Build a Larger Trust Engine to Get Where You’re Going Faster
I’m currently researching and writing my new book, The Trust Engine. It’s built on the idea that trust isn’t just a ‘nice-to-have’ soft concept, it’s a quantifiable driver of business performance.
During the research phase I’m taking public speaking bookings to explore the topic and also interested in workshopping with leadership teams.
As a part of researching the book I am writing a series of articles sharing some of the information I’m discovering along the journey.
The Quantifiable Business Impact of Trust
Trust is not a soft concept. It is a measurable driver of business performance. Business owners, leaders and executive stakeholders need justification for investing in The Trust Engine process.
Here are the hard metrics that prove the ROI of building a powerful Trust Engine:
50% Higher Productivity
Organisations with high-trust cultures experience 50% higher productivity and are 21% more productive overall. Trust accelerates execution and decision-making. (source)
50% Lower Turnover
High-trust environments show 50% lower employee turnover rates and 14% lower turnover overall. Retention saves significant recruitment and training costs. (source)
91-93% Agree: Trust = Profit
91% to 93% of business executives agree that building and maintaining trust improves the bottom line and profitability. Trust drives financial performance. (source)
81% Need Trust to Buy
81% of consumers require trust in a brand before buying from it. Trust is the foundation of customer acquisition and retention. (source)
Resilience & Cost Reduction
Trust reduces transaction costs, limits friction, and provides the resilience necessary to recover when mistakes happen. High-trust cultures experience 13% fewer sick days. (source)
Small Engines Can Win
Business size is irrelevant to power. A small company with a powerful Trust Engine can overtake big companies. Trust is the great equaliser.