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The Speed of Trust - Stephen M. Covey
Transcript of The Speed of Trust - Stephen M. Covey
"...the speed of trust can be put into the calculus of all of the important metrics inside organizations and relationships." (pg 39)
The First Wave
Self Trust: The Principle of Credibility
"Credibility boils down to two simple questions. First, do I trust myself? Second, am I someone who others can trust?...A person of integrity that does not produce results is not credible. If you are not credible, you are not trustworthy!"
-Stephen M. R. Covey
The Third Wave
The Second Wave:
"People can’t see our heart but they can see our behavior."
-Stephen M.R. Covey
The Fourth Wave
Market trust is based on the principle of reputation. Company logos can conjure positive or negative feelings based on personal experience and reputation.
The Speed of Trust -Stephen M.R. Covey
The Fifth Wave
By: Zeb Letourneau, Ben Higley, Caitlyn Curry, Dan Colageo, & Allicyn Fitzgerald
4 Cores of Credibility
Most violations of trust are violations of integrity
3 Virtues of Integrity
"Intent springs from our character. It is part of our value system. It is how we know we should act." -Stephen M.R. Covey
Follow your strengths, increase your knowledge, improve your skills, know where you are going
"People don't trust people who don't deliver results...They are what you contribute to the company" -Stephen M.R. Covey
Examples of Market Trust
The Speed of Trust
Building (or Destroying) Reputations
Within the global market, trust can be built or destroyed at incredible speed.
In a 2005 study conducted by Harris Interactive ranking the 60 most recognizable companies in America:
Johnson & Johnson ranked 1st for the seventh straight year.
Google ranked 3rd having only been in business for seven years.
WorldCom and Enron ranked 59th and 60th.
Harris Interactive Reputation Quotient Poll
Research example of market trust used in 'The Speed of Trust'.
Comes out annually in February, perfect timing.
In the February 2015 study:
So How Do I Build My Brand?
First, apply the 4 cores and their associated behaviors at the organizational level.
Second, put on your trust glasses and ask the following questions:
1. Does my brand have integrity?
2. Does my brand demonstrate good intent?
3. Does my brand demonstrate capabilities?
Is my brand associated with results?
Author of 'The Speed of Trust' which demonstrates how trust is a measurable skill that drives profitability, makes companies more promotable, and relationships more energizing. Three key ideas associated:
Trust is a Measurable Economic Driver
Trust is the #1 Competency of Leaders Today
Trust is a Learnable Leadership Skill
Stephen M. R. Covey
Former CEO of Covey Leadership Center, which became the largest leadership development company in the world under his leadership. Valued at only $2.4 million when Covey was named CEO, within three years, he grew shareholder value to $160 million in a merger he orchestrated with Franklin Quest to form FranklinCovey.
Personally led the strategy that propelled his father's book, Dr. Stephen R. Covey's The 7 Habits of Highly Effective People to one of the most influential business books of the 20th Century.
The Thirteen Relationship Trust Building Behaviors
“Be honest. Tell the truth. Let people know where you stand. Use simple language. Call things what they are. Demonstrate integrity. Don’t manipulate people or distort facts. Don’t spin the truth. Don’t leave false impressions.”
-Stephen M.R. Covey
"All organizations are perfectly aligned to get the level of trust they get"
The symbols of a company must
a companies rhetoric or
Trust Organizational Taxes
Trust Organizational Dividends
1) Increased Value
2) Accelerated Growth
3) Enhanced Innovation
4) Improved Collaboration
5) Stronger Partnering
6) Better Execution
7) Heightened Loyalty
“I try to treat people as human beings. . . . If they know you care, it brings out the best in them."
—SIR RICHARD BRANSON, FOUNDER AND CHAIRMAN, THE VIRGIN GROUP
“We adopted a philosophy that we wouldn’t hide anything, not any of our problems, from the employees."
—ROLLIN KING, FOUNDER, SOUTHWEST AIRLINES
Humility vs. Pride
Open vs. Closed
Forgiveness vs. Holding On
“To retain those who are present,
be loyal to those who are absent."
—STEPHEN R. COVEY
“We judge ourselves by what we feel capable of doing, while others judge us by what we have already done."
—HENRY WADSWORTH LONGFELLOW
There vs. Here
Future vs. Present
Dreams vs. 'This'
“One of the reasons people stop learning is that they become less and less willing to risk failure."
—JOHN GARDNER, AUTHOR OF EXCELLENCE AND SELF-RENEWAL
“Don’t assume that expectations are clear or shared.”
-Stephen M.R. Covey
Hold yourself and others accountable.
Take Responsibility for results. Now and in the future.
“If there is any great secret of success in life, it lies in the ability to put yourself in the other person’s place and to see things from his point of view—as well as your own."
“[I]t is a leader’s responsibility to demonstrate what it means to keep your word and earn a reputation for trustworthiness."
—HANK PAULSON, CHAIRMAN AND CEO, GOLDMAN SACHS
Corporate Social Responsibility
Is the intent to create value instead of destroying it. It is when we give back instead of take, which is done on two levels personal and corporate
Personal Social Responsibility
Covey, Stephen M. R., and Rebecca R. Merrill. The Speed of Trust: The One Thing That Changes Everything. New York: Free, 2008. Print.
"Self Trust™ and the 4 Cores of Credibility™." Speed of Trust™ Book Summary. Franklin Covey Co. and CoveyLink, LLC. Web. 13 Feb. 2015. <http://www.myspeedoftrust.com/How-The-Speed-of-Trust-works/book>.
Xu, Feng, Jinsoo Uh, Peiying Liu, and Hanzhang Lu. "On Improving the Speed and Reliability of T2-relaxation-under-spin-tagging (TRUST) MRI." Magnetic Resonance in Medicine (2011): N/a. Soundview Executive Book Summaries. Concentrated Knowledge for the Busy Executive, 2006. Web. 2015.
Fifth Wave: Societal Trust
Societal Trust is built on..
Corporate Social Responsibility
Personal Social Responsibility (Global Citizenship)
Extending Smart Trust
By definition is; an ethical framework which suggests that an entity, be it an organization or individual, has an obligation to act for the benefit of society at large.
An economic necessity and an individual choice. One must see the value of contribution then make a concerted effort to contribute.
Example: Compton Riots 1992, buildings were burned, businesses stolen from and destroyed. One business however was not. McDonalds franchises in the area survived, why? Over the years they had given so much to the community by building parks etc. People recognized that and in turn their buildings went unscathed
Explanation of Smart Trust from the man himself
Thank you for your time!
Stephen Covey breaks trust into five waves: Self trust, Relationship trust, Organizational trust, Market trust, and Societal trust. These core waves will be the basis of our presentation.