How Much is Lack of Trust Costing You?
Are you struggling with a lack of trust in your organization? Discover the key elements to creating an environment of trust and learn how to rebuild it when it's been broken. Join Andrea and Michelle from The Leadership Hustle as they share their 3 point model for building and maintaining trust in your company.
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How to Build Trust: Stop Costing Your Company Money
Do you know how to build trust in your organization? Do you know how much money the lack of trust can cost or is already costing your business? Trust is a fundamental part of your organization's functioning.
In this Leadership Hustle episode, Andrea Fredrickson, and Michelle Hill talk about the three-point model that you can implement in your business today to build trust and meet your team's expectations for a successful and working company.
The Importance of Trusts in Your Organization
Trust is a vital ingredient in the success of any business team. It establishes a foundation of reliability, transparency, and collaboration among team members. When trust is present, individuals feel confident in each other's abilities, allowing for effective communication and problem-solving.
However, if a team fails to meet expectations or falls short of its goals, it can significantly impact the reputation of the company. Moreover, a lack of trust within the team can lead to decreased motivation, hindered teamwork, and reduced productivity.
How to Build Trust with the Three-point Model
The effects of a lack of trust in your company can be detrimental. If your company struggles with trust-building or accountability, here is a three-point model that has worked for organizations to maintain and grow their team's trust and performance:
Compassion
Building trust starts with understanding and empathy. It is essential to recognize that individuals may have valid reasons for not meeting expectations or underperforming. Instead of immediately attributing their actions to incompetence or lack of effort, approach the situation with compassion.
Consider the challenges they may be facing, the context of their actions, and their intentions. By viewing others through their intentions rather than just their actions, you can foster a more empathetic and understanding environment.
Capability
Trust is built upon the belief that team members possess the necessary skills and capabilities to fulfill their roles effectively. When hiring or assigning tasks, it is crucial to assess the individual's qualifications and experience and actually believe that they are capable of performing the task.
Clearly define expectations and ensure that team members have the resources and support they need to perform their jobs successfully.
Consistent Behavior
Lastly, consistency plays a pivotal role in trust-building. It involves following through on commitments and doing what one says they will do. When team members consistently exhibit behavior aligned with their words, like meeting deadlines, fulfilling responsibilities, and communicating openly and honestly, it establishes a sense of accountability. By consistently demonstrating integrity and delivering on promises, team members can build trust among themselves and with stakeholders.
How to Build Trust when There's Non?
When one of the three components mentioned before is missing, then we end up with a lack of trust. In such cases, it is important to take proactive steps to rebuild trust and restore confidence among team members.
Have Important Conversations
Have Important Conversations with your team; what happened? What makes you lose confidence? How can we fix it? If people are not meeting expectations of accountability and understanding, you need to find out what the problem is and where the expectation isn’t met. Take the time to understand why trust is compromised within the team. It could be due to past incidents, miscommunication, conflicting interests, or unresolved conflicts. Encourage open dialogue and create a safe space for team members to express their concerns and share their perspectives.
Know Each Other’s Expectations
Lastly, understanding and aligning expectations is crucial for building trust within a team. As leaders, we have expectations, and sometimes, our team doesn’t know them or doesn’t have the same expectations as you.
It is important to provide clarity on each team member's role and what they are expected to contribute. Clearly define their responsibilities, tasks, and key deliverables. This ensures that everyone understands their part in achieving the team's goals and avoids any ambiguity or misunderstandings.
Develop Your Team to Build Trust
Recognize that each team member may possess unique strengths and areas for growth. Tailor expectations to leverage their strengths while also challenging them to develop in areas that need improvement.
By taking an individualized approach to setting expectations, you demonstrate that you value and support each team member's professional development, thus making them feel like a valuable member of your organization, improving motivation, and empowering them.
Start Building Trust
By implementing the three-point model, you can create a space where people are accountable, know their expectations, and trust themselves and others to do their jobs and move the company forward.
Need help building trust and taking your team to the next level? Contact Revela today to start improving your team's performance and your business success.
About the Hosts
Andrea Fredrickson
Andrea Fredrickson is a thought leader and consultant at Revela, an organization based in Omaha, Nebraska specializing in the development of leaders, culture alignment, and business strategy for private and family businesses of all sizes. Revela is one of the region's most experienced thought challengers, helping individuals and companies find their greatness. Andrea has built an amazing team by believing that fundamentally people want to be successful and become better versions of themselves.
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Andrea has degrees in education, management, and business. She is the author of Insight Unseen; How to lead with 20/20 business vision. She helps people see things differently, self-reflect, and never stop looking for ways to improve themselves on a personal and professional level. Andrea has spent more than 30 years researching and developing methods to help people communicate and lead more effectively.
When Andrea isn’t working with clients, you’ll find her spending time with her family & friends and making memories by exploring new cities.
Michelle Hill
Michelle Hill is a master facilitator and coach at Revela, an organization specializing in the development of leaders and aligning the culture of privately held and family businesses of all sizes. Revela is one of the region's most experienced thought challengers, helping individuals and companies find their greatness.
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An ambitious leader, Michelle has the natural ability to create forward momentum to build teams and get results. She inspires others to look within themselves and to challenge the status quo. She helps create high-performing environments. Michelle brings a diverse background: operations, employee development, and sales in the steel, hospitality, and consulting industries.
Outside of work, you will see her competitive side engaged in her daughter’s sports and ISU athletics. She loves life, her four-legged companions, and captures all the moments through her camera’s lens.
TRANSCRIPT
Andrea Frederickson: How much is a lack of trust costing your company? There are statistics out there ranging from two and one half hours a week to two and one half hours a day where the employees, all employees are dealing with some type of lack of trust between their coworkers, between departments, between leadership or some other aspect of the business. In today's episode, we're going to talk about how much a lack of trust is costing your company, and we'll give you a three point model that we use when we're working through different aspects of leading and developing trust.