Tag Archive for: trust

Trust

Trust intersects three factors: reciprocity, competence, and reliability. Reciprocity means the relationship is a two-way street: both parties are better off.

The single most important thing you need to know about trust is reciprocity, which will make or break your small business or solo practice.

Suppose you are like many small business CEOs and have frustrations with employee disengagement and turnover, lack of buy-in, and poor accountability. In that case, you probably have a low-trust workplace that’s damaging your profitability, sustainability, and peace of mind.

“Compared with people at low-trust companies,” a study in Harvard Business Review reports, “people at high-trust companies report: 74% less stress, 106% more energy at work, 50% higher productivity, 13% fewer sick days, 76% more engagement, 29% more satisfaction with their lives, 40% less burnout.”

trust

How would you feel having fifty percent higher productivity, lower absenteeism, and tremendous energy?

For solo practitioners, common objections from your prospects, such as lack of time, money, or need, are reflections of a trust deficit. Your prospective clients ask themselves, “do I feel safe, will the support be helpful, is the juice worth the squeeze?”  Competence is the ability to do your job to the required standards, and reliability is that you will do what you say you will do.

Competence is the ability to do your job to the required standards, and reliability is that you will do what you say you will do.

You need all three in place to have a trusting relationship. Without reciprocity, you have one party taking advantage of the other. Lack of competence means underperformance, and poor reliability creates inconsistency.

The element most often missing in low-trust situations is reciprocity.

I spoke with a company executive who complained that she did not have the budget for leadership training and that the CEO wouldn’t reallocate any money.

She’s facing workplace burnout, employee turnover, and presentism — where people are (or appear to be) physically present but are unengaged and unproductive. Helping her direct reports become better leaders would alleviate these problems and allow her to focus on growth and innovation rather than getting stuck in failure work and dispute resolution.

These problems are costing the company millions.

She’s facing workplace burnout, employee turnover, and presentism — where people are (or appear to be) physically present but are unengaged and unproductive. Helping her direct reports become better leaders would alleviate these problems and allow her to focus on growth and innovation rather than getting stuck in failure work and dispute resolution.

These problems are costing the company millions.

The CEO makes $20 million annually; the next highest-paid person makes a fraction. He could reallocate .01 percent of his annual salary to develop key subordinates and see a 10:1 return on investment or higher payoff for the company.

The problem, of course, is that the CEO has little incentive to improve things. He’ll get a massive payout even if he’s fired for underperforming. Burnout, turnover, and presentism are symptoms of an overall lack of trust within the company.

The senior leaders are violating the gardener’s principle: the responsibility to provide the cultivation so that the best version of each person blooms.

Gardner’s till the soil and feed the plants to stimulate growth. They prune away anything preventing the plant from being its best self. They do not try to turn one vegetable into another.

When you cultivate your employees to become their best selves, they’ll respond by contributing their best to your company’s success.

The employees at this company, I’m told, see the vast discrepancies in salary and unwillingness to invest in them. The relationship seems one way.

The employees thus treat the company as a commodity — a bargaining chip to a better-paying job at a different company.

The gardener’s principle works for solo practitioners, too. When you show how you help your clients achieve their dreams and be the heroes of their own stories, they’ll drop the money, time, and need objections.

Solopreneurs:

There’s still time to register for Joyful Sales Conversations, where I’ll show you how to put the gardener’s principle into action. When you create trust, you will transform your business.

June 17th & 28th 11:00 – 11:30 am US Central (plus 30-minutes for Q&A afterward)
REGISTER HERE







Jeff Marquez posted this article on Trust on LinkedIn.

While looking at the spaghetti of wires under the dash of my friend Aaron’s car, I remember asking myself, what the heck was I thinking? What was Aaron thinking allowing me to touch his classic car? Well, I am installing the fourth and most difficult wiring harness now. I know why he allowed me to touch his classic car–trust.

I think back to our previous work situations where we both would shake our heads at what we faced—often like spaghetti wires. We would discuss the mission or task, what right looked like, discuss with the Team to get their input, decide, and execute. Our expectations of each other matched our behaviors and that feeling cut across our Team.

Trust cuts across all levels of people from CEOs, senior executives, Mid-Leaders to early-career professionals, and everyone in between including personal relationships. Whether you are a CEO wanting to cultivate trust with your Mid-Leaders or a Mid-Leader wanting to strengthen your Team, here are a few ways to make trust bonding for your Team.

1. Inspire trust by being open, transparent, and clear about challenges. Most people want the Team and others to do well. But they can’t help if they don’t know so share challenges, and wins too! And remember, the best ideas do not always come from the top. 

2. Lead by example with candor, honesty, and vulnerability. Be the person you want your Team to be. As you share, they will share. As you innovate, let them surprise with their views and talents. 

3. Make your expectations clear and make trust part of your Team’s everyday conversations. My friend and trust expert, John O’Grady, describes having high trust relationships that start with “you have my trust, and it can only be eroded or lost” rather than a “trust must be earned” mentality. Talk with employees about how their demonstrated behavior aligns with your expectations. And when you think there may be a trust issue arising, approach it from a position of authentic curiosity instead of being accusatory. Find the underlying reasons for the issue and collaboratively address them. Maintain trust behaviors and a trusted environment before it becomes broken. Be proactive.

Trust creates a sense of psychological safety and can be an incredible inoculant when bad things happen to good people and good organizations. Think about your past year but more importantly, think about the year before you. Trust can make you feel in the most positive and profound ways. It fosters confidence, commitment, and teamwork. Who does not want that? Start trust bonding now.

Jeff Marquez recently authored this article on Trust on LinkedIn.

When you are asked a question and are uncertain of the answer, frustrated, or are short on time, how do you respond? We all have short-circuited answers that allow us to respond and move on. Or so we think. These so-called default answers—“Let’s talk,” “We’ll have an answer soon,” “Don’t ask, just get it done”—can damage the trust between mid-leaders and Team members. While these default answers might allow a leader to provide a response quickly, they can unintentionally send signals of uncertainty and mistrust to the receiver. Put yourself on the receiving end of these defaults and consider the feelings and anxiety they may create:

1.     Let’s talk—uncertainty. Is this positive or negative? How should the employee prepare?

2.     We’ll have an answer soon—ambiguous. Is soon next week? A month?

3.     Don’t ask, just get it done—lack of confidence, trust, and value in the Team member.

Provide context and drive meaning to motivate people. Experts say it takes five hundred milliseconds, or half a second, for sensory information from the outside world to incorporate into conscious experience. So, we can still get an answer out quickly, but if we take a few extra seconds to be more transparent, we can change the meaning of these defaults and bring clarity, understanding, and commitment to our work. Consider how the three defaults from above, but now with context, change the feeling:

1.     Let’s talk about this at 4 p.m. I like your idea of involving the staff because it gives them ownership of the process—You specify why you like the idea, you set the expectation for time, and the employee feels valued.

2.     We have not decided yet but will by the end of the day on Wednesday—You are honest about not having decided and have set expectations so that the Team member has a clear idea of how to proceed.

3.     Here is what we thought when we made the decision—The Team member is going to have a better understanding of the conditions and will likely give their best work because they feel like they are part of the team, trusted, and valued.

Trust comes from words and actions, but it must be felt by others to resonate. Take the few extra seconds to be transparent, honest, and only promise what you can deliver. Think about the work environments this crisis has created with back-to-back virtual meetings and online overload and consider how these conditions impacted your organization. Think about what is before us as we enter the renewal and new opportunities. Do what you can to remove uncertainty. Invest those few seconds to help your people feel trust. 

Jeff Marquez

Jeff Marquez authored a 4 part series in Hispanic Executive entitled “The Crisis Life Cycle: Where Are You Looking?” This series of articles covers working through a crisis and where to look to shape success. It can help assess your leadership, culture, and strategy.

Part 1: RAMP: React, Adjust, Manage, Prosper

Part 2: Engage Middle Management, Work On Your Business, Prepare for the New Normal

Part 3: Trust

Part 4: A New Culture Paradigm

John O’Grady recently authored a 3 part series with Forbes Coaches Council on “Cultivating a Culture of Trust.”

Part 1: The Ultimate Competitive Advantage

Part 2: Common Challenges

Part 3: Pragmatic Ways to Overcome Common Challenges