The Global Trust Crisis

The media is calling it a Global Economic Crisis, but when I look around I see a Global TRUST Crisis.

We have simply forgotten how to trust. We have forgotten just how powerful trust is, how quickly it can break down, and the pain and destruction caused by a breakdown of trust.

What we are seeing right now is the consequences of greed, lack of accountability and selfishness of too many business leaders - all stemming from a lack of understanding of just how intricate and finely balanced the trust of all their stakeholders really is. They have broken the trust of the very people they were trusted to serve and lead.

It's time to take a stand. It's time to get a handle on what is really going on here.

If you are a business leader, or you run your own business, become a true leader and learn how to trust and be trusted. It is the true secret to securing your future.

The time to trust is NOW.

Survival of the trustworthy

Leo D'Angelo Fisher wrote for Australia's Business Review Weekly (BRW) February 5 - 11 2009, a piece on Survival of the Trustworthy, stating that 'Trust is the cornerstone of true leadership and managers who have it can move mountains.' He goes on to say 'Managers and executives who have earned the trust and respect of staff, who are admired for their fairness, empathy and integrity, will be the key to attracting and retaining an organisation's most valuable talent. Let's hope there are enough of these managers to go around.'

I couldn't have put it better myself. I actually know there are very few managers who know how to build trust – the ultimate skill to truly survive these difficult times.

In my experience, having dedicated my business to the sole focus of teaching leaders and individuals about trust, it’s an overused word that is grossly under-practiced.

Right now, organisations are breaking down trust with employees (those being shown the door, but also those left behind), customers, shareholders and the broader community. Understandably, difficult decisions must be made right now, but how those decisions are executed will make or break trust.

What leaders and managers need to remember is that everything cycles – at some point things will turn around and they will be re-hiring. When trust is broken, people hurt, and they tell everyone about it! The reputational risk is massive. The employees who are left have lost trust and respect for the leadership, and customers and shareholders are nervous.

Breaking trust is the easy option, and unfortunately one that too many leaders are choosing as the default. Those who choose to ignore its huge long term impact, do so at their own peril.

Building trust takes courage, skill and an understanding of its duality – its power and its fragility.

It’s trust or bust!