OpenWork Leverages Employee Trust
by Open Work
Stephen M.R. Covey calls trust “The one thing that changes everything” in his book “The Speed of Trust.“
In his work Covey notes the following 7 High-Trust Organizational Dividends™
- Increased value: Watson Wyatt study shows high-trust organizations outperform low-trust organizations in total return to shareholders by 286 percent.
- Accelerated growth: Research shows customers buy more, buy more often, refer more and stay longer with companies they trust. And, these companies actually outperform with less cost.
- Enhanced innovation: High creativity and sustained innovation thrive in a culture of high trust. The benefits of innovation are clear – opportunity, revenue growth, and market share.
- Improved collaboration: High-trust environments foster the collaboration and teamwork required for success in the new global economy.
- Stronger partnering: A Warwick Business School study shows that partnering relationships that are based on trust experience a dividend of up to 40 percent of the contract.
- Better execution: FranklinCovey’s execution quotient tool (xQ) has consistently shown a strong correlation between higher levels of organizational execution and higher levels of trust. In a 2006 study of grocery stores, top executing locations had significantly higher trust levels than lower executing locations in every dimension measured.
- Heightened loyalty: High-trust companies elicit far greater loyalty from their primary stakeholders than low-trust companies. Employees, customers, suppliers, distributors and investors stay longer.
Business experts observe that building high levels of employee trust within organizations is a means of engaging employees, generating growth and improving performance.