by Barbara Brooks Kimmel, Founder Trust Across America-Trust Around the World
While the most trustworthy public companies outperform their peers over the long term (see chart above) most large organizations have failed to build the requisite trust bank account required to earn this designation.
Our work at Trust Across America has taught us that the oversight begins with one or all of the following:
Trust is taken for granted, not acknowledged or misunderstood
The role trust plays in long term business strategy and sustainability has been ignored
Funds have not been allocated to a trust budget or training because nobody owns it.
Facing a low or nonexistent bank balance, usually post crisis, some companies and their leaders scramble to find a quick and easy deposit into their account, usually through a statement attesting to the importance of rebuilding trust. That is not how trust is built. These empty promises do nothing but add to increasing stakeholder skepticism.
Are you part of the problem?
Digressing for a moment… several years ago I approached a colleague who had recently published a new book, a relatively well known reputation consultant to senior leaders and boards. In it he highlighted one of his clients as a role model for others in their industry. Our FACTS Framework data told another story, one of an almost certain trust breach. I approached him and suggested he present this data to his client. He thought I was kidding. “Why would I bring this “bad” news to my client? It might be the end of my consulting contract. I’ve got college bills to pay.” That was over 15 years ago, and not much has changed since that conversation.
Expensive Trust “Cures” that Will Kill Any Hope of Trust
How many of the following trust bank account withdrawals are present in your organization?
- Lack of leadership willingness to acknowledge or take ownership of trust, instead delegating the word “trust” to corporate communications or the PR department, or maybe compliance or audit.
- Naming a Chief Trust Officer or Trust Broker (formerly known as a Risk Manager.)
- Paying for “awards” and recognition to fill the trophy cabinet and provide PR with talking points.
- Hiring an expensive motivational “trust” speaker instead of allocating those funds to a trust budget.
- Using employee satisfaction surveys in unsavory ways. (Employees should never be coached on which boxes to check and their responses should always be anonymous.)
- Excluding freedom of expression and opinions from the “Diversity & Inclusion” program.
- Talking about the importance of data privacy while installing the latest surveillance software upgrades on subordinates computers (and referring to them as subordinates.)
- Placing customers before employees.
- Filling the next Board seat with someone other than the most competent candidate.
- Taking a “stand” not because of a belief in the cause but because PR thinks it’s a good idea.
Kick Those Trust Account Withdrawals to the Curb
So what should business leaders do to build a trust bank account?
- Start by refusing to make the trust busting business decisions shown above, and challenge/fire the advisors who are recommending them.
- Assign an internal team to review the trust violations occurring in your organization and fix them.
- Make each “fix” your next BIG PR announcement. It will be meaningful and your stakeholders will applaud and reward you.
- Do not allow anyone to tell you that these violations can be ignored.
- Do not shrug off this list because your peer group is choosing to do so. The longer you do, the less trust you will have. You may have lots of “friends at the top” but your trust bank account will remain low and the next crisis may just be your last.
Interested in learning more about how to build organization trust? Stop by our website and Tap Into Trust while you are there.
Barbara Brooks Kimmel is an author, speaker, product developer and global subject matter expert on trust and trustworthiness. Founder of Trust Across America-Trust Around the World she is author of the award-winning Trust Inc., Strategies for Building Your Company’s Most Valuable Asset, Trust Inc., 52 Weeks of Activities and Inspirations for Building Workplace Trust and Trust Inc., a Guide for Boards & C-Suites. She majored in International Affairs (Lafayette College), and has an MBA (Baruch- City University of NY). Her expertise on trust has been cited in Harvard Business Review, Investor’s Business Daily, Thomson Reuters, BBC Radio, The Conference Board, The Financial Times, Global Finance Magazine, Bank Director and Forbes, among others.
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