5 Tips for Strengthening Trust and Growing Your Emotional Bank Account in the Workplace!

Recently, I saw some inappropriate and perhaps even destructive behavior in an organization and was reminded Stephen Covey's classic book, "The 7 Habits of Highly Effective People," where he offered insights and strategies for building strong, healthy relationships with others.

?One of Covey's key ideas is the concept of the "Emotional Bank Account." This is a metaphorical account that represents the level of trust and goodwill that exists between two people. Just as with a financial bank account, we can make deposits and withdrawals from our Emotional Bank Account with others.

Covey suggests that we build trust with others by making consistent deposits in the Emotional Bank Account. Deposits can come in many forms, such as showing kindness and consideration, being honest and transparent, and following through on commitments. Each deposit we make builds up a reserve of trust, which makes it easier to weather the occasional "withdrawals" that may occur in any relationship.

In contrast, when we make withdrawals from the Emotional Bank Account, we damage the trust and goodwill that exists between us and the other person. Withdrawals can occur when we break commitments, behave in ways that are disrespectful or hurtful, or fail to show empathy or understanding. These withdrawals can quickly erode the trust that we have built up, and can damage the relationship over time.

Covey's theory of the Emotional Bank Account suggests that building strong relationships requires a consistent effort to make deposits, and avoid withdrawals. By doing so, we can create a foundation of trust and goodwill that enables us to work effectively with others, even in challenging situations.

Trust is a critical component of any successful workplace. It forms the foundation for teams to collaborate, get along, and achieve success. Building trust in the workplace is essential for retaining valuable employees, fostering collaboration and innovation, and ultimately creating a more productive, engaged workforce. Here are the top 5 tips to building trust in the workplace:

1. Get to know each other: Develop relationships with each team member. As Covey suggests understanding is critical because without knowing what is important to the other person, it is hard to know what constitutes a deposit or withdrawal. Foster a sense of camaraderie by scheduling team lunches, coffee breaks, and team building activities, and encouraging open and honest communication.

2. Communication: Communicate openly and honestly, even if it’s something difficult. Part of this is ensuring you align your words and actions in ways you're making an emotional deposit.?After all, your actions speak louder than your words. Your ability to demonstrate integrity, accountability, and a commitment to the team will help to foster an open and trusting workplace. Create an environment where employees feel comfortable speaking up and voicing their concerns. Listen respectfully and practice active listening.

3. Respect: Respect the opinions and ideas of each team member. Consider the views of each person and don’t be afraid to disagree, but do so in a respectful manner. And, in the unlikely event you make a withdrawal be respectful by sincerely apologizing when this happens.?It takes an emotionally intelligent person to take responsibility and own up to a mistake.?

4. Transparency: Provide clarity and open dialogue about decisions and expectations. Encourage employees to speak up and be transparent with their questions and concerns. As a leader, it’s important to practice what you preach.?

5. Recognition: Recognize and praise employees for their efforts. Show appreciation for the hard work that is done and reward employees for their high performance.

According to a survey by the American Psychological Association, trust in the workplace is linked to employee engagement and leadership. 70% of those surveyed said that trust in the workplace drives employee engagement, while 58% said that trust has a direct effect on leadership.

In another recent study, trust in the workplace was directly correlated to employee engagement and productivity. The study found that companies with higher levels of trust reported an average of 59% higher employee engagement and 25% higher job performance. Moreover, organizations with higher levels of trust reported a 20% increase in team collaboration and 17% higher customer satisfaction. Leaders who foster trust in the workplace not only inspire employee engagement and performance but also help build a strong and successful team.

By following these tips, you can create a culture of trust in the workplace and reap the rewards of increased productivity and success. #Leadership #Trust #EmployeeEngagement #Productivity #EmotionalIntelligence #Teams #CustomerSatisfaction #ProfessionalDevelopment #ChangeManagement