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Trust, Retention, and Customer Loyalty

How do you build trust?

More specifically …

How do you build team trust so that you retain your employees?

And, how do you build trust so that customers continue to come back?

In this blog post you’ll find 2 sets of studies that quantify the importance of trust along with 3 practices you can apply today – and throughout 2023 – to build and maintain trust.

What is Trust?

Trust is belief, faith, and confidence in the strength, skill, or character of a person. When you trust someone, you believe and have confidence in them or their skillset. You know you can count on them.

Why Trust Matters

Trust in relationships has a direct correlation to performance and productivity. When trust increases, reliability, synergy, communication, accountability, and teamwork all increase with it. When there’s trust, you effectively work through even the most difficult problems. Without trust, even the simplest of problems are difficult to solve.

Trust and Employee Retention

Per SHRM and Edelman Trust studies, 1 in 3 employees don’t trust their employer and say they’d stay longer with a company if leaders kept their promises. In contrast, employees who trust their employers experience 74% less stress and 40% less burnout. And, highly trusted workplaces experience 50% higher productivity, 106% more energy at work, and 13% fewer sick days. Trust matters in the workplace.

Trust and Customer Loyalty

Per SHRM and Edelman Trust studies, 1 in 3 employees don’t trust their employer and say they’d stay longer with a company if leaders kept their promises. In contrast, employees who trust their employers experience 74% less stress and 40% less burnout. And, highly trusted workplaces experience 50% higher productivity, 106% more energy at work, and 13% fewer sick days. Trust matters in the workplace.

How to Build Trust

Below are three key skills to building trust – a “trust trio.” Practice these three skills and watch the trust meter go up in those around you and closest to you.

Be True to Character.
Building trust begins with being true to character. Do you do what you say you’re going to do? Are you transparent, honest, and loyal to the absent? Can those around you rely on you? This is where trust begins.

Communicate Effectively.
Consider what happens to trust when somebody truly, sincerely, and genuinely listens to you. You trust them. Do you take an interest in and genuinely listen to others? Learn to listen. And, be transparent with others with frequent, clear, and honest communication.

Be Kind.
Kindness is to trust what frosting is to cake – it’s what makes it complete and wonderful. If you are true to character, and you genuinely listen, and on top of this you are kind and thoughtful of others, your trust becomes “complete” and thorough.

This is the “trust trio,” and as you practice these principles to build and maintain trust you are becoming your best.

“Trust is earned when actions meet words.” – Chris Butler

Want to see other articles and posts by Becoming Your Best? Go here.

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