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Forbes recently reported on research by Harvard Business Review into the impact of trust in workplaces. They shared that ‘workers at companies where trust is high report:
• 106% greater energy in the office
• 74% lower stress levels
• 76% greater engagement
• and 50% more productivity than their peers at low-trust businesses.’
Trust and transparency truly impact a business universally, and are essential elements that line the foundation for building successful and sustainable businesses.
Forming relationships built on trust takes time, and is usually the result of many actions, words and intentions expressed throughout the course of your communications. And as a business owner, a lack of trust can end up being your biggest expense.
Here are a few reasons why trust and transparency are so vital to your business:
Builds Customer Loyalty
When businesses are transparent about their practices, customers are more likely to trust them. This trust can lead to greater customer loyalty and advocacy, as customers feel confident that they are doing business with a company that has their best interests at heart. Honesty and integrity are a mark of respect towards your customers and clients, and encourages such a dynamic to be reciprocated.
Increases Employee Engagement
Trust and transparency are also crucial for building strong relationships between employers and employees. When employees feel that their employer is open and honest with them, they are more likely to feel engaged and committed to their work.
Encourages Ethical Behaviour
When businesses are transparent about their practices, they are more likely to adhere to ethical standards. This can help to prevent unethical behaviour, such as fraud or corruption, and build a culture of integrity within the organisation.
Enhances Reputation
Businesses that prioritise trust and transparency are often viewed more favourably by stakeholders, including customers, employees, investors, and the general public. This can help to enhance the company’s reputation and build a strong brand.
Improves Decision Making
When businesses are transparent about their practices and decision-making processes, they are more likely to make well-informed and ethical decisions. This can help to avoid mistakes and prevent negative press, which can damage the company’s reputation and standing.
By prioritising the values of trust, companies can build strong relationships with customers and employees, adhere to ethical standards, enhance their reputation, and make better, informed decisions.
To discuss your business or enquire further about the value of coaching, please don’t hesitate to contact me at paulmccarthy@actioncoach.com.
