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Trust has an important link with your
organizational success.
Trust – both between
individuals and
organizations – is at the core of today's complex and rapidly changing
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knowledge economy.
Many studies have concluded that it is the mutual bond of trust and respect
that acts as the catalyst that creates high performance.
With trust as a foundation, the companies – or
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teams  within a company – can
share their know-how to achieve
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synergy
– results that exceed the sum or the parts. "Unlike formal contracts or
rigid hierarchies, trust frees partners to respond together to the
unexpected, which is essential for
mutual creativity. Trust also fosters
enthusiasm, ensuring the best performance from everyone," says Jordan D.
Lewis, the author of Trusted Partners.
Further,
trust-based working
relationships reduce the costs your firm incurs to manage or govern
itself.
Trust elevates levels of
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motivation
and commitment.
It
sustains effort and
performance without the need for management controls and close
monitoring.
Trust between a manager and an employee is based on
the trustor's
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perception of the trustee
ability, benevolence, and integrity.
Not only must you trust your employees, but even more important, they must
trust you.
Such relationships facilitate collaboration and make it less necessary to
establish formal contracts and monitor and control individual and group
behaviors, thus reducing your firm's transaction costs.
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