“Nothing is as fast as the speed of trust,” Covey said in his keynote speech.” It’s not just trust as a social virtue. Rather, it’s an economic driver that can make a profound difference in your business. It’s an idea whose time has come.”
When there is a low trust, everything takes longer and costs more, Covey contends. With trust, relationships with customers, business partners and employees are improved and enhanced.
Covey outlined three big idea surrounding trust in the business world:
- Trust is an economic driver, not merely a social virtue. There is a compelling, measurable business case for trust.
- Trust is the number one competency of leadership needed today. Become a trusted advisor, a trusted partner, a trusted employer.
- Trust is a learnable competency. When it’s present, it affects every other competency and makes you better.
The lack of trust carries with it a “low-trust tax.” When trust goes down, speed goes down and costs go up because many additional steps have to be taken to compensate for the lack of trust.
But the converse is also true, Covey said. Greater speed and lower cost are the positive outcomes that happen when trust is strong, creating a “trust dividend.” High-trust organizations outperform low trust organizations by nearly three times, he said.
“It’s economics, it’s real, you can put a dollar amount on it,” said Covey. People buy from those they trust, they buy more, they buy more frequently and in larger quantities and they’re more likely to recommend you to others.
Trust is a function of credibility and behavior, according to Covey.
Credibility is the foundation on which all trust is built and it’s based on an individual’s character and competence. One without the other isn’t sufficient. Both need to be present to build and grow trust.
Covey outlined four core competencies that credibility is built on: integrity, intent, capabilities and results. “This is especially true in IT. Results matter enormously in building trust. They don’t want to hear about all the great things you’re going to do for them in the future. They want to be up and running now.”
Not all behaviors are created equal, Covey said. There are certain behaviors that are common to high trust individuals and organizations: being a truth-teller and a straight-talker; being transparent; keeping commitments; and extending trust by giving it to others.
“Trust is reciprocal. When you give it out, you get it back,” Covey concluded. “What we need is more trust, not less.”
