Trust is a fundamental building block for relationships within families, co-workers and communities. Trust has been called “the bandwidth of communication” – low trust resulting in constrained or no communication, and high trust characterized by open sharing of information and feelings.
For businesses, trust impacts such things as turnover, innovation and reputation. Peter Aceto, CEO of Tangerine Bank, takes an even bolder view on the importance of trust, “Forget price, products, & services. Trust is the new competitive advantage”.
Trust is an abstract, subjective concept that is linked with many other factors such as integrity, competence and dependability. As a result, trust is hard to measure. But it is critical for organizations to know where they stand in terms of trust with their employees, customers and stakeholders. Organizations want answers to questions such as “Are trust levels going up or down?”, “Where does our organization stand with respect to trust compared to other organizations?” and “What factors contribute to building trust and trustworthiness?”
The following are examples of surveys used to measure trust:
Trust within teams and organizations
• Organizational Trust and Engagement Index, FranklinCovey
• The Five Behaviors of a Cohesive Team, Patrick Lencioni
Trust trends in society
Unfortunately, survey results provide indicators, not measures of trust. In its white paper, How Do You Measure Trust?, FranklinCovey proposes a three-pronged approach to measuring trust:
- Use surveys to raise awareness of trust levels.
- Observe and measure the frequency of behaviours that create or destroy trust.
- Calculate the economic effects of trust (customer loss, fraud, etc.)