Take Deliberate Measures To Combat Trust Deficit

A deficit of trust can produce negative economic results. There are ways, however, that leaders can deliberately rebuild trust in business, government, and other important institutions. Leaders must be reliable, open, competent and compassionate.
By: Total Trust Coaching & Consulting
New Book on Trustworthy Leadership
New Book on Trustworthy Leadership
Jan. 28, 2013 - PRLog -- There is one thing all leaders can do to improve our economy: work to rebuild trust in their own institutions.  One leader cannot rebuild trust everywhere, but each leader can take responsibility for his or her own credibility and act in trustworthy ways with his or her own employees, customers, and colleagues.  If each leader would work hard to rebuild trust in his or her own circle of influence, we might be able to improve the economic environment and eliminate the deficit of trust as described in the Wall Street Journal by Jon Hilsenrath on January 27, 2013.

When leaders admit their mistakes, apologize, and take actions to improve the situations they find themselves and their organizations in, those actions go a long way towards rebuilding trust with their stakeholders.  The first way a leader can rebuild trust is by demonstrating his/her reliability: by rigorously following through on all commitments, written or verbal, and making sure that actions and communications are fully consistent with one another.  

The next way a leader can build trust is by being transparent in his/her actions: by explaining his/her decisions and widely sharing information.  Everyone wants to be on the same page and understand where the organization is headed.

Next, we want to know that our leaders are competent to carry us through these uncertain economic times.  Leaders must convincingly demonstrate that they have the knowledge and capability to do what they say they are going to do, and make sure that rhetoric is matched by results.

Finally, we just want to know that our leaders care about us, our jobs, our organizations, and the economy overall.  The millions who are unemployed and  the many millions more concerned about their job security need to believe that those at the top will do what is necessary to ensure that the fruits of corporate success will not be reserved for the few.  They want business leaders to demonstrate true compassion:  acknowledging that there should be a job for every person who wants a job, that the welfare of employees and communities matter as much as for employees as for shareholders.

When our leaders take the initiative to rebuild trust in themselves and their organizations, we will see new economic growth and a more positive outlook.  It is time to combat our trust deficit.


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