The emotion that every human being has. Imagine making decisions without trust. Imagine life without trust.
Every day we make decisions based on just that one emotion: trust. When we hire someone to do a job or avail of a service we usually say "I trust that you'll..." or "I trust that this will..." without even really thinking about it.
There's so much that could be said about trust and its benefits but for this short article, let's focus on what kind of value it brings to organisations.
You see, the most trusted companies outperform competitors by 5% on average, annually, or a double revenue growth. Imagine if more companies and organisations put more focus on building trust. Obviously, many still do not understand or see the golden value of trust and its impact on society and the economy.
Not only do these trusted companies outperform their competitors at fairly good rates, they even have employees that innovate and take risks a lot more than everyone else! According to The How Report, these companies have employees who take 32x more risk, they are 11x more likely to innovate, and 6x more likes to achieve better performance and achieve more.
When an organisation is building on trust, you'll also see that higher employee engagement leads to better productivity and profitability over companies with less-engaged employees. This is definitely something that businesses need to consider. Imagine if every organisation is focused on building trust, I bet there'd be a massive change in the world and in the office.
Lastly, based on research, approximately 32% of a worker's desire to stay or leave a company is the result of feeling (or not feeling) trust towards their boss. Now, I won't dwell on this, but I'd just point out that just with this, there's a huge potential for every company to improve.
Who wouldn't want all of this in their organisation? Many would probably still question whether or not it is 'worth' focusing on because it may affect this or that. Yes, none of these are guaranteed to take effect in your company, but it's better to start somewhere rather than sit around waiting for these things to happen by themselves – which won't.
Reach out to your employees and see what they value. Change what needs to be changed. Improve where improvement is needed.