OpenWork Leverages Employee Trust

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™

  1. Increased value: Watson Wyatt study shows high-trust organizations outperform low-trust organizations in total return to shareholders by 286 percent.
  2. 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.
  3. 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.
  4. Improved collaboration: High-trust environments foster the collaboration and teamwork required for success in the new global economy.
  5. 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.
  6. 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.
  7. 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.

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