A great culture is one of the most important things a company can have—and one of the hardest things to achieve, especially in the hybrid workplace. Cultivating trust is a key ingredient to a winning culture while research clearly shows lack of trust has detrimental effects.
As Stephen M. R. Covey writes in The Speed of Trust, “When trust goes down (in a relationship, on a team, in an organization, or with a partner or customer), speed goes down and cost goes up.… The inverse is equally true: When trust goes up, cost goes down, and speed goes up.” The benefits to cultivating a culture of trust are immense, as numerous studies from the Great Place To Work Institute have identified:
· Stock market returns approximately two to three times greater than the market average
· Turnover rates that are approximately 50 percent lower than industry competitors
· Increased innovation, customer satisfaction, employee engagement, and organizational agility
The pandemic has made the trust issue even more significant. It has accelerated the power shift to employees as the recent Edelman study shows. The pandemic has caused people to completely rethink how they work and where they work. Many people now quickly leave companies that do not align with their needs and preferences. In April alone, over 4 million people quit their jobs and 76 percent of employees report have higher expectations for a prospective employer than they did three years ago.
Because building trust is so significant, especially during the pandemic, employers must be intentional about prioritizing trust and finding ways to make an immediate and sustainable impact on this issue.
As companies shift towards prioritizing trust, many don’t have a clear plan for where to begin. Creating trust and measuring its impact is difficult to do in general, but even more so when done remotely and at scale across an organization.
One of the most important ways to establish employee trust is through relationship building. When employees have better relationships with other employees within their organization, they have higher levels of trust. In turn, they feel significantly more connected to the company and also more cared for by the company, which goes a long way towards establishing trust and a stellar company culture.
Because relationships are the key to building trust amongst employees, to retaining them, and to optimizing their productivity, especially in a hybrid work environment, companies cannot neglect this area of their business.
So, how can you create a culture of trust while fostering strong relationships between coworkers in hybrid work environments?
Imperative’s peer coaching networks are the first solution to scale meaningful connections and network development. These networks help bring people at companies together in order to strengthen bonds and fast-track trust and emotional support. They also break down silos and bring together people who otherwise would never have a chance to meet. There are primary three reasons why Imperative’s peer coaching networks are the ideal solution for creating strong employee relationships:
1. 97 percent of people who use Imperative peer coaching networks build meaningful connections and sustain them
2. Imperative’s peer coaching networks are optimized for purpose, which helps to increase psychological safety and increase trust.
3. Imperative’s peer coaching networks are highly scalable and can be easily implemented across entire organizations.
In the modern business climate, companies that have cultures that create and reinforce trust amongst employees have a tremendous advantage over those that don’t. Trust is one of the most valuable things a company can invest in, as trust and a winning company culture increases retention and boosts employee performance. Imperative enables you to quickly launch peer coaching networks across your entire organization in a sustainable way, giving you consistent metrics and powerful insights.
Reach out to us at [email protected] to learn of how we could bring this to life at your organization.
Supporting employees to quickly develop meaningful relationships across the organization is a key lever for retention that is often overlooked. In this article you'll learn: Why employees are voluntarily leaving their jobs at higher rates than ever before, the key factors driving employee decision making, the importance of employee networks in employee success, and how to leverage relationships on an organizational level
If you’re an HR leader focused on employee engagement, you’re probably familiar with Gallup’s Q12 Employee Engagement Survey. Over 50 years of research, Gallup narrowed down the 12 key questions companies should ask employees to ensure their psychological, professional, and individual needs are met. Gallup found that when organizations met these 12 standards, turnover decreased by 43% and wellbeing increased by 66%.