The Business Bulletin
How important is the trust factor to business success? One of my earliest childhood memories is of standing at the top of the stairs at home, my dad at the bottom encouraging me to jump. To this day I am not sure what was going through my mind; it was probably the simple thought that my dad is telling me to jump and I trust him, so I did. Years later he did tell me of his surprise that I did, good that he caught me!
We know trust is important. However,
Paul J. Zak reported his findings on
“Trust is choosing to make
how much difference does it make?
trust in Harvard Business Review in the
something important to you
This question has led me to look
Jan/Feb 2017 issue. Compared with
vulnerable to the actions of
in depth at how important trust
people at low-trust companies, people
is to business success. To help you
at high-trust companies report: 74%
navigate the topic I will take you
less stress, 106% more energy at work,
through a series of questions at the
50% higher productivity, 13% fewer sick
context of building teams, Patrick
end of which, you can make your own
days, 76% more engagement, 29%
Lencioni gives this specific definition:
mind up about the importance of
more satisfaction with their lives, 40%
“… trust is the confidence among
trust to business success.
less burnout. The research indicates
team members that their
that high trust environments do have
peers’ intentions are good, and
an impact on the key factors that feed
that there is no reason to be
into productivity and profitability. Do
protective or careful around
we pay enough attention to trust in
the group.”
Why build trust? There is good research available on the impact trust has on the workplace. EY conducted their third annual Global Generations study on trust in 2016. What they found was striking, less than half of global professionals trust their employer, boss, or colleagues! ■ Only 46% place “a great deal of trust” in their employers ■ 15% indicate “very little” or “no trust at all” ■ 39% say they have “some trust”
the workplace? When you are trusted people will
someone else.” When thinking about trust in the
Both these definitions point to the fact that risk is involved
engage with you more readily and
in placing your trust in another
more importantly will buy products
individual. Someone else in effect
and services from you. As business
is being given power over you
owners, the smart thing to do is to
because you choose to involve them
invest in building an environment of
in something that is significant and
trust around you.
important to you.
Trust what is it? It is difficult to define trust. It is almost easier to know when it is absent. I
which isn’t negative but hardly
came across this definition of trust by
a ringing endorsement
Brené Brown:…
10 | Issue 16 – Strategy and Personal Development
