The Trust-Cost Relationship

25 years ago, I came across some research that I thought was so dramatic at the time. This research displayed the importance of cooperation, collaboration and co-creation, especially when they are built on a co-trust environment and paradigm.

The research was this: there is a direct correlation between the level of trust and the cost of a project. 

Basically, if you are trying to do a project, whether it is an internal initiative, IT project, training, RD project, or virtually any project, the level of trust involved will directly affect the outcome. Trust impacts the beginning, middle, and end of a project as well as the momentum needed to get it going. Anything you do with a project will be directly impacted by the level of trust your team has. The higher the level of trust the lower the level of cost for your team. Trust is one of the few elements that will have a direct impact on the margin and profit. 

Additionally, the more trust a team has, the better communication will be and in turn, the smarter you will be as well. Without trust, teams have a higher risk of operating in dysfunction, frustration, and unfulfillment. Being a trusted leader and developing trust will directly impact the working environment of your team. 

In your next project, watch and monitor the costs and see where you can find savings. You may be amazed with where you and your team can find savings and how smart your people are. Investing in and developing trust within a team will always be a worthy investment. 

What can you do to improve the level of trust within your team?

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