Trust is built from the inside out
Nicolas BEHBAHANI
Global People Analytics & HR Data Leader - People & Culture | Strategical People Analytics Design
?? A company won’t be trusted by its customers if it’s not trusted by its employees and Family businesses understand the importance of employee trust BUT 36% said they have little focus on attracting and retaining #talent ?
Those businesses need to be more proactive in building trust with their wider key stakeholder groups, especially employees and the General Public so a new formula of #Trust has emerged, according to a new interesting #research published by 普华永道 called "PwC’s 11th Global Family Business Survey" - using data from 2,043 family business owners in 82 countries.
Researchers discovered that employee trust depends on ?? ??????????????:
?? Purpose and values.?This is traditionally where family businesses have excelled
?? Commitment to ESG. ?it’s important that employer is transparent about the company’s impact on the environment but also about its record on #DEI
?? Accountability.?Creating a structure for accountability that allows employees to speak up about their concerns is a good way to help build trust.?
? Family businesses with a communicated #esg strategy are more trusted by customers (62% vs. 49%) than those that do not.
??? Another interesting research published this year by 爱德曼 called?The?Edelman Trust Barometer ?found that family businesses are trusted more than other businesses: their trust score is 12% points higher than that of businesses in general.
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In another recent research, #pwc researchers ( Kais (Kai) Lakhdar, Ph.D. and Fredrik Lindblad ) found that - ???????????? ???????????? ???? ?????????? can result ???? ???????????? ?????????????????????? - the ?????????????????????? between #customer trust and profitability is surprisingly strong.
Accenture Strategy & Consulting research?also found that companies had a drop in trust saw their Competitive #agility Index scores decrease more than those that did not. While trust accounts for a fraction of a company’s total score, it disproportionately impacts #revenue and EBITDA.
Thank you ?? 普华永道 researchers team for these insightful findings:
and all cited persons in this report: Sir James Wates Günseli ünlütürk
Vivo Team is the ONLY digital L&D company that uses unique, internationally award-winning processes and analytics to build your company into one that is winning in the marketplace with people & profits.
1 年And as I think about it one of the key elements for building trust is the willingness to risk - risk nothing get nothing! After some time of risking then move toward more risking based on observed behaviors. jim
Vivo Team is the ONLY digital L&D company that uses unique, internationally award-winning processes and analytics to build your company into one that is winning in the marketplace with people & profits.
1 年Yes apply the Platinum Rule to EX and it flows naturally into CX and UX. It’s a form of love that resonates/vibrates between people. Jim
Speaker, Author, Professor, Thought Partner on Human Capability (talent, leadership, organization, HR)
1 年Nicolas BEHBAHANI Again, fascinating work with family firms that I think would apply more generally. The inside/out and outside/in logic helps connect trust with employees and trust from customers. I have thought about starting a virtuous cycle of trust both from inside and outside. For me the issue is less where to start and more to make sure that the inside and outside are connected. Again, great to see research that confirms this inside/outside connection.
Lead consultant in HR Strategy & Value Management. Enhancing Value through Human Performance. Delivery of Equality, Diversity & Inclusion Training. Lecturer and International Speaker on HRM and Value Management.
1 年Whilst I agree Nicolas - trust is just one element of the culture required, across the organisation, that enhances the quality (within the organisation) that is needed to deliver value (to customers, suppliers, investors and society et al). Great insights again Nicolas - thank you for sharing.