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Speed and Importance of Trust in Business
- 1. COURSEINSTRUCTOR:DR. JAMILANWAR SPEED OF TRUST BY STEPHEN MR COVEY TRUST – One Thing That Changes Everything PRESENTER:MR. JAWAD ALI (A.E)
- 2. AGENDA 1 2 3 Trust Economics & Importance The Five Waves Of Trust Smart Trust Matrix 4 Metrics 5 Restoration of Lost Trust Q&A Session
- 3. TRUST Relationships Businesses Team Efforts Today, we are in a crisis of Trust
- 4. • DO YOU WANT PEOPLE TO INSTANTLY TRUST YOU? • DO YOU WANT PEOPLE TO INSTANTLY KNOW THAT YOU HAVE A LOT OF CREDIBILITY? • IF THE ANSWER IS YES THEN WHY DO WE STUDY SPEED OF TRUST
- 5. • TRUST OUTCOMES – Speed & Cost • EXAMPLES – – AIRPORT SECURITY CHECKS – Aftermath of terrorism – MERGER – Finalization of MacLane Distribution’s acquisition by Warren Buffet in just 2Hrs meeting. TRUST ECONOMICS & IMPORTANCE • ORGANIZATIONAL SUCCESS STRATEGY x EXECUTION = RESULTS (STRATEGY x EXECUTION)* TRUST= RESULTS
- 6. • FIRST WAVE - SELF TRUST • SECOND WAVE – RELATIONSHIP TRUST • THIRD WAVE- ORGANIZATIONAL WAVE • FOURTH WAVE- MAKET TRUST • FIFTH WAVE- SOCIETAL TRUST THE FIVE WAVES OF TRUST
- 7. • SELF TRUST – Four Cores • CHARACTER CORES – Integrity & Intent • COMPETENCE CORES – Capabilities & Results To act in accordance with your personal values & belief system at all times & in all circumstances. Sub virtues are: • HONESTY – Speaking Truth • CONGRUENCY – No Gap B/w Intentions & Doings • HUMILITY – Ability to look out for good of others • COURAGE – Ability to do the right thing even if it is difficult FIRST WAVE SECOND WAVE THIRD WAVE FOURTH WAVE FIFTH WAVE FIRST WAVE – SELF TRUST CORE-1 : INTEGRITY
- 8. • INTENT – How We Know; We Should Act • Mr. Covey explains it with following sub-virtues: MOTIVE – Why we do what we do AGENDA – What we intend to achieve with our motives BEHAVIOR – It is what we do based upon what we intends to do – Examine & redefine your motives – Declare your intent – Choose Abudance FIRST WAVE SECOND WAVE THIRD WAVE FOURTH WAVE FIFTH WAVE FIRST WAVE – SELF TRUST CORE-2 : INTENT How to Strengthen our Intents:
- 9. • TALENTS – Natural Gifts & Strengths • ATTITUDES – How you see things & act accordingly • SKILLS – The things that we have learned to do well • KNOWLEDGE – What we know & what we want to know • STYLE – Your unique way of doing things • Run with your strengths • Keep yourself relevant • Know where you are going FIRST WAVE SECOND WAVE THIRD WAVE FOURTH WAVE FIFTH WAVE FIRST WAVE – SELF TRUST CORE-3: CAPABILITIES How to Strengthen our Capabilities:
- 10. People only trust people who deliver results COVEY: If The Results Aren’t There, Niether Is The Credibility. Neither Is The Trust. Its Just That Simple; Its Just That Harsh • Take responsibility for results • Expect to win • Finish strong FIRST WAVE SECOND WAVE THIRD WAVE FOURTH WAVE FIFTH WAVE FIRST WAVE – SELF TRUST CORE-4: RESULTS Past Current Future RESULTS EVALUATION How to Strengthen our Results:
- 11. 1. Talk Straight 2. Demonstrate Respect 3. Create Transparency 4. Right Wrongs 5. Show Loyalty 6. Deliver Results 7. Get Better 8. Confront Reality 9. Clarify Expectations 10. Practice Accountability 11. Listen First 12. Keep Commitments 13. Extend Trust FIRST WAVE SECOND WAVE THIRD WAVE FOURTH WAVE FIFTH WAVE SECOND WAVE – RELATIONSHIP TRUST 13 TRUST BEHAVIOURS CHARACTER COMPETENCE
- 12. FIRST WAVE SECOND WAVE THIRD WAVE FOURTH WAVE FIFTH WAVE THIRD WAVE – ORGANIZATIONAL TRUST LOW TRUST ORG’s HIGH TRUST ORG’s People manipulate/distort facts People are candid & authentic No information dissemination Information is shared openly Point scoring is common Credit sharing Self centered approach Transparency & Collective “Good” Approach Innovation resistance New Ideas are welcomed Mistakes are curbed/covered up Mistakes are considered as a way of learning Some issues are “Un-discussables” Participative management Over-promising and under-delivering High degree of Accountability Low Energy Level High Energy Level Be A Leader That Inspires Trust
- 13. Market trust - Brand/Reputation Trust – Makes customers to buy certain company’s products or services. Market Brands are judged based on people’s perceptions. Trustworthy Brands - Generate a strong competitive advantage for the company. • Use FOUR CORES AS A DIAGNOSTIC TOOL & use 13 BEHAVIORS with external stakeholders to build trust at marketplace level. FIRST WAVE SECOND WAVE THIRD WAVE FOURTH WAVE FIFTH WAVE FOURTH WAVE – MARKET TRUST How to Enhance Your Market Trust:
- 14. • Trust - Integral part of the fabric of our society. • Societal Trust – Based upon Principles of Contribution & Responsibility • High Trust Society –Shared knowledge, Medical breakthroughs, Technological advances, Economic partnerships and cultural exchanges • BMGF - Enhancing healthcare/reducing extreme poverty (US $44.3 Billion) • WARREN BUFFET - Donation of 85% of his US $ 44 Billion fortune to charity • McDonalds - 1920 Roits in L.A • P&G – 2 Billion ltrs. of clean drinking water by 2020 to the world FIRST WAVE SECOND WAVE THIRD WAVE FOURTH WAVE FIFTH WAVE FIFTH WAVE – SOCIETAL TRUST CSR – Tool To Buildup Societal Trust
- 15. SMART TRUST MATRIXTM Zone 1 – Readily Trust Others Zone 2 – Ideal Trust Quadrant Zone 3 – High Risk & Low Reward Zone 4 – Decreases Trust & Speed
- 16. • Societal Trust - Can & often is restored • Market Trust - Losing it means losing customer forever • Organizational Trust - High Trust Org’s outperform low Trust Org’s by three times. • Relationship Trust – Non-transactional nature & restoration strengthen it than before. • Self Trust – Most difficult one to restore. Acquisition of inner peace TRUST RESTORATION ITS HARDER TO RESTORE TRUST BASED UPON VIOLATION OF CHARACTER THAN COMPETENCE BROKEN TRUST – A New Beginning
- 17. Q&A SESSION NOTHING IS AS FAST AS THE SPEED OF TRUST