Think about it: virtually every decision we make somehow involves an element of trust. How we eat, shop, vote, travel, parent, research, communicate, invest, socialize, teach, govern, manage, resolve conflict – our choices in all of these activities are impacted by the level of trust we have in another party. Low levels of trust lead to excessive amounts of time, effort and resources that are needed to overcome people’s fear, uncertainty and doubt (what author @Stephen Covey called the “trust tax”). By contrast, high levels of trust generally result in more streamlined decision-making, because such energy can instead be focused more productively (a “trust dividend” in Covey’s vernacular). Establishing a foundation of trust and transparency with our colleagues, as well as with external stakeholders, helps build credibility, promotes loyalty, improves morale and increases productivity, all of which are good for business.
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