The Value (Importance) of Trust in the Workplace
We define TRUST as:
T Transparency (Open books, open door, open values, open purpose)
R Rewards that motivate (Measures/metrics that support desired behavior)
U Understanding (What your customer/employee/stakeholders) need
S Security/Safety (Innovation is propelled with decision making safety)
T Thrive (Creating an environment where all talents are respected and all stakeholders flourish)
We all know instinctively that trust in relationships is key to developing that relationship further. And that in relationships, trust will be broken at times (because after all we are human) and relationships can grow stronger when the damage is repaired. We also know that there is a point when trust has been broken too many times and a relationship can only move forward if the person who broke the trust shows behavior that proves them to be trustworthy again. So it takes time to gain trust back and it has to be gained back through consistent positive changed behavior.
Trust is critical for business as well. According to the 2015 Edelman Trust Barameter, trust in business is under 50% with 70% of those surveyed saying they do not perceive the CEO to be a believable source of information about a company. “Trust carries important implications for future business success. Lack of trust has influenced behaviors of buyers in the last 12 months.” 63% have refused to buy a service or product because of lack of trust and 68% said they would recommend a company they trust to a friend.
It doesn’t matter what type of business you are in, it only matters about one relationship at a time (your client, your employees, your suppliers, etc). And clearly it matters greatly that your customer/client trusts your product or service. And, if and when that trust is broken it takes the investment of time and money and changed behavior to win it back.
The Auto Industry has most recently in the news about this "The challenge facing automakers isn't wowing wowing consumers with shiny new products, it is about winning trust back. In November, consumer perception of auto companies dipped to it's lowest point in three years since market research firm YouGov began tracking the figures daily" and the jury is out as to whether or not trust will be gained back.
Is your company building T.R.U.S.T with your employees, customers, suppliers, and stakeholders so they can flourish and succeed, thus advancing your business through the natural result of profit? We believe it starts with having clearly communicated values that are litmus tested against all areas of your business.
We work with companies to define, implement and communicate your company values. Contact us for a free 30 minute consultation.
Wishing you a prosperous 2017 filled with profitable and trustworthy relationships!