Trust in business is the expectation that the other party will behave according to the four principles of integrity: honesty, consideration, accountability, and transparency.
Honesty is not just an ethical issue; it has become an economic one. To establish trusting relationships with employees, partners, customers, shareholders, and the public, organizations must be truthful, accurate, and complete in communications. No lying through omission, no obfuscation through complexity.
Consideration in business often means a fair exchange of benefits or detriments that parties will operate in good faith. But trust requires a genuine respect for the interests, desires, or feelings of others, and that parties can operate with goodwill toward one another.
Acco untability means making clear commitments to stakeholders and abiding by them. Individuals and institutions alike must demonstrate that they have honored their commitments and owned their broken promises, preferably with the verification of the stakeholders themselves or independent outside experts. No passing the buck, no playing the blame game.
Transparency means operating out in the open, in the light of day. “What are they hiding?” is a sign of poor transparency that leads to distrust. Of course, companies have legitimate rights to trade secrets and other kinds of proprietary information. But when it comes to pertinent information for customers, shareholders, employees, and other stakeholders, active openness is central to earning trust.
Rather than dressing for success, corporations can undress for success.😂
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