Building employee trust is important for the long-term success of your business. Employees who trust their managers can be sure that the company is going in the right direction. They will probably be more willing to do whatever it takes to help managers reach their goals and reduce employee turnover.
One mistake can cause you to lose the trust you’ve worked so hard to build. The company must first earn staff trust, and then the team must keep it up. And if you lose their workplace trust, you’ve lost a valuable business asset.
In this blog post, we’ll discuss why building trust in the workplace is more important than ever.
What is Employee Trust?
Employee trust is the particular morale that some companies may offer as a benefit. Employers can set up different types of trusts for the benefit of their employees.
Before understanding trust in employees, you need to know the basics of how trust works. Trust is a legal arrangement of company culture in which one person, called the trustee, holds and manages assets for those who benefit from the trust in the workplace. The word for these people is “beneficiaries.”
And when staff trust is set up, the people who benefit are the employees. Former employees of a company may also be included as beneficiaries. Most employee trusts are voluntary. This means that the trustee has a lot of say over how the trust is run and often decides who gets shares and when they get them.
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Employee Stock Ownership Plan (ESOP) is an example of trust in employees. In this type of arrangement, the employer contributes to earn employees trust. In certain cases, a company may contribute shares as an alternative to or in addition to cash. The trustee is tasked with purchasing stocks for the employee’s belief, managing investments, positive relationships, and allocating shares.
Why is Employee Trust Important in the Workplace?
Here are four reasons why trust in employees is essential to your company’s success.
- Employee Trust Increases Productivity
Employees in high-trust companies are given the freedom to do their jobs for productivity. They let their employees do what they think is best after clearly outlining their honest expectations. According to a Citigroup/LinkedIn survey, 64 percent of employees would rather take a 10 percent raise than give up more control over their work. Building a self-sufficient team, on the other hand, necessitates a high level of trust. It’s important for managers and employees alike to have faith in each other, and for managers to have faith in their employees’ abilities and commitment.
- Trust Enables Collaboration
Collaboration is the lifeblood of today’s workplace culture. Numerous studies have shown that diverse teams are better able to solve problems and develop new solutions than a single individual. That’s something that any company would want to promote, right?
In order for such collaboration to be successful, employee spotlight and employee trust must be established on multiple levels. Team members must first have faith in their coworkers’ ability to complete their share of the work to a high standard. They must also have faith in their coworkers’ ability to meet agreed-upon deadlines. Collaborative efforts fail when one person ends up doing everything. Because they can’t rely on the other members of the group to carry their share of the load.
Employees need to have faith that their contributions will be recognized when they work on a team. Praising your ideas is a great motivator, but having them stolen is demoralizing and infuriating at the same time. Teams with a high degree of mutual trust are more likely to give credit where credit is due. That helps to keep collaboration moving along smoothly.
- Trust Promotes Innovation And Creativity
When employees are allowed to try out different ways to solve problems, innovation happens.
Even here, trust between team members is a must-have for success. People will be less likely to suggest new ideas if pointing out places where things could be better is seen as being a troublemaker. Managers need to show that they trust their employees by being open to all ideas. Even the ones that cause them to feel apprehensive.
To earn employee trust is even more important when it comes to coming up with solutions. Team members won’t share their ideas if they think their coworkers will ignore them or even make fun of them. Some of the best ways to make money may seem crazy at first. If you don’t respect the people who come up with them, your business will suffer.
- Trust Helps to Solve Conflicts
Think of someone you really trust. Do you always agree with them? Chances are you don’t. Even the happiest married couples and long-time business partners have problems. The reason their relationships last is that they trust each other. They let that trust move them toward resolution instead of anger.
As a business leader, the last thing you want to do is to babysit your employees. Even though you care about them, you have more important things to do than get in the middle of small fights. When trust is established between coworkers, they are better able to solve problems on their own.
Obviously, when fights get out of hand, you’ll have to step in. But most of the time, a high-trust team will be able to solve small problems without your help. They will grow on their own and get closer to each other every day.
Building Trust for Employee Engagement
Increasing employee trust is crucial for employee engagement. When employees trust their organization and feel valued, they are likely to stay engaged and committed. Here are some strategies to enhance employee trust:
- Open Communication:
Encourage transparent and frequent communication at all levels of the organization. Ensure that employees have access to information regarding company goals, performance, and decision-making processes. Regularly update them on significant developments and encourage feedback.
- Lead by Example:
Trust starts at the top. Leaders should consistently demonstrate honesty, integrity, and ethical behavior. When employees witness their leaders acting with integrity and treating others respectfully, it fosters trust throughout the organization.
- Autonomy and Empowerment:
Grant employees a certain degree of autonomy to make decisions and take ownership of their work. Allow them to contribute ideas, offer suggestions, and participate in decision-making. Empowering employees fosters trust and demonstrates that their opinions and expertise are valued.
- Recognize and Reward:
Companies should identify and reward employees for their accomplishments and contributions. Acknowledging their hard work and providing meaningful rewards, such as bonuses, promotions, or public recognition, demonstrates that their efforts are appreciated and builds trust.
LEARN ABOUT: Employee Rewards Ideas for Employee Engagement
- Professional Development:
Invest in employee expectations and developments by offering training programs, mentorship opportunities, and career advancement prospects. When employees see that the organization is committed to their growth and success, it builds employee loyalty and trust.
- Positive Work Environment:
Cultivate a positive and inclusive company culture where employees feel respected, supported, and safe. Encourage collaboration, teamwork, and open dialogue. Address any issues promptly and ensure a fair and equitable work environment.
- Work-life Balance:
Support work-life balance by promoting flexible work arrangements, such as remote work or flexible hours, where feasible. Show understanding and accommodate employees’ personal needs and responsibilities. It demonstrates that their well-being is a priority, building trust and loyalty.
- Consistent and Fair:
Apply organizational policies, rules, and procedures. Treat all employees fairly and impartially, ensuring that decisions are based on merit and not favoritism. Consistency and fairness contribute to a sense of trust and organizational justice.
Remember, building trust is an ongoing process that requires consistent effort and commitment from leadership. By implementing these strategies, the Company can create an excellent environment where employees feel valued, respected, and motivated to stay with the organization.
Developing employee trust is essential for organizations that want to focus on larger projects and achieve their stated goals and objectives. Trust is the cornerstone of every growing organization. Employee engagement depends on clear expectations, shared values, and a common understanding of what constitutes success at work.
QuestionPro Workforce is our employee experience management software. With it, you can learn how to obtain continuous feedback from your employees and begin making a positive impact within your organization.