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.Sign up to learn more
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 (ESG) issues.
Trust also drives performance. When stakeholders trust an organization, their behaviors will reflect that Trust can affect more traditional key performance indicators that directly affect financial performance. Trust elevates customer and brand loyalty, which can lead to revenue. It enhances levels of workforce engagement, which can result in increased productivity and retention. And the data confirms it.
Trustworthy companies outperform nontrustworthy companies by 2.5 times, and 88% of customers who highly trust a brand will buy again from that brand. Furthermore, employees’ Trust in their leaders improves job performance, job satisfaction, and commitment to the organization and its mission.
Despite the data, however, many leaders and organizations still view Trust as an abstract concept. At Deloitte, we believe that Trust should be managed proactively because, when Trust is 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.
Make Trust actionable: Four steps to embed trust in your organization
At Deloitte, we help our clients follow a structured approach to quantify and enhance Trust, leveraging a suite of diagnostic solutions. As the adage goes, you can only effectively manage what you can measure. The following steps can help support a company’s journey to becoming a trusted organization:
Introducing Trust IQ
Deloitte's TrustIQ™ diagnostic provides you with an opportunity to quantify the current state of Trust at your organization. By evaluating your organization's performance across 17 domains and comparing your scores against leading practices, TrustIQ™ illuminates the priority focus areas for your organization. Unlock the Trust advantage by taking decisive action to protect, strengthen, and amplify Trust with stakeholders across your ecosystem.
Introducing Trust IQ
The Importance of Trust
The Trust IQ Advantage
Trust as the Basis for Connection
Insights to galvanize Trust in your organization
Featured podcast: Restoring Trust in government
In the United States, Trust in government is at near historic lows. The authors of The Power of Trust discuss why that’s a problem, and former VA Chief Veterans Experience Officer Tom Allin reveals how that agency reengaged its constituents to rebuild Trust.Listen to the podcast