We hope you’ve enjoyed this blog series on The Speed of Trust. We’ve spent a lot of time on this topic because we think it’s so important.
By now, I hope it is obvious that low trust costs time and money. Stephen Covey calls this “trust tax.” There are seven obstacles, or “taxes,” you can expect when your organization lacks trust.
Seven taxes of low trust.
- More redundancy, because low trust requires more rework.
- Cumbersome bureaucracy, because low trust requires the reassurance of extra steps.
- Politics, as people jockey to have their own spin be accepted.
- Increased disengagement, because people are less motivated in low-trust teams.
- High turnover, because there are better places with higher trust out there.
- More customer churn, because internal consumers won’t put up with feeling wary about you for long.
- Higher likelihood of fraud, because a redundant, bureaucratic, political environment is the perfect setting for unethical behavior.
Build your trust to build your business. If you nail it, there will be less trust “tax” and more trust “dividend.”
High trust yields benefits.
With trust, you can expect to enjoy…
- Increased stakeholder value.
- Accelerated growth.
- Enhanced innovation
- Improved collaboration.
- Better execution.
- Heightened loyalty.
All of these high trust dividends create the kind of organization we all want to be a part of.
Your team will enjoy the behaviors of a cohesive team–productive conflict, buy-in, and clarity, which lead to solid commitment, mutual accountability, and mission-based results.
If you want better teams, more trust, and top results, let’s talk. We’ve got programs for leaders and contributors on the Speed of Trust, the Five Behaviors of a Cohesive Team, Multipliers, and more. These are the kinds of consultative experiences that lead to the results you want.
Let’s keep talking.
Thanks for reading,
See more blog posts on The Speed of Trust.
#1: Leaders Invest in Trust
#2: Credibility Gaps: Leaders Know the Waves of Trust
#3: Behavior, Credibility, and the Wrong Kinds of Trust
#4: Leaders Know Credibility is Driven by Behavior
#5: Build Trust by Talking Straight
#6: Leaders Build Trust by Demonstrating Respect
#7: Leaders Build Trust by Creating Transparency
#8: Leaders Build Trust by Righting Wrongs
#9: Leaders Build Trust by Showing Loyalty
#10: Leaders Build Trust by Delivering Results
#11: Leaders Build Trust by Getting Better
#12: Leaders Build Trust by Confronting Reality
#13: Leaders Build Trust by Clarifying Expectations
#14: Leaders Build Trust by Practicing Accountability
#15: Leaders Build Trust by Listening First
#16: Leaders Build Trust by Keeping Commitments
#17: Leaders Build Trust by Extending Trust
#18: Leaders Make “Smart Trust” As Easy As Possible
#19: Leaders Restore Trust When Mistakes Are Made
#20: Leaders Develop Trust Whether the Relationship is Good or Bad