Trust is the currency of business, both internally with your employees and externally with your clients. It’s no surprise that trust is the biggest factor in how well a company does. The problem for many companies is that trust takes time to build up. But trust can also be lost quickly if broken or betrayed. This post will explore what trust means in the workplace, why it’s important, and how you can implement trust-building strategies into your management style to increase trust among team members and stakeholders alike!
It’s worth stating again…Trust is the currency of business.
If you trust your employees, they will trust themselves and trust in you as a leader. Likewise, if clients trust you to deliver what you have promised them – whether that be service or product – then they are more likely to continue doing business with your company. But how do we build trust? And how can we maintain it?
Trust starts from within!
There’s never been a better time for companies to take stock of their people management practices and make sure that there are no cracks in the system because this affects both production AND profits! Make sure that employees trust each other by fostering an environment based on mutual respect where everyone has clear expectations around performance standards. This creates an atmosphere where trust can flourish.
Building Trust Takes Time
Trust is not something you can gain overnight, but it takes time and effort to build trust in relationships with your employees AND clients! This means introducing a system of checks and balances where both parties feel their interests are being considered. For example, if an employee has given good service over the course of several months or years (without incident), trust arises. Likewise, when a manager or leader has invested time and effort into getting to know their employees personally, trust begins to build.
Building trust among your team members and clients is not a one-off project! It’s an ongoing process of continually working on building relationships so that trust becomes part of the everyday fabric at work. The good news here is that trust can be strengthened through effective management and trust-building strategies.
A manager who is willing to listen, communicate openly with their employees and be approachable will quickly build trust among the team members under them. Similarly, a client who feels like they are being listened to and that someone at your company genuinely cares about what they need can begin to trust you more over time (provided the trust was not broken by a previous misstep).
A manager who wants to build trust among employees and clients should regularly check in with people to see if they feel like their opinions are being considered, ask for feedback on how things could be improved, and take the time needed to address any issues that arise. It’s worth mentioning here that trust is built over time and trust does not mean that employees will always be happy with their job or clients always pleased with your service.
Fear Destroys Trust
When employees feel like they cannot speak up with their concerns without fear of dismissal or punishment, trust erodes. Additionally, employees need to feel safe admitting their mistakes and learning from them in order to trust one another. Maintain trust with employees by creating an emotionally safe environment. This means not punishing employees for honest errors or omissions, but rather providing a culture where they feel comfortable taking ownership of their work so that trust can flourish among the team!
Two Types of Trust
– Trust in intentions: trust that the other person is doing something for your benefit or to help you with a task.
– Trust in abilities: trust that someone has the competence and ability to do what he/she says they will do, whether it’s following through on a promise, offering sound advice, delivering good service, etc.
When both types of trust exist, credibility is built. Credibility comes from trust. Credible people are trusted by others to do the right thing, even when no one is looking; they’re trustworthy and can be counted on.
When Trust is Broken
If trust is broken, it’s important to take initiative immediately (assuming you are in a position of power) by dealing with the issue head-on so everyone can move forward together! It will take time to rebuild trust, but it’s important to admit shortcomings quickly and begin to reestablish trust, because, without trust, your business will not succeed.
Trust is the currency of business. Spend time building trust, and work hard to maintain it. Ensure trust in your workforce and trust with your clients, so you can keep growing your company and realizing your vision!