Trust isn’t only critical to developing personal relationships, it’s also the heart of successful organizational strategies. To thrive in the new age of trust, companies should work to build trust equity every day. Doing so, however, will require making trust measurable.
Building trust equity to strengthen stakeholder relationships
Why does trust matter? We’ve entered the trust age: a time where (mis)information is omnipresent, individual perceptions reign supreme, and digital security and data privacy are constantly threatened. Now more than ever, stakeholders expect organizations to do the right things and do them well. These expectations range from entrusting an organization to safeguard one’s private data to requiring a company to have a strong stance on environmental, social, and governance issues. Despite this, many leaders and organizations still view trust as an abstract concept.
We believe that trust should be managed proactively because, when it’s prioritized and acted upon, it can become a competitive advantage. An organization that positions trust as a strategic priority—managing, measuring, investing in, and acting upon it—can ultimately build a critical asset.