How does a company turn trust into an asset? Read a book and find out!

Since joining Improving, one of my “go to” books is “The Speed of Trust” by Stephen M.R. Covey. He explores the importance of trust in business and how it can be used to drive organizational performance.

In the book, Covey outlines the principle of trust and how it can be used to create a more effective workplace. He discusses how trust can be built and maintained in the workplace and how it can be used to create more productive relationships, improve communication, and increase efficiency.

4 Cores of Trust

Covey outlines what he calls The Four Cores of Credibility [1], which are the four pillars of trust. These are:

1. Firstly, integrity involves being honest, open, and transparent, and living up to one’s word. It requires consistency between words and actions.
2. Following is intent involves being sincere and having a genuine intention to do good. It is important to have good intentions when engaging in any type of relationship.
3. As import are capabilities involve having the right skills and experience to do the job. It is important to be competent and have the ability to deliver on expectations.
4. Finally, results involve achieving the desired outcomes. It is important to measure and evaluate results to ensure that the desired outcomes are being met.

Certainly, these four cores of trust are essential for creating and maintaining trust in an organization. They are interconnected and must be nurtured in order for trust to be effective.

13 Principles or Trust Behaviors

He believes there are 13 principles of trust that are essential for building trust within an organization. These principles include:

1. Talk Straight: Being honest and open with others, even when it is difficult or uncomfortable.
2. Demonstrate Respect: Showing respect to everyone in the organization, no matter their position or background.
3. Create Transparency: Being open and transparent about decisions and actions in the organization.
4. Right Wrongs: Taking responsibility for mistakes and actively correcting them.
5. Show Loyalty: Being loyal to the organization and its people.
6. Deliver Results: Meeting and exceeding expectations in terms of results and outcomes.
7. Get Better: Constantly striving to improve and develop.
8. Confront Reality: Facing and accepting reality, no matter how difficult it may be.
9. Clarify Expectations: Ensuring everyone is aware of their expected contributions and roles.
10. Practice Accountability: Holding people accountable for their actions and decisions.
11. Listen First: Listening to the perspectives of others before jumping to conclusions.
12. Keep Commitments: Following through on promises and commitments.
13. Extend Trust: Extending trust to others, even when it is difficult.

1 Trust Tax

As well, Covey describes a concept known as the trust tax. By and large, this is the cost associated with a lack of trust in an organization, which can have a negative effect on performance and productivity.

For example, a trust tax is the result of a lack of communication and collaboration, the presence of conflict, and a lack of accountability in the workplace. Also, it can result from a lack of trust between individuals, leading to a lack of trust in the organization as a whole.

Conversely, by reducing the trust tax, organizations can improve performance, productivity, and profitability.

Trust Into An Asset

Covey also explains how trust can be used to increase profitability and how it can be used as a competitive advantage. Ultimately, The Speed of Trust is an invaluable resource for any business looking to create a culture of trust and maximize the performance of their organization.

*This post was co-authored with the assistance of ChatGPT and You.com chat as a test of AI content creation