Trust is in Decline

Trust Is in Decline: Here's How to Rebuild It

I recently read an article from Gallup (June 14,2022), discussing Trust in decline, why it is happening and how to rebuild it. The insights were both not surprising and yet eye opening at the same time.?

A recent Gallup poll indicated trust in 14 major institutions had declined from 2020 to 2021.?Trust in our public schools and medical systems has dropped significantly. Trust in our government institutions, although never that high it at a all time low. Trust in Corporate America is also taking a hit. Of all the employees polled only “33% strongly agreed that their company would never lie to customers or conceal information that was relevant to them”. With respect to the business community, only 23% of U.S. employees polled, strongly agree that they trust the leadership of their organization.

So, what has been the impact to this lack of trust. First the lack of trust was a contributing factor in the huge increase in employee turnover, (“The Great Resignation”).?This one aspect has had rippling effects to business, the national supply chain and the economy overall.?Although, trust is not the only factor it definitely had an impact to what has occurred over the last couple of years. As Warren Buffet said, “Trust is like the air we breathe -- when it's present, nobody really notices; when it's absent, everybody notices”.

When people lose trust in leaders, their decisions are informed by suspicion and their actions by self-interest. Businesses become more vulnerable due to a decline in worker loyalty and productivity.

So how do we fix the Trust issue?

First, it starts with leadership. Business leadership must walk the walk when it comes to the company and their personal values as well as following through with their commitments to their customers, employees and partners.

Secondly, employees need to understand and buy into the company vision. This can only be accomplished by:

·??????Clearly communicating the company vision to all employees

·??????Ensure each employee understands their role in accomplishing the vision

·??????Ensure each employee understands what is in it for them if the vision is achieved

In addition, leadership and every level of management must be focused on their prime responsibility which is helping each of their direct employees achieve their professional goals and get better in their current role. Management must be consistent with what they say and what they do. Only doing this can leadership establish a high level of Authenticity.

Leadership must instill in the communication with their employees and customers, a high level of Transparency. Internal communication can get siloed, blocked or twisted, which can undermine trust.?When business leaders are open with the employees, the chances of them buying into the vision, being loyal to the company and willing to be more productive increases significantly.?

Gallup has identified key leadership competencies needed to build Trust:

·???????The ability to build relationships?that establish connections that transmit ideas and accomplish work

·???????A drive for development?that focuses on followers' needs, expectations and aspirations

·???????Comfort with leading change?in organizational strategy and in alignment with the vision

·???????The capacity to inspire?others by encouraging their efforts and celebrating success

·???????Critical thinking?that seeks information openly, invites dissent and stimulates debate where needed

·???????Communication skills?that result in clear, open and transparent dialog that empowers trust

·???????A need for accountability?to hold yourself and others responsible for performance

Trust is a two way street. Business leadership wants a trustworthy and productive workforce but this can only be established if they demonstrate their trust and loyalty to each of their employees.?This philosophy must also be instilled to all levels of management within the organization.

These principles can be applied to all aspects of our personal and professional interactions and if more people and businesses begin to apply these principles, just maybe in the future this concerning trend can be reversed.?