Archive

Posts Tagged ‘trustworthy behavior’

Aug
06

 

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Late last year Trust Across America-Trust Around the World  published the first in a planned series of award-winning books.  TRUST INC., Strategies for Building Your Company’s Most Valuable Asset brings together the wisdom of 32 experts. Six months later we released our second book, Trust Inc. A Guide for Boards & C-SuitesIn this book, sixty experts have joined forces to offer 100 strategies.

Throughout the month of August, we will be featuring 31 essays from our second book. Each stands alone as an excellent resource in guiding Boards and C-Suites on driving a trust agenda at the highest level in the organization, and provides tools for those who choose to implement trust-building programs in their organization.

The sixth essay in our series brings us the wisdom of Alan Williams, Managing Director of SERVICEBRAND GLOBAL, who coaches service sector organizations, internationally and in the UK, to deliver inspiring service for competitive advantage. Alan created the 31Practices concept and approach and is co-author of the book THE 31 PRACTICES: release the power of your organisation’s VALUES every day. He is a Fellow of the Institute of Hospitality, a Board member of the British Quality Foundation and a Steering Group member of the recently formed UK Values Alliance.

“It Ain’t What You Do (It’s the Way That You Do It)” [1]

Core values are traits or qualities representing deeply held beliefs. In an organization, values (explicit or implicit) define what it stands for and how it is seen and experienced by stakeholders (customers, employees, service partners, suppliers and communities). 

The tone is set by every employee. People notice how leaders of an organisation behave.  Yet, wherever you are, you have influence on those around you.  The organization is only as good as each of the component parts.

The power of living values is described by David MacLeod, Chair of the UK Government-sponsored Employee Engagement Task Force in the UK: “All organizations have some values on the wall. What we found was that when those values were different from what colleagues and bosses do, that brings distrust. When they align, then it creates trust.”[2]

The transparency brought by the internet and social media will arguably bring the importance of values into even sharper focus than ever before. Organizations are no longer what they say they are but what others say they are.

[1]Probably best known for the version by The Fun Boy Three and Bananarama 1982  but in fact, the original version is a calypso song written by jazz musicians Melvin “Sy” Oliver and James “Trummy” Young. It was first recorded in 1939 by Jimmie Lunceford, Harry James, and Ella Fitzgerald.

[2] Laura Chamberlain (2012). Four key enablers to employee engagement, Personnel Today, 27th January 2012. 

I hope you have enjoyed this next sneak peak into our second book. If this brief look behind the door has been helpful, follow this link to order both of our books online.

And for those who want to catch up on the series, a quick reference on what’s been covered so far this month:

August 1: There’s a Reason Why We Call Them Trustees explains why being an “absentee landlord” doesn’t work.

August 2: Kill the Evening Before Dinner and take a small group of front line employees to dinner instead.

August 3: In Head of Business- Hope for the World we introduce the Winston “V” Model.

August 4: Reputation vs. Trust and why leaders should care more about the latter.

August 5: C-Suite Must Speak With a V.O.I.C.E. of Trust, a new communications model

 

Barbara Brooks Kimmel is the Executive Director of Trust Across America-Trust Around the World whose mission is to help organizations build trust. She is also the editor of the award winning TRUST INC. book series. In 2012 Barbara was named “One of 25 Women Changing the World” by Good Business International.

PrintND Trust CEO cvr 140602-ft

Should you wish to communicate directly with Barbara, drop her a note at Barbara@trustacrossamerica.com

Copyright © 2014, Next Decade, Inc.

 

 

 

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Aug
05

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Late last year Trust Across America-Trust Around the World  published the first in a planned series of award-winning books.  TRUST INC., Strategies for Building Your Company’s Most Valuable Asset brings together the wisdom of 32 experts. Six months later we released our second book, Trust Inc. A Guide for Boards & C-SuitesIn this book, sixty experts have joined forces to offer 100 strategies.

Throughout the month of August, we will be featuring 31 essays from our second book. Each stands alone as an excellent resource in guiding Boards and C-Suites on driving a trust agenda at the highest level in the organization, and provides tools for those who choose to implement trust-building programs in their organization.

A quick reference on what’s been covered so far this month:

August 1: There’s a Reason Why We Call Them Trustees explains why being an “absentee landlord” doesn’t work.

August 2: Kill the Evening Before Dinner and take a small group of front line employees to dinner instead.

August 3: In Head of Business- Hope for the World we introduce the Winston “V” Model.

August 4: Reputation vs. Trust and why leaders should care more about the latter.

The fifth essay in our series brings us the wisdom of Bernie Nagle Principal at  Altrupreneur  who has toiled in the fields of “Employee Engagement” for over 35 years, as a senior Operations Executive at Fortune 500 companies, Consultant, Author, Speaker and Business Owner. His perspective is informed by thousands of hours of facilitation and hands-on leadership of teams from the shop floor to the boardroom, dealing with strategic improvisation, creative problem solving, process improvement and conflict resolution.

C-Suite Leaders Must Learn to Speak with a V.O.I C.E. of Trust

“I cannot hear what you say, because your actions scream “INSINCERITY” so loudly”

The currency of leadership is credibility! Collins & Porras told us so in their 1994 book, “Built to Last”. Draw the ‘credibility’ account down too low and you risk losing your team, and quite possibly your job. So how does one maintain a strong ‘credibility’ current-ratio? The answer is simple…use your V.O.I.C.E. and learn how become an Altrupreneur.

Values: Know what you believe and allow those beliefs to inform every interaction. Kouzes and Posner advise us: “To be credible as a leader, you must first clarify your own values, the standards by which you choose to live your life.”

Optimism: To inspire engagement leaders must take the long view, remain fixed on the vision and strive persistently toward the goal – despite the upheaval and tumult along the way. Daily mood swings do not inspire trust.

Integrity: The word, ‘integrity’, signifies wholeness; an absence of duality; a “what- you-see-is-who-I-am” persona. At its most basic, Integrity is alignment between beliefs, words, and actions. Be who you say you are.

Courage: Take reasoned risks in pursuit of team objectives. Take risks with people; allow them to try, and pick them up when they fail – help them fail forward.

Enthusiasm: Passion is contagious; regrettably, so are ambivalence, doubt, and detachment. Enthusiasm conveys a deeply held belief in the validity of the endeavor. It tells the team, “I believe in what we’re doing”. They will too!

I hope you have enjoyed this next sneak peak into our second book. If this brief look behind the door has been helpful, follow this link to order both of our books online.

Barbara Brooks Kimmel is the Executive Director of Trust Across America-Trust Around the World whose mission is to help organizations build trust. She is also the editor of the award winning TRUST INC. book series. In 2012 Barbara was named “One of 25 Women Changing the World” by Good Business International.

PrintND Trust CEO cvr 140602-ft

Should you wish to communicate directly with Barbara, drop her a note at Barbara@trustacrossamerica.com

Copyright © 2014, Next Decade, Inc.

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Aug
03

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Late last year Trust Across America-Trust Around the World  published the first in a planned series of award-winning books.  TRUST INC., Strategies for Building Your Company’s Most Valuable Asset brings together the wisdom of 32 experts. Six months later we released our second book, Trust Inc. A Guide for Boards & C-SuitesIn this book, sixty experts have joined forces to offer 100 strategies.

Throughout the month of August, we will be featuring 31 essays from our second book. Each stands alone as an excellent resource in guiding Boards and C-Suites on driving a trust agenda at the highest level in the organization, and provides tools for those who choose to implement trust-building programs in their organization.

A quick reference on what’s been covered so far this month:

August 1: There’s a Reason Why We Call Them Trustees explains why being an “absentee landlord” doesn’t work.

August 2: Kill the Evening Before Dinner and take a small group of front line employees to dinner instead.

The third essay in our series is from a speech delivered by Pär Larshans, the Chief Sustainability Officer at Max Hamburger Restaurants, a Swedish, family owned fast-food company, that employees many workers with disabilities. He speaks regularly on leadership, sustainability and human rights and also lectures on behalf of the Swedish Ministry of Foreign Affairs/Swedish Institute.  He is a member of the Alliance of Trustworthy Business Experts (ATBE) and has been named a 2014 Top Thought Leader in Trustworthy Business by Trust Across America-Trust Around the World.

The HEAD of business (H)- hope for the world

Introducing The Winston “V” model

We use the letter “V” to represent the demographic model in developed countries. Fewer children are born and we live longer, leading to ageing populations with fewer employees. This provides us with an opportunity, though, inspired by Winston Churchill

During WWII, the British relied on Churchill with his famous victory V-sign. However, he suffered from depressions and possible bipolar disorder. Today, there are many like Winston who don’t fit in. These people are not seen as hirable (outside the V).

Turn Winston’s “V” on its side to the right. That’s the second problem: lack of fossil fuels and other environmental (E) problems. Available natural resources are declining, consumption increasing. As in the social system, it affects every country, every business.

Now turn Winston’s “V” upside down. This gives you an overview of an organizational chart (O). The most important is that the head (H) can identify the problems and lead, inspire and empower the organization to use the lack of resources as a power boost. The way to do that is to focus on the company’s CORE VALUES, empowering every employee to understand future societal challenges so that actions towards full sustainability (S) are taken. Line Managers are key here.

Then point Winston’s “V” left. That’s the action part, the sphere of transparency (T), imitating a megaphone or speaker. Creating leaders that become self-aware (c) in this “V” is number one.

These form (E)(T)(H)(O)(S). Ethos is essential in order to succeed in creating a change in behavior by storytelling.

Watch the speech at this link.

I hope you have enjoyed this next sneak peak into our second book. If this brief look behind the door has been helpful, follow this link to order both of our books online.

Barbara Brooks Kimmel is the Executive Director of Trust Across America-Trust Around the World whose mission is to help organizations build trust. She is also the editor of the award winning TRUST INC. book series. In 2012 Barbara was named “One of 25 Women Changing the World” by Good Business International.

PrintND Trust CEO cvr 140602-ft

Should you wish to communicate directly with Barbara, drop her a note at Barbara@trustacrossamerica.com

Copyright © 2014, Next Decade, Inc.

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Jul
30

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Have you ever considered the inverse relationship between product warranties and trust? I have.

According to my friends at Merriam-Webster a warranty is: a written statement that promises the good condition of a product and states that the maker is responsible for repairing or replacing the product usually for a certain period of time after its purchase. 

The catch phrase is “a certain period of time.”

As consumers, how often have we heard the following:

  1. It’s not covered under warranty.
  2. Sorry, your warranty expired last week.
  3. Do you have a copy of your warranty?
  4. Do you know the length of your warranty?
  5. Did you send in the warranty?

In essence the manufacturer is setting a time limit on its own reputation and building a wall of mistrust between itself and its customers. I’m not suggesting that warranties should not exist. I suppose there are times when they are needed, although I can’t think of any offhand.

If you are interested in reading about the history of the warranty including such events as the 1975 Magnuson-Moss FTC Warranty Improvement Act, express vs. written, repair and replace, breach of warranty, disclaimers and limitation and dozens of other “laws” please click here. (Thank you Paul E. Wojcicki for incorporating all this information in one neat Slideshare.) Imagine how many lawyers it took to write the warranty rules and how many are needed to enforce them! Let’s not even think about the gross annual costs to society of warranty litigation.

How about instead, if companies just “did the right thing?”

Sometimes they do.

Yesterday I called Kohler to inquire about replacing a broken head on my kitchen faucet. The call wait time was very short, an English-speaking customer service rep answered, some basic information was collected (name, address, phone) and the matter was resolved in under 5 minutes. The outcome: The part is being replaced at no charge. There was little discussion of warranties. The closest was the question as to when the item was purchased. I told the CSR I had no idea, as I could not remember when we had our kitchen remodeled.

So hat’s off to Kohler for standing behind their product and “doing what is right” instead of only “what is legal.” And the way they do business is clearly not by accident. Founded in 1873, Kohler is a family-owned business, and a privately held company. You can read their mission statement here. Their employees seem happy and they have won many awards. The CEO, Herbert Kohler, Jr. is the founder’s grandson. And I’ll bet you didn’t know that the company owns several golf courses and an arts center in Wisconsin! Do you think culture and values are high on the priority list of this company? Are you surprised they have been in business for so long? I’m not. It seems they try to “do right” by all their stakeholders. I doubt the company is perfect, but they certainly set high standards.

Kohler has built trust with this consumer, and based on the success of the company, with many others as well. Can you guess who will get my business next time I need a new fixture?

Thank you Kohler. You are truly a role model for trustworthy business.

Barbara Brooks Kimmel is the Executive Director of Trust Across America-Trust Around the World whose mission is to help organizations build trust. She is also the editor of the award winning TRUST INC. book series. In 2012 Barbara was named “One of 25 Women Changing the World” by Good Business International.

PrintND Trust CEO cvr 140602-ft

Copyright © 2014, Next Decade, Inc.

 

Have a question? Feel free to contact me: barbara@trustacrossamerica.com

 

 

 

 

 

 

 

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Jul
28

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Recently I saw an ad for a men’s wristwatch. The company had substituted the “5” on the watch face for a picture of a martini. Apparently this reminds the wearer of the watch that it’s time to leave work and head for the bar!  It got me thinking about “humpday” and TGIF, the “grind” as some call it, and all the expressions workers use to show their disdain for their jobs.

Gallup released a poll in 2013 showing that a shocking 63 percent of employees are disengaged and another 24 percent are actively disengaged. Those disengaged workers cost business over $300 billion per year.

We know that happy workers are productive workers, so apparently the majority are pretty unhappy nowadays. Can you blame them? Overwork, underpay, job insecurity, and many less tangible reasons. And the root cause… organizations with leaders who place little to no value on their employees. Inflated egos, inattention, inability to say “thank you,” and perhaps worst of all, lack of transparency. This is how business is done, and  trust is busted. In a recent blog post  called “In Building Trust Actions Speak Louder than Words,” I offered some very simple suggestions for leaders who want to give trust a try. Pick  just one or two from this list today and watch engagement grow immediately.

Not convinced?  Look what happens at companies like Zappos when employee engagement is placed very high on the “to do” list. And as my friends at Edelman like to say, “If you want your employees to trust you, try engaging with them.” You may find less of them checking their watches for that 5 o’clock reminder to head to the bar.

Thank goodness today is Monday! I love my job and occasionally I even pat myself on the back.

Barbara Brooks Kimmel is the Executive Director of Trust Across America-Trust Around the World whose mission is to help organizations build trust. She is also the editor of the award winning TRUST INC. book series. In 2012 Barbara was named “One of 25 Women Changing the World” by Good Business International.

PrintND Trust CEO cvr 140602-ft

Copyright © 2014, Next Decade, Inc.

 

Have a question? Feel free to contact me: barbara@trustacrossamerica.com

 

 

 

 

 

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Jul
25

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We are all familiar with the expressions, “talk is cheap” and “actions speak louder than words.” For anyone who embraces trust as a personal or organizational imperative, what you say is not nearly as important as what you do. In fact, people learn by example, not through empty words like “I believe in you” or “great job” or that end-of-year performance “review.”

If you want to build trust in any relationship (family, friends, colleagues, coworkers, employees) you should find at least a few helpful suggestions in the list below:

  1. Be selfless instead of selfish. Put yourself second. Do something wonderful and unexpected. Do it just because you can.
  2. Celebrate every great achievement, every risk taken, and even the failures that can serve as learning experiences.
  3. Buy those turkeys at Thanksgiving, even if money is tight.
  4. Give an extra day off instead of “docking” someone for time not “earned.”
  5. Honor those who work hard with unscheduled bonuses.
  6. Catch someone doing something right. Pat someone on the back.
  7. Schedule some time for fun.
  8. Forego your “special” parking space and don’t brag about your “vacation” home or your latest “toy.”
  9. Spend time out of your ivory tower and down on the shop floor.
  10. Share a personal story. Be human, but don’t be a drama queen (or king.)

Don’t tell your family, friends, colleagues or your employees that you care. Instead, show them. Your actions might be contagious, and they will most certainly build trust.

What other actions have helped you build trust in relationships?  Leave a comment.

Barbara Brooks Kimmel is the Executive Director of Trust Across America-Trust Around the World whose mission is to help organizations build trust. She is also the editor of the award winning TRUST INC. book series. In 2012 Barbara was named “One of 25 Women Changing the World” by Good Business International.

PrintND Trust CEO cvr 140602-ft

If you would like to communicate directly with Barbara, drop her a note at Barbara@trustacrossamerica.com

Copyright © 2014, Next Decade, Inc.

 

 

 

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Jul
24

 

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I struggled earlier to find a topic for today’s blog post, and then one was literally dropped right at my feet.

My friend Charlie Green likes to say  “I trust my dog with my life, but not so much with my ham sandwich.”

Several years ago we rescued this silly guy from Pennsylvania where he spent most of his puppy days running free on a farm without much supervision or training. He’s a happy dog and very loyal to my husband in every way but one. He loves to steal his shoes. And sometimes…well,  he eats them. And each time this happens, my husband blames the dog. In truth, he’s been given so many opportunities to eat shoes that, at this point, the dog thinks it’s a game and an okay response when he finds them laying around the house.

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As we all know, trust is a pretty complex subject and there are different types of trust. Some are based on competence, others on honesty. Many are situational. For example:

  • You might trust Target to have the best selection, but not with your credit card information.
  • You might trust your doctor to manage your health but not necessarily to manage your investment portfolio.
  • You might trust your mother to keep a secret but not to cook a gourmet meal.
  • And finally, you might trust your dog with your life, but not with your shoes 🙂

What are some other examples of situational trust? Leave a comment.

Barbara Brooks Kimmel is the Executive Director of Trust Across America-Trust Around the World whose mission is to help organizations build trust. She is also the editor of the award winning TRUST INC. book series. In 2012 Barbara was named “One of 25 Women Changing the World” by Good Business International.

PrintND Trust CEO cvr 140602-ft

If you would like to communicate directly with Barbara, drop her a note at Barbara@trustacrossamerica.com

Copyright © 2014, Next Decade, Inc.

 

 

 

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Jul
23

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If you are not accountable, why do you expect your team members to be?

If you lead an organization or a team, accountability is an essential trait. Lack of accountability leads to distrust which, in turn, leads to disengagement. When you find yourself falling back on an excuse, stop and think about the impact it has on your team and consider using an alternative response instead.

Below is a list of commonly heard trust BUSTING excuses and an alternative trust BUILDING response.

Trust Busting Excuse #1:  It slipped my mind.

Trust Building Response #1: I won’t forget.

Trust Busting Excuse #2: Sorry, I’m going on vacation.

Trust Building Response #2: This will be done before I go on vacation.

Trust Busting Excuse #3: I’ll do it later.

Trust Building Response #3: I will do it right now.

Trust Busting Excuse #4: Keep reminding me.

Trust Building Response #4: You will not need to remind me.

Trust Busting Excuse #5: It’s not on my “to do” list.

Trust Building Response #5: I’m putting it on the top of my “to do” list.

Trust Busting Excuse #6: It isn’t a high priority.

Trust Building Response #6: I’m giving it high priority.

Trust Busting Excuse #7: It was just a white lie.

Trust Building Response #7: I admit to being dishonest.

Trust Busting Excuse #8: I’m very busy. Check back later.

Trust Building Response #8: I’m very busy right now but let’s talk in one hour.

Trust Busting Excuse #9: I thought I did it.

Trust Building Response #9: I will take care of it right now.

Trust Busting Excuse #10: I ran out of time.

Trust Building Response #10: It’s more time consuming than I thought, but I will get it done.

What are some other common trust busting excuses? Leave a comment.

Barbara Brooks Kimmel is the Executive Director of Trust Across America-Trust Around the World whose mission is to help organizations build trust. She is also the editor of the award winning TRUST INC. book series. In 2012 Barbara was named “One of 25 Women Changing the World” by Good Business International.

PrintND Trust CEO cvr 140602-ft

If you would like to communicate directly with Barbara, drop her a note at Barbara@trustacrossamerica.com

Copyright © 2014, Next Decade, Inc.

 

 

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Jul
22

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Late last year Trust Across America-Trust Around the World  published the first in a planned series of award-winning books. The book, TRUST INC. Strategies for Building Your Company’s Most Valuable Asset brings together the wisdom of 32 experts and is divided into six chapters:

  1. Why Trust Matters- read our blog of July 18 to find out Why Trust Matters
  2. Trust in Practice- read our blog of July 18 for Trust in Practice from Apple to Africa
  3. Trustworthy Leadership- read our blog of July 19 for Secrets of Trustworthy Leadership
  4. Building Trustworthy Teams- read our blog of July 20 for five great strategies
  5. Restoring Trust- read our blog of July 21
  6. A New Paradigm for Organizational Trust (today’s post)

Over a six day period, our blog has highlighted each chapter. Every strategy stands alone as an excellent resource in helping leaders understand why trust matters, and provides tools for those who choose to implement trust building programs in their organization. Today we complete our six day review.

 

“Brave Leadership Builds Trust in the New World” according to Ben Boyd at Edelman.

Organizations must change the way in which they engage stakeholders; they must commit to inclusive management. This management style is not a linear process, but rather dynamic, continual and evolutionary in nature. Leaders need to do more than just pay attention; they must engage all of their stakeholders 24 hours a day, 365 days a year, in an authentic way. Only then can they succeed in such a transparent environment. To reach this goal, leaders must embrace inclusive management by committing to four actions: vision + share, enlist, adapt and act.

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Eric Lowitt tells us “Why Trust is Our Future’s Most Vital Resource”

Can we reasonably expect that the public sector will provide global, let alone federal, leadership to address our global challenges: water, energy, food, infrastructure, healthcare, or climate change? In the U.S. there’s this belief that we as citizens pay 40 percent of our income and deserve 100 percent return on investment from our government. We believe our taxes will provide blanket services to all our needs. It doesn’t work this way.

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Philip Mirvis envisions a shift “From CSR to Corporate Social Innovation”

Companies can continue to move forward incrementally, dotting the “i’s” and crossing the “t’s”, and the practices of CSR will become more or less “routinized” into business.  However, this routinization process has been studied by many scholars who conclude that it is a recipe for decay. Don Sull, in his investigations of “Why Good Businesses Go Bad,” attributes their decline to “active inertia.”  In other words, they just “keep on keeping on,” insensitive to changes in the business context.  And Jim Collins, in his new book How the Mighty Fall describes the implications as a “capitulation to irrelevance.”  Is this where CSR is headed?

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Steven Pyser shares his views on “Capitalism and High Trust: Leveraging Social Worlds as Intangible Assets”

We teetered on the abyss of financial collapse during the economic crisis of 2008. Transforming capitalism and global economies currently operating in default non-trusting communication modes to ones driven by trustworthy business dialogue and behavior will not happen overnight. It will likely take time for the pendulum of greed and untrustworthy misdeeds to swing toward positive and sustainable change. Until then, moneyed interests will continue to seek short-term gains. Building a culture of high trust by leveraging the “right” conversations as intangible assets is the antiseptic and new structure global capitalism requires.

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And finally, my friend Robert Easton at Accenture has some concluding thoughts on “Creating a Positive Deviance of Trust.”

What if we were to think more constructively than mere functionality of trust and trustworthiness – in other words, positive trust? This concept does not simply connote the absence of distrust, or merely the presence of a normal state of trust; rather, it focuses on creating a positive deviance of trust- a force for helping people, corporations and societies to thrive.  Yes, where distrust is prevalent we have to return to normal functioning- to a state where people feel safe at home, at work and in their communities.  But in a paradigm of positive trust, a mere normal level of functioning is a necessary, but not sufficient condition for trust to catalyze social change.  We must encourage leaders to view trust as more than just an instrument to improve corporate profit and organizational accomplishments to one of fundamentally increasing the total positivity of the organization. What will it take?

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I hope you have enjoyed this six day sneak peak into the trust treasures contained in our book. Did I mention that the book has won both a Nautilus Business Book and Eric Hoffer Grand Prize Award for Best Business Book? If this brief look behind the door has been helpful, follow this link to order the book online.

Barbara Brooks Kimmel is the Executive Director of Trust Across America-Trust Around the World whose mission is to help organizations build trust. She is also the editor of the award winning TRUST INC. book series. In 2012 Barbara was named “One of 25 Women Changing the World” by Good Business International.

PrintND Trust CEO cvr 140602-ft

If you would like to communicate directly with Barbara, drop her a note at Barbara@trustacrossamerica.com

Copyright © 2014, Next Decade, Inc.

 

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Jul
21

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Late last year Trust Across America-Trust Around the World  published the first in a planned series of award-winning books. The book, TRUST INC. Strategies for Building Your Company’s Most Valuable Asset brings together the wisdom of 32 experts and is divided into six chapters:

  1. Why Trust Matters- read our blog of July 18 to find out Why Trust Matters
  2. Trust in Practice- read our blog of July 18 for Trust in Practice from Apple to Africa
  3. Trustworthy Leadership- read our blog of July 19 for Secrets of Trustworthy Leadership
  4. Building Trustworthy Teams- read our blog of July 20 for five great strategies
  5. Restoring Trust (today’s blog post)
  6. The Future of Trust

Over a six day period, our blog will extract highlights from these chapters. Each strategy stands alone as an excellent resource in helping leaders understand why trust matters, and provides tools for those who choose to implement trust building programs in their organization. Today we take a closer look at 4 strategies for Restoring Trust including one for the financial industry.

Join Patricia Aburdene as she outlines “Five Strategies to Maximize The Power of Trust”

Today, people are starting to see that restoring trust is vital to the healthy economic growth on which humanity depends for economic security, innovation, wellbeing, a clean environment, and the freedom to pursue happiness and self-expression. The question is: how does business anchor trust into daily operations? I propose five strategies, with examples and case studies to illustrate each. They are:

  1. Fully Recognize the Economic Power of Trust  
  2. Build Trust into the Business Model
  3. Cultivate Trust by Deepening the Conversation
  4. Restore Consumer Trust
  5. Profit from the Power of Trust 

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Linda Locke discussed the roles of “Trust, Emotion and Corporate Reputation”

A reputational crisis is one in which trust in the organization is undermined. Reputation may be an organization’s most valuable asset, but its inherent intangibility may make it the most difficult asset to manage. This explains why CEOs and Boards of Directors consider it a perplexing challenge that keeps them up at night. (4)

Key to that challenge is understanding the emotions that drive stakeholders’ expectations. Leaders often mismanage trust and reputation because they fail to think and communicate in emotional terms. 

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In his essay James Lukaszewski addresses “Building Trust is Tougher than Ever: A Trust Manifesto for Leaders”

 So far in the 21st Century, the role of top management and leadership has changed in seven remarkable ways: (the first 3 are listed below)

  1. The growing global pressure for financial performance continues to distort leadership decision-making.
  2. More people and organizations are looking over a boss’ or leader’s shoulder than ever before providing more pressure and less cover for management mistakes and bad decisions.
  3. More critics from more quarters, including an increasing chorus of non-government organizations, special interest groups, and tougher government oversight, keep leaders in the stressful target zone.

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And finally, in “Rebuilding Trust in the Financial Markets” Davia Temin outlines the steps required to do so.

So, despite a broad stock market rally since the financial crisis officially ended, public animosity towards banks and investment banks has not abated. In fact, if anything, it has deepened. And non-banks such as Wal-Mart and Facebook – in which consumers have far greater trust – have begun to fill in the void. Is this the death knell of the financial services industry? Have we gone from “Too Big to Fail,” to “Failure is Inevitable?”

What can be done?  And, even if banks have the will, is it possible to rebuild trust in financial institutions today?

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I hope you have enjoyed this sneak peak into the trust treasures contained in our book. Did I mention that the book has won both a Nautilus Business Book and Eric Hoffer Grand Prize Award for Best Business Book? Tomorrow I’ll pull some similar gems from The Future of Trust. Check back with us soon.

If this brief look behind the door has been helpful, follow this link to order the book online.

Barbara Brooks Kimmel is the Executive Director of Trust Across America-Trust Around the World whose mission is to help organizations build trust. She is also the editor of the award winning TRUST INC. book series. In 2012 Barbara was named “One of 25 Women Changing the World” by Good Business International.

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If you would like to communicate directly with Barbara, drop her a note at Barbara@trustacrossamerica.com

Copyright © 2014, Next Decade, Inc.

 

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