He who does not trust enough, will not be trusted.
Catherine/Kate Bourlier Masson in LinkedIn[1] stated: Empathy + Shared Values + Safety & Reliability = Trust over Time.
She got my attention. How important is trust? Is trust one of our core values? How does it impact business and our personal lives, and how easy it is to lose trust. Does trust create value?
I have used trust in measuring Customer Value Added studies as part of the image of a company or its people.
Customer Value Added is the ratio of the Value your company is adding to its customers divided by the Value your competition is adding to their customers. If greater than 1, then you are creating more value than your competitors.
To measure customer value added we must understand the customers’ needs by building a waterfall of needs (which is like a customer journey), which helps us decide the important attributes a customer is looking for in a company (or a person looking at another person).
Value breaks up into Benefits and Cost, and the Benefits further can break up into the benefits of the company’s products, of their people (and the trust in them), of their image (which includes brand, trust, relationship etc.), their service and so on.
In some instances, the image and the trust become the most important aspect of doing business. Take electricity, where you cannot differentiate between one company’s electricity in your home versus another company’s electricity. You prefer to deal with a company that has a better image and that can mean trust or trustworthiness, brand, efforts on sustainability etc.
So, trust in a company helps you buy, or to choose one company or option over another.
Recently, I was looking at waterproofing my terrace, and two well known companies came to me. My decision to buy was based on the trust I had in the company, its warranty, my ability to contact them (one company gave me a list of 5 executives I could contact). The work was to be done by a small contractor and I did not trust their warranty. The warranty was underwritten by the large company, whom I could trust (to honour their commitment, not go out of business, be traceable and contactable etc.)
I was wary of their salespersons, because he was not knowledgeable and just wanting to make a sale.
So that brings me to trust. Kate Masson, earlier had said it was Empathy + Shared Values + Safety & Reliability. So, I trust someone whom I can relate to, who seems to share my values and beliefs, and who is perceived to be safe and reliable. I add someone I can believe in, someone who is knowledgeable and capable and seems to have the right attitude and the belief that somebody is good, honest, sincere, etc. and will not try to harm or trick me. Belief in a person, his reliability, that he will come through and will deliver, is honest all go into your trusting someone.
The dictionary says trust means reliance, that you can rely on someone.
In a Harvard Business Review article[2], everything seems to start with trust, and Leadership begins with trust. Frances Frei and Anne Morriss say, “We think of trust as precious, and yet it’s the basis for almost everything we do as civilized people. Trust is the reason we’re willing to exchange our hard-earned paychecks for goods and services, pledge our lives to another person in marriage, cast a ballot for someone who will represent our interests.”
They state that trust has three core drivers: authenticity, logic, and empathy. To them logic is judgment and competence, akin to knowledge and ability we discussed earlier. Authenticity is true to themselves and others, and be as they appear.
Dr John Blakey in the Trusted Executive[3] asks if trust one of your core business values? He makes a case for trust as a core value.
Crowe Associates suggest[4] that without trust there’s less innovation, collaboration, lower creative thinking, and decreased productivity, and people spend their time protecting themselves and their interests. This impacts customers, employees and other stakeholders. Lack of trust can reduce business and employee motivation. Relationship, reputation, brand, appearance, truthfulness etc. all impact trust.
For example, the appearance of a sales person, or someone who tries to sell you something on the street is the starting point of trust or distrust you might have.
Is trustworthiness a value? Trustworthiness is considered a key value in a person because it inspires reliability and builds trust. Trustworthiness is demonstrated through qualities such as being reliable, respectful, empathetic honest, consistent, positive, selfless and having shared beliefs.
In conclusion trust is important in personal and business decisions. We suggest your belief in a person, his reliability, his relationship with you and his knowledge are necessary in building trust. Appearances, behavior, promptness all build trust.
Sources:
[1] https://www.linkedin.com/pulse/e-sv-sr-tt-catherine-bourlier-masson/
[2] https://hbr.org/2020/05/begin-with-trust , Posted on January 8, 2024 by Dr John Blakey in The Trusted Executive
[3] https://www.crowe-associates.co.uk/teams-and-groups/the-importance-of-trust-in-teams/