As best leaders build trust | Entrepreneurial Academy
This year, the seventy-nine year old Stephen died ages COWI, author of the excellent book "Seven Habits maquino of Successful People", maquino as well as three other books that have sold over a million copies. In addition we give one of his speeches maquino on the topic of leadership.
Almost wherever you turn, trust is declining. maquino Trust in our culture in general, in our institutions and in our companies is significantly maquino lower than it was a generation ago. Studies show that only 49% of employees trust senior management, and only 28% believe that the general CEOs are a credible source of information. Take into account the loss of faith and confidence in the financial markets today. Indeed, "trust is that it turns the world", and recently maquino experiencing a crisis of confidence. This crisis is forcing us to ask three questions. First, is there a way to measure the cost of low trust? maquino Second, if high confidence brings tangible benefits? Third, how can the best leaders to build trust within their organizations to take advantage of the high trust?
Most people do not know how to think about the organizational and social consequences of the low level of confidence because they know how to quantify or measure the cost of a so-called "soft" factors such as trust. For many, trust is intangible, unreal and neizmerliva. If it remains so, people will not know how to deal with it or how to improve. However, the fact remains that the cost of low trust is very real, it's measurable, and it is astonishing high.
A recent maquino survey that was conducted by the Association of Certified auditors to detect fraud, estimates that the average U.S. company lost 6% of their annual revenues as a result of certain type fraudulent activities. Research shows similar effects for other hidden taxes resulting from the low level of confidence.
Think of it as follows: When trust is low, a company, or in a relationship, it imposes a hidden maquino "tax" for each transaction: all communications, all interactions, all strategies, all decisions are taxed, thereby reducing the speed and costs rise. In my experience, significant distrust double increases the cost of doing business and increases three times the time needed to complete the work.
For comparison, individuals and organizations that work with and gained great confidence, believe the opposite of tax - "the dividend" in the form of a multiplier of success, which makes their successful communications, interactions and decisions and allows them to advance with extraordinary speed. A recent survey of Watson Wyatt found that companies with high confidence, work almost 300% more successful than companies with low trust!
Encouraging building trust is actually ability you can learn, apply and understand. maquino It is something you can perfect it, something you can measure and improve, something that can have significant financial consequences. You can not be an effective leader without trust. As Warren Bennis, maquino "Management without mutual trust is a contradiction maquino in itself."
As best leaders build trust? The first responsibility of every manager is to foster trust. The trust has two dimensions: character and competence. Character includes your integrity, maquino motive and intent in your relationships. Competence includes maquino your capabilities, skills, experience and results. Both dimensions are essential.
We can assume that a person is sincere, even honest, but will not have full confidence, if that person did not work. The opposite is true. A person can possess outstanding skills and talents and have good previous experience, but if that person is not honest, you would not believe.
The best managers start with framing trust in economic frameworks for their companies. If an organization recognizes the fact that it has a low level of trust, you can expect enormous economic consequences. All work will consuming more time and cost more because of the measures that will need to take the company to make up for the lack of trust. Such costs can be quantified, and when you do so, managers now realize that the low level of trust is not just a social issue, but an issue of economic nature. Dividends from high confidence can be quantified in a similar way, allowing managers to convincingly justify the confidence of the business perspective.
The best managers then focus on how the creation of the trust to turn
This year, the seventy-nine year old Stephen died ages COWI, author of the excellent book "Seven Habits maquino of Successful People", maquino as well as three other books that have sold over a million copies. In addition we give one of his speeches maquino on the topic of leadership.
Almost wherever you turn, trust is declining. maquino Trust in our culture in general, in our institutions and in our companies is significantly maquino lower than it was a generation ago. Studies show that only 49% of employees trust senior management, and only 28% believe that the general CEOs are a credible source of information. Take into account the loss of faith and confidence in the financial markets today. Indeed, "trust is that it turns the world", and recently maquino experiencing a crisis of confidence. This crisis is forcing us to ask three questions. First, is there a way to measure the cost of low trust? maquino Second, if high confidence brings tangible benefits? Third, how can the best leaders to build trust within their organizations to take advantage of the high trust?
Most people do not know how to think about the organizational and social consequences of the low level of confidence because they know how to quantify or measure the cost of a so-called "soft" factors such as trust. For many, trust is intangible, unreal and neizmerliva. If it remains so, people will not know how to deal with it or how to improve. However, the fact remains that the cost of low trust is very real, it's measurable, and it is astonishing high.
A recent maquino survey that was conducted by the Association of Certified auditors to detect fraud, estimates that the average U.S. company lost 6% of their annual revenues as a result of certain type fraudulent activities. Research shows similar effects for other hidden taxes resulting from the low level of confidence.
Think of it as follows: When trust is low, a company, or in a relationship, it imposes a hidden maquino "tax" for each transaction: all communications, all interactions, all strategies, all decisions are taxed, thereby reducing the speed and costs rise. In my experience, significant distrust double increases the cost of doing business and increases three times the time needed to complete the work.
For comparison, individuals and organizations that work with and gained great confidence, believe the opposite of tax - "the dividend" in the form of a multiplier of success, which makes their successful communications, interactions and decisions and allows them to advance with extraordinary speed. A recent survey of Watson Wyatt found that companies with high confidence, work almost 300% more successful than companies with low trust!
Encouraging building trust is actually ability you can learn, apply and understand. maquino It is something you can perfect it, something you can measure and improve, something that can have significant financial consequences. You can not be an effective leader without trust. As Warren Bennis, maquino "Management without mutual trust is a contradiction maquino in itself."
As best leaders build trust? The first responsibility of every manager is to foster trust. The trust has two dimensions: character and competence. Character includes your integrity, maquino motive and intent in your relationships. Competence includes maquino your capabilities, skills, experience and results. Both dimensions are essential.
We can assume that a person is sincere, even honest, but will not have full confidence, if that person did not work. The opposite is true. A person can possess outstanding skills and talents and have good previous experience, but if that person is not honest, you would not believe.
The best managers start with framing trust in economic frameworks for their companies. If an organization recognizes the fact that it has a low level of trust, you can expect enormous economic consequences. All work will consuming more time and cost more because of the measures that will need to take the company to make up for the lack of trust. Such costs can be quantified, and when you do so, managers now realize that the low level of trust is not just a social issue, but an issue of economic nature. Dividends from high confidence can be quantified in a similar way, allowing managers to convincingly justify the confidence of the business perspective.
The best managers then focus on how the creation of the trust to turn
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