Today’s companies face pressure to grow while also increasing agility, managing risk, and building resilience for whatever tomorrow holds. In this arena, trust is the coveted ticket to play. When you earn the trust of your stakeholders—from customers and regulators to employees, suppliers, investors, and the communities where you operate—it gives you the permission to innovate boldly, grow responsibly, and create a new future.
How can you earn and sustain the trust of your stakeholders? In this article, explore the six elements of trust and considerations for leveraging your risk functions.
Research suggests that people trust organizations that demonstrate three key characteristics.
The collective knowledge, skills, and abilities to reliably provide products and services
Going beyond a profit motive alone to also show you care for stakeholders
Doing the right thing, including taking responsibility and correcting an issue
N. Gillespie & G. Dietz, “Trust Repair After an Organization-level Failure,” Academy of Management Review, 2009, 34(1): 127–145; R.C. Mayer, J.H. Davis & F.D. Schoorman, “An Integrative Model of Organizational Trust,” Academy of Management Review, 1995, 20(3): 709-734; F.D. Schoorman, R.C. Mayer & J.H. Davis, “An Integrative Model of Organizational Trust: Past, Present, and Future,” Academy of Management Review, 2007, 32(2): 344-354.