Strategic Thinkers, Leaders and Human Resource Managers have searched for years to answer the question, “What makes a dynamic and productive workplace?”
To find the answer we might refer to Fortune magazine’s regularly updated 100 Best Companies to Work For© list. Each year, Fortune partners with the global research company Great Place to Work® to conduct an annual study and together they identify the current “best companies”. They have concluded the single most important factor in a great place to work is trust. “There is an absolute ROI when organisations invest in creating a high-trust culture.”
The Right Leadership Produces the Right Results
Their research indicates that in the “Best Companies to Work for”, 92 percent of employees believe that the business practises of management are transparent and that transparency produces trust. The Great Place to Work study found that these companies also have successful leaders who are consistent in doing the following things that allow trust to develop:
- They keep the lines of communication fully open.
- They share their vision for the future with employees.
- They take the pulse of the organisation by constantly listening and responding to what they hear so they can serve the needs of their people. Whether it’s sharing quarterly financials or making strategic decisions, they make sure to listen.
- They offer employees ample opportunities for training and development.
Speed of Trust
Leadership author Stephen M.R. Covey further underlines the importance of trust. In his book The Speed of Trust, he says that a ‘high trust’ team will produce results more quickly with lower associated costs than one where trust is not present.
High trust teams result from leaders who demonstrate the following factors:
- A commitment to purpose or vision that inspires others to follow you.
- A strong character that does not compromise your values.
- A strong inclination to serve the needs of others before your own.
- Keeping your word and delivering what you promise.
- Genuine caring and compassion for your people–looking after their best interests, being receptive and engaging in non-judgmental listening.
- Competence and expertise in your chosen field.
Companies with leadership teams who are committed to developing a culture of trust can experience positive results when they are willing to lead the change. Successful organisations have realised higher returns on investment when they have been able to develop high-trust cultures. Great workplaces have significantly lower turnovers and are able to attract employees who have a vested interest in their companies. This ultimately leads to improved resilience, flexibility and a greater competitive edge.
At Entrusted Consulting, we identify and enhance levels of TRUST in organisations to optimise corporate performance. This is achieved through a range of services from Trust diagnostic tools, coaching, mediation, board assessment and leadership development at all levels. You can learn more about how Entrusted can help you benchmark and improve the TRUST within your organisation, thus enabling greater results, by visiting us at www.entrustedconsulting.com