There’s never been a more important time to build Trust.
With banks and entire economies collapsing around us, governments surrounded by covered up scandals… who can consumers and the public trust and by how much?
The Impact of Trust
It is the most trusted companies today are being the most successful. They are out performing their competitors by as much as 10 times.
In a Watson Wyatt 2002 study, high-trust organizations outperformed low-trust organizations in total return to shareholders by 286 percent.
As if that’s not exciting enough…
When Trust is consistently high, productivity speeds up, people feel more empowered and make better decisions. Accuracy levels increase. Absence decreases, turnover decreases. People have more fun and feel more connected to the organisation and team.
Consequently, the company performs at a much higher level, consistently.
We know from our experience, clients who have accelerated levels of Trust in their organisations, go on to create results that have as much as doubled their revenues and profits. We hear of teams being told to go home in the evening, they are so engrossed in what they are doing, they didn’t notice how the time flew by!
Is Trust simply a buzz word that companies are banding about today?
Anyone who thinks Trust is simply a buzz word or an HR fad, is unfortunately missing the point.
Richard Barrett of the international Values Centre, asserts,
“that of all values, Trust is the most important to build internal cohesion of a high performance team”
Do you have high Trust?
High Trust is a measure that you are delivering Value consistently to your market or team. As you would expect, we have a series of sophisticated tools that we use to measure Trust with our clients.
However, you can already have a Trust ‘litmus measure’ based on what your customers or colleagues are saying.
The most Trusted companies are the ones that have clients returning time and again to purchase their products or services over and over because they are delivering Value consistently.
Apple has people sleeping on streets overnight to get hold of their latest product. Apple customers have such high levels of Trust in the organisation, they will pre-order the latest product without even seeing it first. This is because Apple focus on the best way they can deliver Value through being consistently innovative.
Trust in High Performing Teams
The most trusted individuals in a team are the ones who are consistently delivering Value to their colleagues in a way that it can be leveraged effectively.
An example of this would be a Creator profile who creates visionary strategies for the business unit, that are scalable and sustainable. Creating exciting new products and services that consumers want and need.
Or an Accumulator profile that ensures all the projects and processes are delivered on time and in the most efficient and timely way possible. Checking all the information and research to make sure the overall plan of action is the most risk averse and water tight.
Wherever you deliver Value consistently, as an individual, a team or an organisation, you will see you can build Trust and you will continue to have a place in the market or the team or organisation.
Can you improve Trust levels?
Trust is established and grown when:
- You say what you are going to do
- It is seen to be of Value by someone else (a team member or customer)
- You do what you said you would do, really well and consistently.
If you want to build more Trust, then focus at delivering more Value consistently.
Once you lose Trust, can you ever regain it?
There’s an old saying you may have heard.
“Once trust is gone it’s gone forever.”
Well that’s not strictly true.
If you follow the same principles, you can re-build Trust by consistently delivering Value. It may take longer but it’s not gone forever!
Where Trust was already really high and something goes wrong, its much easier to get the Trust back quickly. There’s enough in the ‘trust bank’ to already believe the person or organisation will fix the situation and do what they said they would do.
If there was low Trust in the first place its certainly harder to get it back but it’s always possible to regain and replace Trust if both parties are open to it.
Think of a relationship you had, where Trust was lost for some reason, if both parties feel the win of being together in a relationship is enough, then they figure out how to build trust.
Sometimes you just need to ask the other party if they are willing enough to want to rebuild it…
Find out how to build Trust in your Business
If you want to know more about building Trust in your business for success, join us at the Trust Conference in London on September 11th with Keynote speaker Sir Bob Geldof.
Early bird tickets still available, please click here.