What makes a great business? Is it a great product/service, great employees, or great leadership? According to Puget Sound Business Journal writer Maureen Moriarty, it is Trust that makes a business great.
“Organizations characterized by a high degree of trust are often the most successful,” writes Moriarty.“When it comes to high-performing teams, I equate trust to someone’s willingness to be open, exposed and vulnerable.”
Do your customers trust you? More importantly, do your employees trust you? And do you trust them?
What is Trust?
According to the Marriam-Webster dictionary, trust is “assured reliance on the character, ability, strength, or truth of someone or something.” When it comes to the business world, the term means many different things to different people.
Trust and the Consumer
For customers, trust means buying into advertising and trusting that a business will not mislead them. This trust helps breed customer loyalty and repeat business, which will help your company grow. According to researchers at Harvard University, increasing repeat visits by just 5% can increase profits anywhere from 25% to 125%.
Trust and Your Employees
“Given the complexities of today’s changing global economy, the need for strong and effective leaders has never been greater,” says Marie Holmstrom, Talent Management and Organization Alignment director at Towers Watson.
For employees, trust means believing in leadership and trusting that they have your and the company’s best interests at heart. According to Interaction Associates, an organization’s quality of leadership culture directly determines its financial health. In layman’s terms, trust directly affects job performance and, thus, company success.
According to the Towers Watson Global Workforce Study, 55% of U.S. employees surveyed have trust and confidence in senior leadership. So, the questions is this – do your employees trust you?
“Developing strong, effective leaders is not something that just happens on its own,” says Holmstrom. The same is true for building trust across all levels of business.
Trust and You
For employers, like you, trust means relying on your employees and trusting them to do their jobs to the best of their abilities. This level of trust helps build employees confidence, which can, in turn, help boost performance. Employees who feel trusted become more willing to accept responsibility for their organization’s performance, which leads to better sales and better customer service, writes researchers Sabrina Deutsch-Salamon and Sandra L. Robinson in their study, “Trust that Binds: The Impact of Collective Felt Trust on Organizational Performance.”
No matter the definition, on thing is clear – trust is not something that is easily earned, but it is critical to the success of your business.
How to Build Trust?
One way to build trust is to put your employees (and yourself) in situations that push the boundaries of comfort.This will help break down barriers, improve communication and cohesiveness, and ultimately build trust. The solution: Team Building.Presented in a fun and creative way, team building exercises push participants out of their comfort zone, encouraging collaboration, and building trust.
Conveniently located between Baltimore and Washington DC, Terrapin Adventures is able to create a customized program (onsite or offsite, indoor or outdoor) to help better your business through a series of unique and interactive activities. If you have any questions, please call Terrapin Adventures at 301.725.1313, or email us at firstname.lastname@example.org to learn more.