C-Suite is experiencing the economic crisis more as a catalyst to reign in some excess or pampering.
84% of C-Suite respondents define a family of four as being "well-off" with an income of $100K-$300K, 80% have "lost money through investments," 70% of respondents say they are cutting back on treats and indulgences, 23% have sold personal possessions in the past six months (appliances and furniture), 11% report no vacation plans.
C-Suite executives are more likely to have:
45% of Main Street respondents report having "lost money through investments," 41% of respondents said they have "nothing" in common with CEOs, 39% have sold personal possessions in the past six months (e.g., books and clothes), 35% define a family of four as being "well-off" with an income of less than 100k, 26% say they are eating less fresh food and meat, 25% report no vacation plans.
Main street consumers are more likely to have:
From the perspective of ability to impact a commonality, the report suggests that business should recognize customers' needs, and speak to their aspirations, since it's in that domain of hope that C-Suite and Main Street have the most in common, in which authentic communication can occur.
The report, C-Suite to Main Street: Bridging the Divide, from Communispace Corporation, may be accessed here.
This is where the role of corporate consultant plays huge. In whatever the industry and role, corporations ability to become a citizen and those who manage hundreds of people and take on the responsibility of guiding them need to be able to look at these gaps in understanding and help connect the empathy and build deep and enduring partnerships. Failure to do this will encourage the further disintegration of trust that exist between the the more elite elements of society and those who make up the masses of people.
Corporations and their brain trusts cannot see people and have their actions see main street people as serfs. People cannot broadly paint corporations as inheritly bad. Truly there is a great need to be honest and understand each other. The need of the consultant to bring together these two important elements of our world is essential.
Langston Richardson
VP, Digital Brand Strategy/Creative
LazBro, Inc.
twitter: @MATSNL65 @lazbro
I find it a bit surprising that C-Suites and Main Street would both adhere to the 12-step tenet of "accepting those things I can't change" since it's often C-Suites' refusal to accept things as they are that help them succeed. Rather, I think it's more a matter of C-Suites hoping docile Main Streeters feel this way so that they don't go into the streets, yank C-Suites from their corner offices, torch their gated communities and string them up.
Looks like your commentators see the difference in research between those who answer the question and those who answer the question the way they think it should be answered. Everybody lies and more than +/- 5%.