“The most expensive thing in the world is trust. It can take years to earn and only a matter of seconds to lose.”
The business world has gone from vertical to horizontal; flat if put across like that. The search for better, for more competent men, from the CEOs of a company down to our household servants has never been more vigorous than it is now. In the corporate world today, trust is becoming more crucial than ever. It is extremely vital to have healthy relationships with your clients, customers, employees, and all stakeholders in your business. It is believed that all successful relationships run on trust. Now, what exactly is the meaning of trust? According to the Cambridge dictionary, it means ‘to believe that someone is good and honest and will not harm you, or that something is safe and reliable’.
Challenges and problems
One of the major challenges and problems faced by businesses today is the building of trust internally among the management, employees and ownership to create a sustainable and productive work environment. Studies reveal that trust is the basis for creating healthy work environments because it acts as a foundation for associate retention, effective communications and motivation.
According to trust expert Arky Ciancutti, “An organization in which people can earn each other’s trust, and that commands trust from the public, has a competitive advantage.”
Trust is prominently increasing expectation from customers. The importance of trust within a company is equally immeasurable. For example, a trusting workplace environment tends to breed more motivated and confident employees, which, as every good employer is aware, usually results in increased productivity.
Successful business negotiations anyway require a specific skill set. However, these skills have more to do with diplomacy and understanding than many business leaders might think. The significance of trust in all your engagement efforts cannot be under-valued. Without a purposeful and constant effort to foster trust and establish strong relationships at every step of the way, even the most intricately designed and thoughtful engagement processes will certainly either fail or fall far short of the success one seeks to achieve.
Keys to build trust
There are 3 C’s which are known as keys to build trust in any organization:
- Communication– Businesses should ensure that there is consistent, meaningful and effective communication within a team.
- Commitment- Commitment is an essential part of trust. Every team member must commit to offer help to other team members meet the goals of the team, be it personal or professional obstacles.
- Collaboration- The essence of collaboration lies in the sense of trust between team members. When group mates collaborate, they share creative ideas with an utmost belief that another team member will take credit for their ideas. A team member who feels he or she is in a trusting team environment may show more enthusiasm in bringing up concerns that are relevant to the team’s goal. A collaborative and trusting team environment enables team members to share overall information and develop an effective and stronger bond with their teammates.