{"id":4537,"date":"2022-04-25T08:05:34","date_gmt":"2022-04-25T08:05:34","guid":{"rendered":"https:\/\/www.iese.edu\/standout\/?p=4537"},"modified":"2024-03-04T09:30:38","modified_gmt":"2024-03-04T09:30:38","slug":"trust-team-success","status":"publish","type":"post","link":"https:\/\/www.iese.edu\/standout\/trust-team-success\/","title":{"rendered":"Trust: the value of success in your team"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row css=&#8221;.vc_custom_1559140963143{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}&#8221;][vc_column css=&#8221;.vc_custom_1559216895048{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}&#8221;][vc_column_text css_animation=&#8221;bottom-to-top&#8221;]What do you need to delegate with confidence? Trust. No more, no less.<\/p>\n<p>Mutual trust transforms impersonal interactions to a place where everyone feels fully invested in shared goals and strategy. And yet it\u2019s easy to overlook the importance of cultivating trust across the organization.[\/vc_column_text]<div class=\"clearboth\"><\/div><style>#thegem-divider-6a0586c9eb8aa {margin-top: 50px !important;}<\/style><div id=\"thegem-divider-6a0586c9eb8aa\" class=\"gem-divider  \" style=\"\" ><\/div>[vc_column_text css_animation=&#8221;bottom-to-top&#8221;]<\/p>\n<h2><strong>The &#8220;economic value&#8221; of <span class=\"subrat\">trust<\/span><\/strong><\/h2>\n<p>Without trust there are some basic things that as humans we could not do \u2013 like leaving a child at school. Or eating a meal cooked by someone else in a restaurant. And in the corporate context it\u2019s no different.<\/p>\n<p>Indeed, trust generates \u201cvery real economic value<strong>,\u201d<\/strong> says professor <a href=\"http:\/\/www.iese.edu\/en\/faculty-research\/professors\/faculty-directory\/josep-maria-rosanas\/\"><strong>Josep Maria Rosanas.<\/strong><\/a><strong>\u00a0Efficiency<\/strong>,\u00a0he argues,<strong> is built on trust. <\/strong>Leaders need to trust and be trusted so they can develop \u2013 and retain \u2013 talented employees; cultivate customer relationships; implement complex plans and strategies; and take risks that yield solid results. This is what<strong>\u00a0other authors\u00a0<\/strong>describe as \u201corganizational citizenship\u201d \u2013 a culture of trust that drives performance, efficiency and employee brand advocacy.[\/vc_column_text]<div class=\"clearboth\"><\/div><style>#thegem-divider-6a0586c9eb8f1 {margin-top: 50px !important;}<\/style><div id=\"thegem-divider-6a0586c9eb8f1\" class=\"gem-divider  \" style=\"\" ><\/div>[vc_column_text css_animation=&#8221;bottom-to-top&#8221;]<\/p>\n<h2><strong>So <span class=\"subrat\">who<\/span> can you trust?<\/strong><\/h2>\n<p>\u201cThe best way to find out if you can trust somebody is to trust them,\u201d said Ernest Hemingway. <strong>Sometimes you have to make a leap of faith to find out just how trustworthy someone may<\/strong>, or may not be.<\/p>\n<p>And this is easier for some than for others, says Rosanas. Those who have been betrayed are less likely to be trusting. Other factors that also influence your capacity to trust are uncontrollable intrinsic factors such as age and gender. Culture also comes into it. In the Chinese business market, for instance, common personal connections are highly prized.<\/p>\n<p>A counter point to this is the so-called\u00a0<strong>Trust Paradox<\/strong>. This is when trust becomes \u201calmost incidental\u201d \u2013 as when in the financial crisis, governments issued guarantees to customers and investor to undergird the solvency of the financial system. Banks were less vulnerable in the eyes of the customers \u2013 but they also didn\u2019t need to do much about regaining their trust.[\/vc_column_text]<div class=\"clearboth\"><\/div><style>#thegem-divider-6a0586c9eb91b {margin-top: 50px !important;}<\/style><div id=\"thegem-divider-6a0586c9eb91b\" class=\"gem-divider  \" style=\"\" ><\/div>[vc_column_text css_animation=&#8221;bottom-to-top&#8221;]<\/p>\n<h2><strong><span class=\"subrat\">How<\/span> do you build trust?<\/strong><\/h2>\n<p>Trust between managers and employees is a cyclical process, based on repeated behaviors that are reinforced over time. First, leaders must earn trust through their own behavior, by assigning projects to new people, sharing information, and cultivating friendly relationships.<\/p>\n<p>Here you have\u00a0<strong>six keys to building trust<\/strong>:<\/p>\n<ol>\n<li><strong>Consistency<\/strong>: Be consistent and be predictable in your decisions<\/li>\n<li><strong>Ethics<\/strong>: Carry out actions based on ethical principles<\/li>\n<li><strong>Communication<\/strong>: Keep an open flow of communication with employees<\/li>\n<li><strong>Delegate<\/strong>: Share and delegate assignments<\/li>\n<li><strong>Empathy<\/strong>: Show empathy and concern<\/li>\n<li><strong>Loyalty<\/strong>: Demonstrate and expect loyalty<\/li>\n<\/ol>\n<p>It comes down to treating people as human beings rather than instruments for obtaining results, as Rosanas concurs. And it\u2019s an approach we share at IESE across our\u00a0<a href=\"https:\/\/www.iese.edu\/programs\/\"><strong>portfolio of programs<\/strong><\/a>\u00a0which develop leadership competencies built on respect and ethical values.<\/p>\n<p>When thinking of your employees and others with whom you interact, it\u2019s important to assess how much they trust you. So says\u00a0Prof. <a href=\"http:\/\/www.iese.edu\/en\/faculty-research\/professors\/faculty-directory\/sebastien-brion\/\"><strong>Sebastien Brion<\/strong><\/a>\u00a0and co-authors in his\u00a0<strong>paper<\/strong>\u00a0\u201c<strong>Knowing If You Are Trusted: Does Meta-Accuracy Promote Trust Development?<\/strong>\u201d published in the journal\u00a0<em>Social Psychological and Personality Science<\/em>.<\/p>\n<p>The study found that those who misjudged how much they were trusted tended to generate less trust over time. But more specifically, those who overestimated how much they were trusted had a harder time building real trust.<\/p>\n<p>Meanwhile, those who underestimated were not as harmed by their misjudgment. At the end of the day,<strong> retaining a sense of \u201chumility\u201d appears to pay trust dividends.<\/strong>[\/vc_column_text]<div class=\"clearboth\"><\/div><style>#thegem-divider-6a0586c9eb93d {margin-top: 50px !important;}<\/style><div id=\"thegem-divider-6a0586c9eb93d\" class=\"gem-divider  \" style=\"\" ><\/div>[vc_column_text css_animation=&#8221;bottom-to-top&#8221;]<\/p>\n<h2><strong><span class=\"subrat\">What<\/span> happens when trust is lost?<\/strong><\/h2>\n<p>Trust takes time and patience to earn, yet, it can be destroyed in minutes. Professor <a href=\"https:\/\/www.iese.edu\/faculty-research\/faculty\/mike-rosenberg\/\"><strong>Mike Rosenberg<\/strong><\/a> points to the Volkswagen scandal to demonstrate what companies can do to avoid a serious breach of trust \u2013 or to regain it after reputation is tarnished. In the Volkswagen case, leadership put its employees in an impossible situation, Rosenberg argues, and then failed to check that their work was done with integrity. As a result, the company broke the law and lost its \u201csocial license\u201d to operate.<\/p>\n<p><strong>When trust is lost, earning it back frequently calls for drastic measures<\/strong>. In the case of Volkswagen this could amount to cash compensation to drivers to repair their cars, and for the resale value their vehicles have lost, but \u201cit\u2019s better to pay now in order to build a better Volkswagen tomorrow,\u201d says Rosenberg.<\/p>\n<p>After all, you can\u2019t put a price tag on trust.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row css=&#8221;.vc_custom_1559140963143{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}&#8221;][vc_column css=&#8221;.vc_custom_1559216895048{margin-top: 0px !important;margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}&#8221;][vc_column_text css_animation=&#8221;bottom-to-top&#8221;]What&#8230;<\/p>\n","protected":false},"author":4,"featured_media":4573,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,107],"tags":[57],"class_list":{"0":"post-4537","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-functional-directors","8":"category-general","9":"tag-skills"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Trust: the value of success in your team<\/title>\n<meta name=\"description\" content=\"What do you need to delegate with confidence? 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