I just completed the first book from my new reading list--The Speed of Trust. While the 13 steps to improving trust form the core of the book, Covey's discussion on the economics of trust was insightful. Here are the main ideas:
- When trust is low, everything costs more and takes more time.
- When trust is high, everything costs less and takes less time.
The perfect example of this corollary is the airline industry. After 9/11, trust took a giant hit--that is an understatement. Now, because of low trust, it costs more time and money to make it through security.
He also talked about the trust tax and the trust dividend. The trust tax is the amount people automatically discount what we say because they don't trust us. Think a used car salesman.
The trust dividend is the amount of credit people give to what we say. Think Billy Graham.
Powerful thought. I recommend the book.
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