The Speed of Trust
Can we quantify trust? Trust is a major issue in relationships and in business. However, while in relationship we know to evaluate when the trust is down and we can recognize immediately when it is low and the effects of it. In business it is usually regarded as a “soft” quality that can not be measured and therefore is treated like the Loch Ness monster – “we heard about it, but we’ve never seen it”.
A new book by Stephen M.R. Covey called The Speed of Trust shows us how trust is actually a fundamental issue for the success of a company and how it can be measured.
The reasons I would like to devote a few entries about the principles covered by the book, is that it tackles an issue that essentially is a value that originates from the feminine energy, therefore has been regarded for many years by management text books as a “soft” skill.
The other reason is that I promised that this year I would read 50 new books and will write a book summery on it so more people could benefit from it. So although late in the season (I did read the amount of books I promised… actually even more), better late than never…
Stephen Covey starts by explaining that trust means confidence. The opposite of trust is suspicious. When you trust people, you have confidence in them. You have confidence in their integrity, in their abilities and in what they do. When you don’t trust people what you are, in reality, is suspicious about them. You are suspicious about their integrity, about their motives, about their agenda, their capabilities and track record.
When you realize this simple definition you can come up with a clear formula to see why trust is essential to the success of any business.
When trust is low people would be cautious of what they are doing, information will not be shared, knowledge will not be circulated and progress and speed will be slow. Due to misinformation costs will be high on production, you might have to take extra workers to compensate on slow progress and expenses will be high. Bottom line expenses and costs are high which lead to lower profit.
When trust is high people will be willing to take risk, take challenges and reach to become best in what they are doing. The speed will be high and costs will be low as each person is doing what they do best.
This clear formula explains why trust is so essential in the success and growth of any company. Suddenly the “T-Factor” is clearer and less “soft” or vague; it can be quantified and checked.
Isn’t it true that when someone works slower you trust them less that they will be able to finish on time the project? Isn’t it true that when you know that you are not trusted you are less inclined to take risks that might make you fail, you are much more careful not to make mistakes as you know that would be held against you?
When we live in such a culture, fear is taking over and therefore the trust is low and the speed is low. Success is also low. One of the fastest ways to restore trust is to make and keep commitments even small commitment to ourselves and others. Once people recognize that you keep your commitments and agreements trust will follow.
If you like these concepts – go and check The Speed of Trust by Stephen Covey
