Last week we looked at trust in ourselves by trusting our gut instincts and intuition. This week I came across an article by the Harvard Business Review on trust that has been lost in business.
I felt this would be an important resource to share, especially for us business owners.
The Harvard Business Review (HBR) is conducting a five part series on trust. As always, they deliver!
Here is one statistic that struck me:
"Creating trust, in contrast, lifts performance. In a 1999 study of Holiday Inns, 6,500 employees rated their trust in their managers on a scale of 1 to 5. The researchers found that a one-eighth point improvement in scores could be expected to increase an inn’s annual profits by 2.5% of revenues, or $250,000 more per hotel. No other aspect of managers’ behavior had such a large impact on profits."
"Trust also has macro level benefits. A 1997 study of 29 market economies across one decade by World Bank economists showed that a 10-percentage-point increase in trust in an environment was correlated with a 0.8-percentage-point bump in per capita income growth."
Again and again we find that emotional intelligence has an impact on: bottom lines, connection to the client/customer and happiness at work and home, to name a few.
Below you can access the full HBR series on trust, its importance and how to foster it.
The Trust Crisis: