Your Trust Capital Score puts you into the category of Medium Trust Capital Levels.
Medium Trust Capital highlights: Average stakeholder reliance, medium levels strategic readiness, average speed, medium employee accountability
(Remember, this is a lite version of our assessment. It is more accurate when undertaken by other stakeholders and with more comprehensive questions. You can find out more at: Unlocking Your Trust Capital Potential Premium or contact us for a customised assessment).
Medium Trust Capital
You have some of the fundamentals for embedding trust in your organisation, but still, operate in the “gray zone” where it’s not fully embedded into all of your systems and processes.
When you’re at mid range for trust, your speed and transaction costs are suboptimal. This is because of the internal focus on fixing people/customers issues.
Day to day pressures take time and energy to fix leaving little time to reach goals. Executing on strategy is hampered because the right environment has not been put in place for high performance.
Ensuring that your leaders are committed to improving trust and understand the elements of trust will help you better define and link trust to your strategy.
Essentially, medium trust capital levels highlight:
- An unrealistic focus on symptoms, rather than systems. Embedding trust holistically throughout your system will enable you to move faster, rather than being stuck fixing people and customer issues. Trust issues are slowing you down and are often hidden from view.
- Average levels of trust capital are not fully activating other capital, in order to improve the value of intangible assets. Increasing trust capital levels will allow you to improve strategic readiness and execution.
- Employees and other stakeholders are not consistently able to rely on others in the organisation to deliver on commitments. This creates friction and a lack of synergies and alignments between departments and team. You will also find it playing out in employee performance issues.
Five Steps of The Fast Trust Company SystemTM
Organisational trust exists when all stakeholders (eg: employees, customers, investors, suppliers, community) believe they can confidently rely on the organisation to do the right thing.
Few would argue the importance of organisational trust, but the challenge lies in how to build and sustain it during change, risk and uncertainty.
Typically, companies repair trust by treating symptoms, rather than the systemic underlying causes. The most famous corporate scandals of our time involved organisations that superficially fixed trust symptoms. Both Enron and Lehman Brothers had codes of conduct and ethics training, yet failed to act in a trustworthy manner across the board.
Organisational trust occurs when all stakeholders can rely on others to do the right things and deliver on their commitments. The best way to do this is to embed trust into the very fabric of your organisational structure and behaviours, not just in one or two places of subsystems. Trust must be fundamental to how the organisation operates as a whole.
Here are five foundational elements to systemise trust into your organisation:
Start with a trust discussion
Building trust starts with leaders who are intentional about building trust. This involves an open discussion at your next executive team meeting to determine how much trust is needed for the company to succeed. Use these preliminary results to discuss your trust capital status.
Build trust within your executive team.
Once it is determined that trust would be a good differentiator or competency, then it’s critical that every executive is on board. Whatever strengths or weaknesses exist in your organisation can be traced right back to how your executive team function together. This requires commitment and courage because if one leader pays lip service to building trust, it will stymie results. To fully embed trust in an organisation requires each leadership member to start building trust with one another to develop a high trust executive team. Given that leader’s model the right behaviours for employees, if leadership don’t trust each other, it will be difficult to flow trust downwards.
Find out more about how we can help you discuss trust with your executive team.
Build Trust Leadership Capabilities
Leaders need to learn about the elements of organisational trustworthiness, in order to better understand how to embed elements of trustworthiness into the architecture of the organisation.
Executives who can see the benefits of developing a high trust organisation, where people feel safe and don’t feel threatened by others, have a big opportunity to construct an organisation that has employees who are more productive, enjoy their work and generate happy customers.
Failure to learn about trust comprehensively ensures that only superficial changes are made.
We have a range of training available depending on specific needs. Visit our trust leadership training workshops here.
Aligning Trust to Strategy
An organisation creates value through efficient internal business processes aligned to strategy. When trust issues are hidden or ignored from strategic discussions, it enables obstacles to negatively impact delivering on the customer’s value proposition.
This slows down execution and causes unnecessary stress, incoherence, and inefficiencies.
It’s important that your trust capital capabilities are measured against how closely aligned assets are to the company’s strategy. If your trust capital capabilities aren’t aligned to strategy, then it will create little value. Openly discussing and assessing your trust capital levels using the right tools and structure, flushes out potential trust problems before they become an issue. It exposes the right behaviours and processes required to drive customer value and create competitive advantage that was previously hidden from view.
If you want us to facilitate a session on trust capital readiness at your next strategy day, contact us here.
Prioritise High Impact Areas
Once trust is more deeply understood by leaders and the role it needs to play in executing strategy, then you can realistically include trust in strategic planning.
Choosing 2-4 priorities is appropriate for fast moving organisations to achieve in one given year.
Priorities include creating a company trust framework linked to your values and strategy, employee trust training and trust leadership toolkits. These need to be evaluated and adjusted over time using specific trust diagnostics. Refer to The Fast Trust Company System to understand what elements might be right for your organisation to prioritise and systemise.
Contact us, if you have questions or require help during strategic planning to bring trust issues to the surface.
Build Trust Quickly, Improve Business Results
Trustologie helps leaders put the right processes in place to accelerate trust during change and growth. If you want to know more about how to turn your existing organisational trust levels into an asset that increases efficiencies, improves profitability and enhances people performance, contact Marie-Claire Ross at Trustologie now on 03 9696 8810.