Trust Is An Expensive Currency by Rony Zagursky
A long time ago, humans invented a common currency in order to exchange goods or services. During those times it was very difficult to estimate how many lemons are equivalent to 20 lbs of beef, bartering did not seem to be the most practical.
Money has still proven to be the best way to exchange products and services, but with new technology and electronics, things are shifting. My favorite example of this is the new Monopoly game. Dollar bills in Monopoly do not exist anymore. This generation of kids are now playing Monopoly with credit cards. Like in the game, today’s adults also pay with their cell phone, credit cards, ATM cards, wire transfers, gift cards and so on. Yes some people still use cash, but at some point using cash may become obsolete.
No one knows how money will evolve in the future. One possibility could be Time. The theory of Time replacing money is one example from the movie “In Time” with Justin Timberlake. I am not a psychic, but my guess is Trust. Trust will influence this new form of currency in some way. Think about it, we buy from companies and people that we trust, we hang out with people we trust and we are more likely to buy or use a service that a trusted friend or family member recommends.
Whenever a company does something dishonorable according to our personal values or not acceptable through the eyes of society, the company is faced with troubling times with losses in sales, employees and market share.
Company’s should empower and trust their employees so they can outperform their competitors. It’s a ripple effect; leaders trust their service providers (employees), service providers trust their customers, customers trust their suppliers and the effect keeps going on. The ripple effect can also work in a negative way.
According to Christine Comaford’s , book Smart Tribes, the basic formula to create a trusting environment is:
Safety + Belonging + Mattering = Trust
To create a great foundation of trust within your company, you must create the right environment with the right people and the right procedures.
Here is the biggest challenge. Even good people, tend to be dishonest and break trust from time to time. You may not want to believe it, but beware it does happens It could be something small like taking offices supplies or using a “work” computer for personal tasks. Or perhaps a sales executive exaggerating his travel expenses. You see, unfortunately people sometimes cheat the company here and there if they know no one is looking or if it is something small. Dishonesty is part of being human. Dan Ariely gives great examples of this in his book by sharing a variety of different stories.
Its imperative that you create a culture and environment in your company that promotes trust. As your company is evolving at a fast pace alongside the evolution of money the path may get chaotic. A trustworthy environment will be the only way the company and employees will stay grounded and growing.
We guide companies to create those trustworthy environments. An environment where trust is improved throughout the company to achieve better results and a great place to work.
If we could measure people and companies’ value as the trust of their “users”, how much is your company worth?