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Agenda
2
Topic
Economics of Trust
Detection of Mistrust
Impact of Mistrust
Building Trust Quickly
Image AreaEconomics of Trust
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What about TRUST?
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Game changer Economics of Trust - Simple Formula
Speed
Cost
Trust
Speed
Cost
Trust
The Speed of Trust Pages 13 - 17
Mistrust doubles the cost of doing business-Professor John Whitney, Columbia Business School
Hidden Variables
5
The Trust Tax Cost of low trust Cost of inheritance tax
The Trust Dividend Performance multiplier Improves communication, collaboration, execution,
innovation, strategy, relationships,….
What about me? – Am I a walking tax or walking dividend?
Hidden Variables (continued)
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-80% Tax -60% Tax -40% Tax -20% Tax No Tax or Div
+20% Div +40% Div
Toxic culture/ dysfunctional environment
Unhealthyworking environment
“CYA” behavior
Misaligned systems / structures
Healthyworkplace
Effective collaboration
High collaboration
Redundant hierarchy
Intensepolitical atmosphere
Political camps (allies / enemies)
Unnecessary hierarchy
Few office politics
Focus is on the work
Effortless com-munication
Militant stakeholders
Unhappystakeholders
Many dissatisfiedstakeholders
Somedissatisfied stakeholders
Good com-munication
Positive partnering amongstakeholders
Positive / transparent relationships
Micro-management
Time wasted defending positions
Bureaucracy / redundancy in systems
Slow approvals
Aligned systems and structures
Helpful systems and structures
Fully aligned systems and structures
Results = (Strategy X Execution) X Trust (hidden variable)
Image AreaDetection of Mistrust
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Missing Trust Clues
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We've always done it
this way
We've always done it
this way
If it ain'tbroke
don't fix it
If it ain'tbroke
don't fix it
The tool/technique that I am using works just fine,
thank you
The tool/technique that I am using works just fine,
thank you
I'm busy right now, please go
away
I'm busy right now, please go
away
Boy, I sure don't
remember telling you
that
Boy, I sure don't
remember telling you
that
Oh, I'm so sorry, but I forgot to tell you…
Oh, I'm so sorry, but I forgot to tell you…
Did I tell you that last week?
I'm terribly sorry but that was wrong.
Did I tell you that last week?
I'm terribly sorry but that was wrong.
There is no way I ever said that
There is no way I ever said that
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What causes contribute to this lack of trust in your projects today?
Our distrust is very expensive – Ralph Waldo Emerson
Impact of Mistrust
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Impact of Mistrust
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Common Causes for Mistrust Fear of job elimination or dramatic change Fear that the solution will impede/slow down
their workflow (in the name of improvement) Fear that familiar software will become
incomplete, inaccurate. Fear that the solution will be hard to learn Fear of loss of value / stature in the
organization History of bad cooperation and missed
expectations
Repercussions when trust is not established: Unhappy Sponsors Added Scope Schedule Delays Team issues
Building Trust (Quickly)
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Building Trust
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Elements that build trust: Communicate bad news as needed Act with integrity and honesty Acknowledge mistakes Give credit where credit is due Value each other's input Make and meet commitments Be competent within the domain of expertise Encourage laughter
Strong correlation between laughter and trust Define clear roles and responsibilities
Focusing on the business need and vision also demonstrates business acumen, which in turn builds respect, and leads to trust.
Do the right thing
Get the right thing done
Tips – Trust Crushers
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Elements that demolish trust Disclosing confidential information Creating a competitive environment Communicating within a hierarchy (rather than team-based
communications) Not doing what you say Micromanaging Not making decisions Incompetence
REMEMBER When trust is absent, the requirements elicitation process will take longer, be incomplete, and lead to lower morale.
Two Functions of Trust
(#)
Affection Trust
Distrust Respect
Competence
Character
How is your character and competence viewed by
others?
The 4 Cores of CredibilityAND 13 High Trust Behaviors
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Credibility
Integrity
Capability
Results
Intent
Character• Talk Straight• Demonstrate
Respect• Create
Transparency• Right Wrongs• Show Loyalty
Competence
• Deliver Results• Get Better• Confront Realty• Clarify
Expectations• Practice
Accountability
Both Character and Competence
• Listen First• Keep
Commitments• Extend Trust
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Well, That’s It!Some thoughts on the propensity to
trust: It is better to trust and sometimes
be disappointed than to be forever mistrusting and be right occasionally – Neal Maxwell (Educator and Religious Leader)
I have found that by trusting people until they prove themselves unworthy of that trust, a lot more happens – Jim Burke (Former Chairman and CEO of Johnson & Johnson)
I bring you the gift of these four words: I believe in you. – BlaisePascal (French Physicist and Mathematician)
