Why Trust can Transform Your Business
Harvard Medical School instructor, author and psychiatrist Joe Shrand M.D. believes trust is the foundation of respect, and respect is the foundation of potential.
This has massive implications for organizations internally and externally.
Numerous studies have proven that trust is one of the most important aspects of employee engagement. Organizations that trust, and respect their employees to make decisions have higher levels of engagement. According to the Harvard Business Review organizations that micro manage and practice ‘excessive collaboration’ have higher levels of employee burnout.
Rather than fearing an angry customer consider what you can learn from the exchange by trusting them. The first step is to drop the gloves and listen. According to Shrand “In our heart of hearts, a human being wants to feel valued by another human being.” “Feeling valued leads to trust. In turn, the feeling of trust reduces the other person’s anxiety and potential for anger,” he writes in Outsmarting Anger. Once trust is established with the customer the organization can gain valuable insight, and turn a contentious situation into an opportunity.
According to research brand trust is directly related to purchase intent. Recent research on Meaningful Brands by Havas found that people wouldn’t care if 74% of the brands they use just disappeared. Without meaning these brands are irrelevant. A meaningful brand is defined by its impact on our personal and collective wellbeing, plus its functional benefits. Without trust it’s virtually impossible for a brand to play this role.
Building trust is an ongoing commitment. It requires organizations to empower employees, communicate transparently, admit mistakes and do what they say they will do. Empathy Analytics tools like Heartbeat AI help organizations measure and track the trust of their employees, brands and other stakeholder relationships. This insight helps companies proactively stay ahead of issues, mitigate risks associated with lack of trust, and develop a more empathetic, emotionally intelligent culture that thrives.