THE SPEED OF TRUST
If you missed the live interview with Stephen M. R, Covey, author of “The Speed of Trust” last week, here are some of the highlights
Stephen observed that probably most of the people on the call had a higher than average level of trust as those who value it are often the ones who want to get better at it.
The value of trust
One of the key points he made was that trust is not a soft, fuzzy concept but a hard edged economic driver. From his research he has found that high trust companies innovate quicker, achieve results quicker, have higher employee engagement, sales go up and costs go down because doing business is so much easier and referrals are so much easier to get.
On the other hand low trust companies have higher costs and are slower to implement new ideas.
For example, high trust in a company won’t necessarily rescue a lousy strategy, but it will be addressed openly and probably improved. But low trust in a company will definitely derail even the best thought out strategy.
From his research high trust companies outperformed low trust companies by 286%.
Something to think about! Does that apply to any projects or changes you have tried to roll out in the past without engaging trust first?
Trust in today’s economy
When asked if trust was even more important in today’s economy, Stephen Covey said yes, trust has always been important but in today’s economy when so much business is being done over the internet and a more collaborative way of doing business, trust is even more important. He cited a recent conference for companies where they discussed the biggest challenge to business today. The no.2 challenge they agreed was the Global National Crisis. But they all agreed that more importantly the no. 1 challenge was lack of trust and confidence.
How can you measure trust?
Through anonymous surveys but also you will know it when you feel it – a culture and atmosphere of confidence, reliability, sharing, openness, lack of blame
How can you build greater trust in your business?
It’s not an easy thing to do although the steps for doing it are simple.
- Make a business case for trust – make it a priority and quantify it.
- Declare your intent to make increased trust an explicit goal – align it with your strategic objectives.
- On a personal level, improve your competences and your hugh trsut behaviours, e.g. transparency, honest, by keeping promises and by being consistent
Can you regain trust?
The best way to get trust is to give it. If trust is gone, it’s not gone forever. To regain trust, you have to BEHAVE your way back, you can’t talk your way back. As we know, actions speak louder than words and no more so than when people need proof of your intentions. Demonstrating that you prioritise people over profits, for example, will win back trust when your company has demonstrated the opposite.
Some wise words and just a taster of what Stephen M. R. Covey will cover in his key note speech at the Trust Conference on 10th September. Book your place at this event here.