Measure, Predict & Build Trust for Success!

The Four Factors of Trust

• Trust is difficult to measure and describe because it is very human, and can be very emotional and can describe a relationship between two people or entities. 
• Trust can broadly be defined as making good promises and keeping them. Making a good promise shows strong intent, and is demonstrated by showing humanity. This also demonstrates transparency when that promise is clear. Keeping that promises shows capability and competency, and reliability in following through.
  • Humanity: A company demonstrates empathy, kindness, and equity. This is directly linked to how companies act and respond. When a company shows humanity, customers remain loyal.
  • Transparency: Transparent companies are trust winners, because it shows that companies can be clear about their intentions and their reasoning. 
  • Capability: A capable company is one that demonstrates the ability to create quality products, and a strong work experience. 
  • Reliability: When a company proves their capability over time, and across different situations, that demonstrates reliability. 
    • When a brand proves both its capability & reliability, consumers are going to be more likely to continue to go back to this company, and employees are going to stick with the company because that trust through competency has been established.
• Being able to demonstrate these four elements of trust can differentiate these companies, and make trustworthy companies stand out in the crowd. 
• These factors rely on each other to establish trust, but the degree of how influential each of these factors are in developing trust depends on the industry and situation. 
  • The companies that are trusted above all are the ones that outperform on every factor.

Measuring Trust

• The HX TrustID is a tool that measures the trustworthiness of companies based on the four factors of trust. 
  • Companies are able to look at how well they are doing on each of the four factors, and create actionable guidance on how they can improve. 
  • As companies earn trust, they also earn loyalty. Adversely, when a company loses trust, they also lose loyalty. 
• When a company receives a low trust score, it can be hard to know what they can do to improve. The HX TrustID offers examples of what actions to take to improve their scores for each factor for trust.
• Most executives and companies measure their trustworthiness and loyalty in some way, and the HX TrustID is able to predict and drive behaviors that can grow net promoter scores.
• The companies that are the most trusted and “get it right” are the ones who are competency leaders, humanity leaders, and the trust winners. 
  • Transparency can be the secret sauce for the most trusted companies, and can be undervalued.
  • Trust is also earned in moments of vulnerability, and companies can demonstrate that through transparency. It is really becoming a differentiator for companies because it demonstrates authenticity.

Building Trust Personally and Professionally

• Leaders also need to have tools of their own to build trust at work.
  • There doesn’t necessarily need to be a formal training tool or corporate guidance to ask internally if a team is meeting the four factors of trust: demonstrating humanity, transparency, capability, and consistency.
  • Holding teams accountable to this guideline, and measuring trust can create an overall more productive and supportive team.
• It is important to be able to have the tools and actionables to build trust at work, but it is also applicable to everyday life. 
  • It’s a good way to check in on a personal level to see if the four factors of trust are present.
• In HR departments, trust is essential. If a company prioritizes building trust at work, those employees are then able to develop trust with customers. And when a customer trusts a company or a brand, that company measurably outperforms it’s competitors.
  • However, in today’s challenging talent market, and in a time where employee trust is low, and working in a hybrid working environment, it can be difficult to build trust, but is still critical. 
• It is important for companies to look at building trust at work across certain demographics
  • Statistically, women go into a workplace being more trusting than men, but that trust is lost over time. 
  • It is also important for businesses to make trust a company value. When companies measure trust, they are also inherently measuring motivation, and that can open up a new way of assessing productivity among other factors. 
  • Companies also must demonstrate trust in order to get trust back from their employees. 

Ashley Reichheld Background

• Studied Psychology & Women’s Studies at Wellesley College
• She began her career as a Consultant with Monitor Deloitte
• Ms. Reichheld currently serves as a Principal at Deloitte Digital
• She is the co-author of The Four Factors of Trust: How Organizations Can Earn Lifelong Loyalty.

Amelia Dunlop Background

• MBA from University of Cambridge
• Master’s degree in Theology from Boston College
• BA in Sociology from Harvard University
• She began her career as a Partner, and the Principal with Monitor Deloitte
• Ms. Dunlop currently serves as Chief Experience Officer at Deloitte Digital
• She is the co-author of The Four Factors of Trust: How Organizations Can Earn Lifelong Loyalty.

Links

• The Four Factors of Trust (resources and a blueprint to building trust)
• Factors of Trust Survey  

Contact

• Ashley Reichheld LinkedIn
• Ashley Reichheld email: areichheld@deloitte.com
• Amelia Dunlop LinkedIn
• Amelia Dunlop email: amdunlop@deloitte.com