Trust is the promise of a meaningful, mutually beneficial relationship between two or more people.
People working in high-trust environments were:
· 76% more engaged at work and 50% more productive.
· Enjoyed their jobs 60% more and were 70% more aligned with their companies’ purpose.
· Felt 66% closer to their colleagues, with people showing greater empathy towards their peers and depersonalizing them less often.
Trust is built in moments of vulnerability.
Trust is there if people believe their interests are being honored along with the interests of the organization.
Humanity, transparency, capability, and reliability are the four factors of trust. (See book source below.)
If you want high performance from your employees, build trust. And that means you show up and demonstrate the four factors again and again.
Actions match your words. Consistency is a big part of building trust.
How does this relate to compensation?
· Ask yourself if your employees believe you are paying them what they are worth.
· Are employee needs considered at the same level as the needs of the employer?
· Are you treating employees fairly and respectfully? That is related to humanity.
· Are you being straightforward and honest even when it is difficult? That is transparency.
· Can you rely on the delivery of promises? Do you keep your word? That is capability or the ability to do something.
· Do you perform consistently well? Think of it like trusting the brakes on your vehicle. That is reliability.
Pay transparency is one component of workplace transparency.
Trust is present in highly successful organizations. Leaders know mutually beneficial relationships are where the return on your investment (ROI) is built and sustained.
Build trust one pay decision at a time. One relationship at a time. One interaction at a time.
Source: Trust Factor by Paul Zak; The Four Factors of Trust by Ashley Reichheld with Amelia Dunlop
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