By Linda Fisher Thornton
Trust is powerful. It is being recognized as a pivot point in business and a powerful catalyst for financial success. This updated Harvard Business review article connects trust with ROI and risk management:
“A low-trust environment makes everything about doing business more difficult… loss of trust leads to higher transaction costs, lower brand value, and greater difficulty attracting, retaining, and managing talent. Ultimately, it can mean boycotts, negative publicity, and unwanted regulation.”
Beinhocker, Davis & Mendoca, 10 Trends You Have to Watch, HBR.org.
Trust is a Powerful Market Differentiator
A recent World Economic Forum report on the evolving role of trust in business describes the power of trust in the market:
“If these trust-rich, more resilient companies are the survivors of each period of turbulence, then they will come to dominate the market – and the model of the high-trust corporation will become prevalent.”
World Economic Forum, The Evolution of Trust in Business: From Delivery to Values
I like the term “trust-rich” because it describes the ability of trust to transform every corner of a business or organization. It also describes the positive financial impact that results from consistent trustworthy leadership.
Is your organization “trust-rich?”
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It’s quite sad to see so many organizations not caring about trust. Without it, you begin to crumble. What’s one thing you’re doing to build trust?
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