Do you ever wonder what makes a company successful? What makes it a better workplace? Why does it stand out to clients more than others?
Some will say it is a strategic focus. Some will tell you it is excellent financial management or effective marketing. Others will suggest it’s top-notch talent. While I do agree that all these are major contributors to business growth, in nearly three decades of experience growing Celebree School, I believe there is one key factor that determines the success of a company. It’s trust, and it is as simple as it is complicated. Let’s see why.
A study published by the Harvard Business Review (HBR) shows that people who work at companies with high trust ratings report 106 percent more energy at work, 76 percent greater engagement, 74 percent lower stress levels, 50 percent more productivity, and 40 percent less burnout than their peers who work at companies with low trust ratings.
You get the bigger picture. Trust promotes employees’ well-being and boosts their performance. When employees know that their company got their back, they are more satisfied, more productive, more cooperative, and less likely to leave. Happier employees are an asset that generates results toward achieving company goals.
How exactly can businesses cultivate trust within the organization?
As a leader of a company that has been in the industry for more than 20 years myself, I believe that transparency and communication lay the foundation of trust at Celebree School.
Transparency in leadership means being intellectually honest, open, and approachable to your employees so that you can create meaningful relationships with them and give them a sense of belonging. By being candid, you are able to make them feel that they can depend on you and that you recognize their significance as primary internal stakeholders in the business. They do not just work for the company: they are a part of it. This allows them to create a deeper connection with their roles, giving them a sense of accomplishment as individuals.
Sharing company information with your employees is part of transparency. There are no secrets at all times. Of course, there is confidential information that you cannot disclose in the bigger interest of the company and that’s okay, but everything else that’s relevant whether big or small must be shared with everyone. These include goals, policies, strategies, processes, performance, and revenues among other things. When something goes wrong, transparency also dictates that you will be candid about the issue. You don’t want your employees to have uncertainty about your direction because this downplays teamwork as well as the loyalty that you have already gained. You build walls when you choose to withhold information and you don’t want that.
When a company observes transparency, communication flows easily. There is mutual respect and confidence in each other when employees believe in their employers and vice versa. They are comfortable in sharing their thoughts and providing feedback when necessary. This openness speeds up workflow, solves problems quickly, and improves decision-making. It also builds accountability and prevents misunderstandings or clears up existing ones. Eventually, communication solidifies trust within the company and people become more engaged and committed to giving their best shot.
If you have been thinking about how to build and nurture trust in your company, maybe you need to take a step back and see if you have been keeping your line open for your people. Put simply, transparency and communication just mean giving employees what they need to reach their full potential. With so many benefits for your company and your people, I hope you start thinking about embracing transparency and communication in the workplace moving forward.
How important is trust and transparency for you when it comes to teamwork? Share your thoughts with us!