Trends Contributors Opinion Cultivate a culture of trust Business Briefs Business People Almanac The Business Times
OctOber 8-21, 2020
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COMING ATTRACTIONS
n The Business Incubator Center in Grand Junction has scheduled presentations on startups. Upcoming sessions of a business startup workshop are set for 6 to 8:30 p.m. Oct. 8 and 1 to 3:30 p.m. Nov. 4 at the center, 2591 Legacy Way. Two-part webinars on how to start a business are scheduled for 1 to 3:30 p.m. Oct. 20 and 21 and again 9 to 10:30 a.m. on Nov. 18 and 19. The workshops and webinars will cover the business planning process, financing and other topics. Admission is $55, which includes admission to Fast Trac classes. For more information about upcoming events, services and programs offered at the Business Incubator Center, call 243-5242 or visit the website at www.gjincubator.org. n Free webinars will offer information about liability concerns and relationships with bankers. A webinar on liability concerns for small business is set for 10 to 10:30 a.m. Oct. 15. A webinar on building relationships with bankers is set for 9 to 10 a.m. Oct. 27. For more information, visit www.grandjunctionsbdc.org/ recovery. n The Western Colorado Human Resources Association has scheduled its next monthly meeting for 7:30 to 9 a.m. Oct. 21 at the Bookcliff Country Club, 2730 G Road in Grand Junction. The meeting will include a presentation on recognizing hidden bias and also will be offered online. To register or obtain more information, visit www.wchra.org.
Treat employees as trustworthy and watch them become exactly that Ernest Hemingway wrote: “The way to make people trustworthy is to trust them.” The sentiment is simple, but true. Especially in the workplace. When managers trust employees, employees tend to rise to the level of those expectations. According to the results of research conducted by Paul J. Zak, founding director of the Center for Neuroeconomics Studies at Claremont Graduate University in California, business leaders who want workers that buzz with energy, experience significantly less stress, collaborate well, innovate and stick around for the long haul would do well to cultivate a culture of trust. What connects organizational trust to business success? According to Zak’s research, Rebecca it all comes down to a chemical in our brains Weitzel called oxytocin. Oxytocin is like a glue that bonds people together. When trust is high, oxytocin is high. When oxytocin is high, trust is high. We rely on high levels of oxytocin to work effectively with others and serve customers because the chemical fosters empathy, patience and understanding — qualities that enhance teamwork and performance. When organizations promote teamwork and performance, they promote success at individual and organizational levels. Zak and his team showed in numerous studies that organizations that ranked in the top 25th percentile of trust, when compared with those ranking in the lowest percentile, boast the following markers of success: n Employees reported having 106 percent more energy and were 76 percent more engaged. n Workers experienced 74 percent less stress and were 50 percent more productive. n Team members took 13 percent fewer sick days. n 50 percent more employees planned to remain with their organizations for the coming year. n 88 percent more employees said they’d recommend their companies to others as a place to work. n 60 percent more workers enjoyed their jobs and 70 percent were more aligned with company goals. n Employees experienced 40 percent less burnout. Based on these returns on trust, it’s difficult to understand why some organizations struggle to invest time and energy into cultivating it. According to Zak, they often don’t know where to start. Fortunately, he identified eight key management strategies to jump-start the process: n Prioritize recognition. Recognition works best when it comes
soon after the achievement, comes from peers, is tangible and unexpected. n Assign Goldilocks-level team-based tasks. Zak found that teams performed their best and bonded the most when tasks were challenging, but doable. n Give people a say in how they do their jobs. Trusting employees to figure things out motivates them to try new things, innovate and self-direct. n Allow a choice of projects. Tapping into what people most care about leverages their full efforts and communicates a high degree of trust. n Communicate liberally. Uncertainty causes stress. Stress hormones inhibit oxytocin, keeping people from trusting and bonding. Communicate daily with direct reports and remain as transparent as possible. n Foster relationships. While team-building activities and social engagements outside work might seem like an extravagance, they’re actually important for solidifying connections between team members that translate to improved teamwork on the job. This is especially the case when you introduce a fun mental or physical challenge that requires employees to work together. n Promote personal and professional development. Humans want to learn and grow. The more you develop employees, the more they feel fulfilled and add value. n Ask for help. Admitting you don’t know everything constitutes one of the quickest ways to build trust. It shows you’re credible, communicates you need others and demonstrates a healthy level of vulnerability. To measure the effectiveness of implementing these management strategies, first conduct an honest inventory of current trust levels. One way to do this is to ask employees one simple question: How much do you enjoy your job on a typical day? Why ask a question about joy to understand trust levels? Because studies demonstrate a high correlation between joy and trust, joy offers scientifically valid way to measure trust. Try treating your employees as trustworthy and watch as they become exactly that. The well-being of your employees and your organization could depend on it. Rebecca Weitzel is president and co-founder of Good Life Wellness Solutions, which provides affordable and easy to implement workplace well-being solutions, an online platform, consulting and education services tailored to small businesses. Contact Weitzel at (970) 216-6390 or rebecca@goodlifewellnesssolutions.com or visit the website at www.GoodLifeWellnessSolutions.com. F
Grant helps Colorado businesses increase exports The U.S. Small Business Administration has allocated additional funding to promote international exporting for small businesses in Colorado. The SBA awarded the Colorado Office of Economic Development and International Trade a $700,000 State Trade and Expansion Program (STEP) grant. STEP funding has increased in Colorado since the inception of the program in 2010 — from $195,938 in 2015 to $480,000 in 2019. The $700,000 grant represents a nearly 46 percent increase in funding from last year. Since 2010, the SBA has awarded $157 million to support activities that increase exporting for small businesses. STEP funding is open to small business exporters to conduct international sales trips, attend trade shows and develop websites or international marketing campaigns. The grant also will enable OEDIT and the Colorado
FOR YOUR INFORMATION
For more information about the State and Expansion Program in Colorado, including eligibility and application guidelines, visit https://choosecolorado.com/doing-business/ state-trade-expansion-program. Department of Agriculture to participate in 10 trade shows that connect Colorado small businesses to international buyers. Last year, the STEP grant helped more than 50 small businesses across Colorado participate in trade shows in Mexico and Germany, “We are thrilled to receive an increased SBA award to help Colorado businesses access new markets,” said Betsy Markey, executive director of OEDIT. “Support for our
small businesses is needed now more than ever, and these funds provide an invaluable tool to help more Colorado businesses expand their exporting activity.” Dan Nordberg, administrator of the SBA region that includes Colorado, said exports offer an important opportunity for small businesses. “Over two-thirds of the world’s purchasing power resides outside the United States. That makes exporting a critical economic driver for Colorado small businesses that are ready to expand their reach into new and increasingly borderless global markets.” “These STEP awards, in addition to SBA’s export loans and U.S. Export Assistance Centers, make sure that small businesses in Colorado have the tools, resources and relationships they need to take their businesses global,” Nordberg said. F
