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Feature Story
The Cost of Trust
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Leader as Trust Builder™
Having strong, effective skills to build trust in the workplace is recognized as a valuable leadership asset. A self-assessment or a more powerful, confidential 360-degree assessment is at the core of this workshop. Designed for any individual in a leadership position - executives, managers, supervisors - this program addresses the economic impact of trust, as well as how to rebuild eroded trust and move forward with positive results.
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Trust is the foundation for all relationships. Family, friendship, romantic, and business relationships all share this common bond essential for teams, companies, organizations, government agencies or any other group to succeed.
Yet, even the strongest groups encounter trust issues that can spread quickly if unaddressed or undetected. In many cases, the red flags are raised the highest when such oversights result in costly measures to address their consequences.
Trust Busters
When a business environment becomes unstable, management shifts or competition increases, the work environment can begin to feel like a pressure cooker. During trying times, relationships between managers and employees can take a detour towards secrecy, broken promises, and other "trust busting" behaviors.
Even during routine daily interactions with employees, a manager may be unaware of trust busters hidden beneath the surface. Common examples include:
- Not sharing information
- Lying
- Taking credit for others’ hard work
- Lack of following through on promises or work assignments
- No feedback
While these incidents may seem benign in isolated circumstances, over a short period of time, they can breed resentment, lack of enthusiasm and productivity, and, ultimately, higher turnover. A recent Gallup survey of 2 million workers at 700 companies concluded that the length of employees’ stay is largely determined by relationships with their managers. In other words, people don’t quit companies, they quit managers.
Turnover Costs
Finding and keeping first-rate talent can be extremely challenging. When first-rate employees leave a company, costs of replacement can be significant. According to a recent survey conducted by salary.com, employers will spend on average $21,000 replacing employees due to turnover in 2008, representing a 40 percent increase over past years.
Excessive turnover also hurts morale, adds additional workloads until the position is filled and halts productivity as valuable time is taken to recruit, interview and train replacements. Customer service and production are also hampered by reduced levels of efficiency, directly impacting a company’s bottom line.
The TrustWorks Language of Trust
The good news is, in most cases, trust can be restored, even under the most extraordinary circumstances. The first step towards restoring trust is establishing a practical, common language for addressing issues. One proven approach used by Fortune 500 companies and small to mid-sized businesses is called the ABCD’s of Trust™. This simple, yet effective, model for discussing trust issues defines four core characteristics or behaviors of individuals and groups, such as:
- Able (Demonstrates competence): shows expertise, experience, and capability getting the desired results.
- Believable (Acts with integrity): walks the talk of a core set of values, demonstrates honesty and use of fair practices.
- Connected (Cares about others): interacts with staff, uses good people skills, communicates and shares information, provides praise and gives recognition.
- Dependable (Maintains reliability): performs consistently, takes accountability for actions, and is organized and consistent with follow up.
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News Briefs
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Upcoming Events:
TrustWorks! Leads Workshop at ASTD on Workplace Trust Issues
Trust. It’s at the heart of every interaction. A workplace based on trust can unlock the energy of employees, propel leaders to become more engaged and empowered, improve communication, enhance an organization’s profitability… and, ultimately, its resistance to a turbulent business environment. Don’t miss this intensive, interactive workshop that addresses challenging issues organizations face on a day-to-day basis, all with a focus on trust. Trust expert, Cynthia Olmstead, reveals an easy-to-use Trust Language Model that enables individuals to have a common understanding of trust; an understanding that allows them to communicate openly and effectively with one another under any circumstance.
- Analyze behaviors that impact trust within your workplace.
- Learn to apply a simple, proven model to address your most common trust issues.
- Assess your personal trust strengths and develop an action plan.
Building a Common Language of Trust (Session #EXD20)
ASTD 2008 International Conference & Exposition
Monday, June 2, 2008
2:15 p.m. - 3:30 p.m.
San Diego International Convention Center
Room 28E
111 W. Harbor Drive
San Diego, CA 92101
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TrustWorks News:
New Online Resource Helps Managers Improve Employee Trust, Productivity Issues
SAN DIEGO (May 1, 2008) – A new website launched by organizational trust leader, TrustWorks Group, Inc., offers expert advice on tackling workplace trust issues and easy-to-use tools for leading team building workshops.
According to Cynthia Olmstead, founder and president of TrustWorks Group, the company’s new e-commerce site (www.trustworksgroup.com) and free monthly e-newsletter helps business owners and managers identify an often elusive root cause of employee productivity, morale and high turnover issues.
"Trust is the glue that binds an organization and its members together as a cohesive, functioning entity,” says Olmstead. “It’s often the most difficult issue to identify, but the most important, when addressing overall problems associated with employee satisfaction and productivity."
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Recommended Reading
Five Dysfunctions of a Team
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The Five Dysfunctions of a Team:
A Leadership Fable
By Patrick M. Lencioni
Author Patrick Lencioni captivates readers with his signature series of “leadership fables” to illustrate common challenges faced in the workplace. His latest narrative tells the story of Kathryn Petersen, a 57-year-old CEO, who is hired by the board of a distressed start-up, DecisionTech, to replace its co-founder and former CEO, 37-year-old Jeff Shanley. Jeff, who now heads the company’s business development, was a popular CEO, but because of an increasingly distorted environment that has developed in the 150-person company, he was forced to step aside. Kathryn’s ensuing trials with her new team leads readers through a resolution of conflicts familiar to any manager or CEO. Following the story, Lencioni diagnoses symptoms and gives practical tips for addressing five common dysfunctions of a team:
1. Absence of Trust
2. Fear of Conflict
3. Lack of Commitment
4. Avoidance of Accountability
5. Inattention to Results
Lencione’s book is a valuable desk-top reference for managers of all levels.
For more information, visit www.tablegroup.com
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