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There is no human relationship that
works without trust, whether it is a
marriage or a friendship or a social
interaction; in the long run, the same
thing is true about business, especially
businesses that deal with the people
and public at large.
unlikely to get anything meaningful
done in your organisation.
“High trust is the new critical
career skill in the new digital
economy where business is being
transacted in the virtual space.”
Building Trust
Trust is a common factor to
every individual, relationship, team,
and organisation through-out the
world. Absence of trust can destroy
the most successful business,
infl uential leadership, and strongest
of character.
If one understands the
importance and essence of trust,
it has the potential to create
tremendous success and prosperity
in every dimension of business
life. Yet, it is least understood,
followed, and most underestimated
possibility of our time.
We need to understand that
trust is the core of any professional
relationship and therefore, it is
essential for building a network of
people who will be relevant to you
through-out your career. Some of
the suggested strategies for building
trust in your team members are:
praise them when it is due, avoid
offi ce chit-chat, share information
with your members, and deliver
what you promise.
Trust impacts us in all walks
of life. It affects every relationship,
communication, work project,
business venture and effort in which
we engage. It changes the quality
of the present moment, altering the
trajectory and outcome of every
future moment of our lives — both
personally and professionally.
Can you even begin to imagine
the difference it would make if you
were able to increase the amount
of trust in important personal and
professional relationships?
In fact, there is no human
relationship that works without
trust, whether it is a marriage or a
friendship or a social interaction;
in the long run, the same thing
is true about business, especially
businesses that deal with the people
and public at large.
Whether you are on a sports
team, in an offi ce or a member of
family, if you can’t trust one another
there is going to be trouble. At
the organisational level, trust
within companies has also sharply
declined.
“lack of trust doubles the cost
of transacting business”
Impact of Trust
Building trust takes a lot of time
and creating distrust takes second,
a couple of incidences would suffi ce.
Stephen Covey’s book, The Speed
of Trust reveals that trust always
affects two outcomes — speed and
cost. When trust goes down, speed
will also go down and costs will go
up and when trust goes up, speed
will also go up and costs will go
down.
Various surveys have
established that high trust
organisations will have accelerated
growth, enhanced innovation
and better execution, a sense of
belongingness, mutual respect,
and heightened collaboration.
Organisation with low trust
levels will have continuous
politicking, turnover, fraud, churn,
disengagement and high level of
bureaucracy and redundancy.
There are various ways through
which trust levels within the
organisation, among employees,
with suppliers, customers and
other statutory authorities could
be enhanced for the organisation to
reap massive benefi ts. The pillars of
building credibility and trusts are
integrity, right intent, capabilities
(TASKS: talents, attitude, skills,
knowledge, styles) and results i.e.
deliverables.
Whereas in the past, trust
was created by proximity, today
businesses and individuals must
cultivate it through providing
quality products and excellent
support service to customers,
payment of bills on time to
demonstrate responsible behaviour,
exhibiting positive stories on
media — online reputation also
fosters trust. In other words, trust
is generated through all acts of
individuals and companies in online
and offl ine situations. P & M
Vol. 9 Issue 6 • Sep-Oct 2018, Noida / Pre-Event Edition |
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