April 15th is known across the U.S. as the day that taxes are due from the previous year. Accounting professionals work their tail off to find as many deductions as the can to prevent you from paying taxes. The word tax has a negative association with it. The words Trust Tax carry even more, yet organizations pay trust taxes year after year and most leaders do nothing to prevent the bleeding.
“Widespread distrust in a society… imposes a kind of tax on all forms of economic activity, a tax that high-trust societies do not have to pay.” - Francis Fukuyama
As the quote above implies for societies, the same can be said for organizations and teams. In Stephen M.R. Covey’s best-selling leadership book, The Speed of Trust, the author explains in very simple terms that Trust levels in your teams and organization play out like a dividend or a tax. His formulas are simple.
“Trust always affects two measurable outcomes – speed and cost. When trust goes down, speed goes down and cost goes up. This creates a Trust Tax™. When trust goes up, speed goes up and cost goes down. This creates a Trust Dividend™. It’s that simple, that predictable.”
Trust Tax:
Trust Dividend:
Take a moment to watch this video titled, High Cost of Low Trust. Are you dealing with any of these trust taxes at your organization: Employee Fraud, Time Theft, Employee Disengagement, Office Politics, Unproductive Meetings, Employee Turnover, Excessive Customer Churn, Excessive Approval Processes, Corporate Scandals, Lawsuits, Stealing, etc.?
So let me ask you, “What is low trust costing your organization?”
I invite you to learn more about some of the ways our clients are using The Speed of Trust Process to reduce major trust taxes. We are offering three webinars next week narrated by Gary Judd, FranklinCovey's Global Trust Practice Leader:
Thursday, May 24th | Noon Central
Tuesday, May 22nd | Noon Central
Wednesday, May 23rd | Noon Central
Consider joining us for one of these sessions or contact me to set up a 15-20 minute call with your local Client Partner. For leaders that want to attend our signature program, Leading at the Speed of Trust, in an executive retreat setting, consider joining us in Sundance, Utah on June 11-12 or August 13-14.
Creating Trust Dividends for Organizations Everywhere,
John Vakidis
214-387-9960
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