What’s Trust Got to Do with It?

Trust results from the consistent delivery against clear expectations. Consciously or subconsciously, we increasingly rely upon trust as crucial criteria upon which we make critical decisions as employees, employers and customers.

First, think about employees and trust. Does trust matter? A 2007 Walker Loyalty Report for Loyalty in the Workplace showed that 34% of employees plan to stay, and 36% are about to walk. (The remaining 30% were undecided.) Think about what it costs you to replace 1/3 (or more if the undecided made a choice to leave) of your workforce in a year. Break it down hiring, training, impact to clients or prospects, impact on other employees.

Second, think about employers and trust. Some leaders repeatedly get valuable results through the efforts of others. They are masters of developing trust with those upon whom they depend. This symbiotic relationship results in staff willing to go the extra mile, who see their future with the organization, who understand the value of their contribution and value the opportunity to contribute. These employees are willing to do what it takes to stretch for the trusted leaders. Now think about your organization or another familiar organization. Do you know leaders who effectively build trust? Do you also know leaders who are weak building trust with employees? Employers with leaders who build trust have an edge, a powerful competitive advantage – that is, the ability, adaptability, and flexibility of the staff to deliver under significant change.

Third, now think about your customers and trust. Too many companies ignore the value of the hard won relationships created during the sales and delivery cycle. It is a fact that many customers are most likely to switch from your offering to a competitor when they feel unappreciated, misunderstood or their needs are not met. These powerful, emotional responses are not based on price, rather the perceived value of the relationship. With so much competition and the ubiquitous nature of researching or buying from the web, building customer loyalty is not only about repeat business but also their ability to tell others about you. This word-of-mouth marketing doesn’t cost you a dime! Although you can measure repeat business, can you measure opportunity loss of customers who do not refer you to colleagues? Do the math assuming 90% of your current customers tell ten others about you which results in, say, three new customers.

Trust is a hidden multiplier for how effectively you grow and how efficiently you operate. Building trust starts with making it a priority to build common purpose, setting expectations for, and delivering on, consistent and predictable behaviors. Bottom line it’s about creating genuine interest in you and your company by building relationships of trust between employees, between employers and employees, and between each employee with customers.