Reported by foodem.com, the online wholesale food marketplace-
There are many key drivers in making a business successful. Besides having effective leadership skills, business owners should hire smart, capable people, provoke and promote creativity in the workplace, demand accountability from all employees and motivate others to aspire. One of the most important drivers of business success, which seems to be overlooked at times, is TRUST. Without it, you and your business will fail.
After the financial crisis and downward economic spiral, trust and confidence in our businesses and government went south. The 2012 Edelman Trust Barometer found that 71% of those surveyed do not consider government officials credible spokespeople. On the other hand, businesses experienced less of a decline in trust, although trust in business fell globally from 56% to 53%. Furthermore, there was a huge drop in CEO credibility, which declined to 38%. Another overlapping survey conducted by Interaction Associates confirmed the downward spiral of trust in the workplace; trust is at its lowest since the beginning of the recession.
With such daunting statistics, one may wonder if there is a point of return. Is there a way for business owners to establish trust with new employees just coming aboard, strengthen the bond with existing employees, or re-establish broken trust? The answer is YES!
Per the study by Interaction Associates, Building Trust In Business 2012, there are five distinct functional areas to increase the level of trust within the workplace:
- Leader confidence – A trustful organization begins with leadership. Effective leaders demonstrate optimism and are realistic about their company’s growth and potential, which in turn, better positions them to earn the trust and involvement of their employees.
- Clarity and Consistently – Leaders must clearly define goals and present consistent strategies in order to maintain a collaborative environment. This type of behavior and communication is fundamental in implementing a foundation of trust.
- Shared Responsibility for Success – Embracing a shared responsibility for success is critical to maintaining the presence of trust throughout an entire organization. Leaders must promote behaviors and governance that drive empowerment and shared commitment to the entire organization.
- Engagement to Involvement – Leaders should focus on behaviors that build leadership, trust and collaboration, which will allow them to focus their efforts on driving toward the involvement level in their workforces.
- Focus on Relationship – Customer loyalty and retention and the attraction, deployment and development of talent should be high priority. Interaction Associates defines these areas as relationship focal points – one of three key dimensions of success that organizations must maintain balance.