In a recent trust-building workshop for a global organization, the chairman echoed a common sentiment – trust is built on honesty, transparency, communication, and delivering promises. While these elements are important, they are not the whole story.
The Value of Trust in Business
Trust is not just a warm and fuzzy feeling; it holds tangible implications for your organization's performance. Surprisingly for some, over 75% of Key Performance Indicators (KPIs) are influenced by trust. Understanding the intricacies of trust and how to build it becomes crucial for your success.
Debunking Common Trust Myths
Despite its significance, trust myths persist at the highest levels. Let's dismantle a few:
Honesty Always Builds Trust: Honesty can build trust, but it can also destroy it depending on the context. It’s not a one-size-fits-all solution.
Trust is ‘Somewhat Covered’: Some operational levels claim they have trust ‘somewhat covered’. However, considering trust’s critical importance, ‘somewhat covered’ is not enough.
Trust is Not on the Board’s Radar: Even when the initiative to discuss trust comes from the CEO or board, some senior levels claim trust is not a priority. As stewards of the organization, it’s your responsibility to emphasize the importance of trust.
Delivering on Promises is Enough: Delivering on promises is important, but what promises are you making that your stakeholders can trust in? This is the starting point of any engagement and trust-building effort.
Building Trust Takes a Long Time: Trust is not a slow process. It is built and destroyed continuously with every interaction your stakeholders have with you. In our work, we’ve seen trust improvements lead to a 33% increase in sales in just minutes.
The Truth About Trust: A Scientific Perspective
Our collaboration with the late psychology Professor Wilhelm Salber and Barbara Grohsgart has resulted in a scientifically proven understanding of trust. Trust is not an abstract concept; it is a logical, yet unconscious, evaluation of specific reasons to trust. Our ability to assess trust has developed throughout evolution as our biggest sense to survive and to prosper. It’s therefore no surprise that our mind has developed a clear logic of trust and the reasons to trust. These reasons fall into six distinct categories, which we call the Six Buckets of Trust®. Imagine these as containers waiting to be filled with the right reasons to trust.
Empowering Stakeholders Through TrustLogic®
It's time to empower your stakeholders with the right reasons to trust your organization. Incorporating a trust lens into your interactions doesn't require a complete overhaul of programs or KPIs. Instead, it complements existing initiatives, making it a cost-effective intervention to boost your KPIs.
Try TrustLogic® for Free
Curious to explore TrustLogic® and the practicality of the Six Buckets of Trust®? Get on to the Accreditation Course and download our booklet with statistics and examples on our discover site.
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