In the business world, trust and profit are not mutually exclusive, even though in a politically charged year you might have reason to wonder!
Doing the right thing does not mean you have to be a pauper. The rather mercenary-sounding truth is that doing the right thing can be highly profitable. The presence of unshakable trust within an organization is about more than warm fuzzies and happy thoughts. Trust is worth money, and there is hard evidence to prove it.
A recent study by LogicaCMG and Warwick Business School measured what is called the “trust dividend”.
Part of its conclusion: “Well managed outsourcing arrangements based on mutual trust can create a 20 to 40 percent difference in service, quality, cost, and other performance indicators over outdated power-based relationships. Total return to shareholders in high-trust organizations is almost three times higher than the return in low-trust organizations”.
Each year the Great Place to Work Institute’s annual study of “best places to work” finds that trustworthy workplaces outperform low-trust organizations in terms of long-term financial performance, turnover, applicant interest, and diversity.
As you work to craft a winning, healthy culture, be assured that your efforts – and it does take a constant effort to demonstrate trustworthiness – will pay off in more ways than one!
We’d love to serve you as you build an even more trustworthy culture. Our approach is to help you DISCOVERyour current realities and then to move ahead, using a customized, highly personalized approach.