October 14, 2015 1 Comment
By Linda Fisher Thornton
Trust is a hot topic and a valuable business enabler. The organizations that will adapt and succeed in the future make it a business priority. Here are five perspectives on the critical role trust building plays in the success of our organizations:
“Reputation is the backward-facing evaluation of past experiences with a company or brand. Trust is the forward-facing evaluation of consumer expectations of future experiences.”
“Trust is pivotal because it is the basis for every human relationship, every transaction, and every market. Trustworthiness is the foundation of a business’s license to operate in any region or industry.”
The Trust Agenda, Essay by Dennis Nally, Chairman of PriceWaterhouseCoopers International, Strategy and Business
“Most companies appreciate that high trust levels lead to a stronger reputation, sustainable revenues, greater customer advocacy and increased employee retention. It is also likely that companies with higher levels of trust will bounce back from future crises far quicker than others.”
Eduardo Leite, Why Trust Matters in Business, World Economic Forum
The 2015 Edelman Trust Barometer finds that more than half of the global informed public believe that the pace of development and change in business today is too fast, that business innovation is driven by greed and money rather than a desire to improve people’s lives.
Trust and Innovation, 2015 Edelman Trust Barometer
“For their part, senior leaders need to invest in systems, rewards, and habits that make it easy for managers faced with complexity and constant change to make solid commitments, connect the dots with other groups, and remember their promises. This is how thriving businesses create an upward spiral of trust and strong results.”
Elizabeth Doty, Does Your Company Keep Its Promises? strategy+business
Trust is necessary for attracting and keeping business-critical customers, employees and partners. And it doesn’t happen by itself.
For trust to flourish we need a trust-building focus, an intention to trust others and be trustworthy, and (perhaps most important of all) trust-generating leadership.
Prepare Your Leaders For Ethical Leadership Future – Help Them Learn To See Through The 7 Lenses®.
Includes case examples and questions.
Unleash the Positive Power of Ethical Leadership®
©2015 Leading in Context LLC