Imagine a work colleague with whom you have an exceptionally high level of trust. Let's call him Rusty. You're collaborating on a cross-functional project to update the pricing and packaging for a product, and you are accountable for overall outcomes of this project. Since you have high trust in Rusty - in his ability to deliver, his aptitude, and his integrity - you can work more effectively together. Fewer check-ins are needed, communication can be more informal, and you don't have to spend as much time or energy worrying about his responsibilities relating to the project. You can work faster with Rusty.
Now, compare this with another colleague in whom you have low trust. We'll call her Misty. You're uneasy about the quality of work she will produce, which will reflect on both of you. You need to conduct more check-ins and oversight, and be more deliberate with your communication. Working with Misty is slower and more laborious than working with Rusty.
“Trust is like the air we breathe – when it’s present, nobody really notices; when it’s absent, everybody notices.” - Warren Buffet
This phenomenon is known as the Speed of Trust, as described in Stephen Covey's influential book of the same name. The central idea is simple: the more trust you have, the faster you can work, and the better your results. This principle can be applied to almost any relationship:
The more trust a leader has in their team, the more time the team can devote to exercising their creativity and doing valuable work. This is partly because the team spends less time being micro-managed or executing processes indicative of a low trust environment.
The more trust that two companies have in a business partnership, the less time their lawyers need to spend drafting their agreement.
The more trust I have with my spouse, the less oversight I need to ensure that important household matters are handled. I can focus more energy on my side of the bargain, and we can accomplish more together.
The equation is simple:
High Trust = Speed ↑ Cost ↓
Low Trust = Speed ↓ Cost ↑
We are in a crisis of trust. Just glance at the pocket-sized computer you call a phone to witness the political division, fake news, and fear-mongering media that all contribute to this trust crisis. Trust levels have hit an all-time low. This makes the opportunity to establish high trust relationships in your work and personal life all the more crucial.
But how do we build trust?
Trust is built with two components: character and competence.
Character means integrity, following through on commitments, communicating authentically and honestly, doing the right thing, and exhibiting high empathy and emotional intelligence. These are the building blocks of character.
Competence is the ability to accomplish tasks effectively and produce work of a high standard of quality.
So I encourage us all to reflect on how we can improve our character and competence which will result in high trust relationships and propel our work to new heights.