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Over forty years in business, I've been involved with more than100 companies, done thousands of deals, and worked alongside countless leaders and team members in multiple industries. In that time, I've come to believe that the most important ingredient in a business’s success is, simply, trust.
Because it’s become fundamental to my view of leadership and running companies, I’m going to publish a series of posts here on LinkedIn about the value of trust: what it is, how to cultivate it, and how to protect it.
In firms where people trust their leaders and colleagues trust one another, there’s more innovation and better business outcomes. Mistrust and politics are expensive, time-consuming and dispiriting. When a company has a reputation for fair dealing, its costs drop: trust cuts the time spent second-guessing, worrying, and lawyering. Trust strengthens every part of any deal: its durability, its potential profitability, and its flexibility. Like most things, business works better when the energy spent on doubt, fear and suspicion are reduced.
Early on in my career I made a deal with a savvy and experienced investor several years my senior. As papers were being drawn up, I received a call from him. “I don't think you meant to set things up the way you did,” he said, referring to a part of the deal that was in his favor. He proceeded to explain to me how the provision could have left my firm in a bind. He was right, and saved me from a bad mistake. From this, we went on to do over a hundred financings together over several decades. Our level of mutual trust became so great that he’d wire money before the papers were complete. Later, I had a chance to sort through some troubled assets for him to ensure that he recovered his investment capital. I didn't need to, but I never forgot how he'd saved me as a young entrepreneur. Building genuine trust is a long-run investment.
Trust is as important for an established enterprise as for a two-person startup. When teams feel encouragement and support, rather than fear of retribution or embarrassment, they tend to take the kinds of risks that can lead to breakthroughs. In an organization where team members have earned the trust of their supervisors, they can have confidence that if they don’t nail something the first time, there will be a second. Empowered workers can sense they are trusted. For most people, the feeling of being trusted leads to an increased desire to be trustworthy. This virtuous cycle can take your team to great interdependent heights.
But in order for leaders to build and develop trust, it’s important for them to reflect on what it is, and how it works. In my view, there are ten key drivers of trust – from the way leaders display it, to the way team members develop it, and how it requires sacrifice, humility, communication, and accountability. Over this next series of posts, I'll explore why the sum of these key elements is fundamental to building a great organization.
Trust Principle #1: It Starts with Integrity
The foundation of any high-trust organization is the integrity of its leaders. Having integrity means, among other things, that the gap between what you say you're going to do, and what you actually do, is small. I call this a “say-do gap.” Leaders in high-trust organizations must serve as living examples of integrity and trustworthiness – and not just at the office and during business hours. Here are a few ways to think about personal integrity as a core building block of trust:
1) A business is only as trustworthy as its leaders. The people who run things must show – by their actions – the way they want business to be done, and the way they want people to be treated. Talking doesn't cut it. Leaders must embody the spirit they want the team to adopt. People pick up on phoniness. They trust authenticity. Just as . In the same way a mechanic keeps a car in top running condition, high-trust individuals monitor and tune their behavior, always striving to do better by team members and customers alike.
Anyone wanting to build a high-trust organization must start by looking in the mirror. Personal character is foundational for interpersonal trust. And organizations in which leaders have integrity stand a much better chance of building trust from the top down, and bottom up.
To create a culture of trust in your company requires transparence and open door policy in management /employee relation, with avoidance of office politics and rumors that might give staff a high level of job insecurity.
The management control of employee turnover, customers /stockholders churn, with the provision of a well-established internal communication strategy, and employee involvement in yearly business plans and ideas build a great sense of belonging, loyalty and trust among staff.
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With a transparent policy and working in a open,professional and friendly environment feeling an atmosphere of trust between the executive committee and between the employees.
Good communication is most important for building this high-trust culture as well as the team idea with an enthusiastic attitude.
Be truthful to your employees! ...there not children. Most importantly, stop hiding behind "its a business decision"
Lot of justified points has mentioned above & I am agree to all, few things I would like to add here like Building high trust culture is a long journey, require continous & sustained efforts.
More to this I will say the organization culture plays a major role in company growth, brand name & repo in mkt, taking one step forward in high trust cluture means you have taken one step in company growth.
Conceptually, trust is to be gained, not given.
Trust does't eliminate performance management. Performance results will build trust.
Start by trusting your colleagues and asking them to trust theirs until someone proves to be not worthy of your trust.
