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The number 1 requirement for exiting this recession: rebuild trust! Recent survey reveals trust as critical

The number 1 requirement for exiting this recession: rebuild trust! Recent survey reveals trust... Purpose – The purpose of this paper is to reveal survey findings on the impact of trust and consider how to rebuild trust in organizations. Design/methodology/approach – Recent survey by Bates Communications, Inc. of 148 business professionals. Findings – The clear number 1 issue emerging from the downturn was executives' ability to rebuild trust with employees, clients, and customers. Data from our survey showed that this recession caused significant damage to business relationships, damage that must be repaired if many companies are to move forward and take advantage of the opportunities of the rebuilding economy. Research limitations/implications – In addition to our own survey, other studies have corroborated our results. According to the 2009 Midyear Edelman Trust Barometer, trust in business continues to be the issue starkly revealed in its January 2009 report that had reported a devastating loss in trust in the private sector. In the Midyear survey, when asked what companies could do to rebuild trust in the long run, 94 percent of respondents listed “treating employees well” as job one. Not far behind was “communicating frequently and honestly” for 91 percent of respondents. Practical implications – Companies must take initiative to rebuild trust in their organization. Original/value – This paper is of great value to CEOs and C‐level executives. They must own the trust issue in their organization. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Business Strategy Series Emerald Publishing

The number 1 requirement for exiting this recession: rebuild trust! Recent survey reveals trust as critical

Business Strategy Series , Volume 11 (2): 3 – Mar 16, 2010

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Publisher
Emerald Publishing
Copyright
Copyright © 2010 Emerald Group Publishing Limited. All rights reserved.
ISSN
1751-5637
DOI
10.1108/17515631011026399
Publisher site
See Article on Publisher Site

Abstract

Purpose – The purpose of this paper is to reveal survey findings on the impact of trust and consider how to rebuild trust in organizations. Design/methodology/approach – Recent survey by Bates Communications, Inc. of 148 business professionals. Findings – The clear number 1 issue emerging from the downturn was executives' ability to rebuild trust with employees, clients, and customers. Data from our survey showed that this recession caused significant damage to business relationships, damage that must be repaired if many companies are to move forward and take advantage of the opportunities of the rebuilding economy. Research limitations/implications – In addition to our own survey, other studies have corroborated our results. According to the 2009 Midyear Edelman Trust Barometer, trust in business continues to be the issue starkly revealed in its January 2009 report that had reported a devastating loss in trust in the private sector. In the Midyear survey, when asked what companies could do to rebuild trust in the long run, 94 percent of respondents listed “treating employees well” as job one. Not far behind was “communicating frequently and honestly” for 91 percent of respondents. Practical implications – Companies must take initiative to rebuild trust in their organization. Original/value – This paper is of great value to CEOs and C‐level executives. They must own the trust issue in their organization.

Journal

Business Strategy SeriesEmerald Publishing

Published: Mar 16, 2010

Keywords: Trust; Leadership; Best practices; Management accountability; Group dynamics

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