BETA
This is a BETA experience. You may opt-out by clicking here

More From Forbes

Edit Story

Lies, Spies And Scandals: Who Can Be Trusted?

This article is more than 10 years old.

What happened to the days when you could complete a business deal with a single handshake? Do you remember the time before 9/11 when you could show up to catch your flight 10 minutes before takeoff? What precautions will follow as a result of Edward Snowden’s exposure that our internet and phone activities are monitored by the government? How will this affect international business relationships?

Right now, we are headed down a path of global distrust. While our immediate skepticism revolves around the news about global telecommunications monitoring and the secret FISA court in the US, the descent has been happening for years. The corrupt actions of the few have created the perceived need for excessive regulation and documentation for all business transactions. The small fraction of violent criminals has stimulated today’s widespread security measures.

Having spoken on, written about, and researched the impact of trust on business for over a decade, I have realized for quite some time now that something needs to change. While most people are quick to point the finger at political leaders, financial and insurance institutions, used car salesmen, and fellow co-workers, this is, quite frankly, a waste of time.

We are all entitled to accountability from others. But if you want to transform the world into a more honest, ethical, transparent, and trusting place, then it all starts with you. Trusting in oneself is vital, as is acting in a trustworthy manner and demonstrating trust in others. Although you should never be naive, you need to give people the benefit of the doubt and start your relationships with trust. As Dr. Pat Lunch, president of Business Alignment Strategies, describes, “We put ourselves in a position of vulnerability when we trust others, so our well-being rests partly in their hands…Our hope is that their actions will justify the faith we have entrusted to them, and that they will live up to our expectations.”

Acting with integrity and expecting the same from others not only feels good, it is also in our best interest from an economic standpoint. Many people go through their whole careers without fully understanding the truth. They think of trust as an intangible value, when in fact it has measureable financial value. I call this Tru$t Currency™. When trust is low at a personal or organizational level, business processes are lengthened, costs increase, and profits go down. Conversely, when trust is high, the sales cycle is reduced, costs are lowered, and profits increase.

Consider the 2013 Edelman Trust Barometer which found that the majority of employees need to hear information 3–5 times before they believe a particular message and move past their initial skepticism. This number is most likely higher in politics. Imagine the resources we would save if we were confident that information could be trusted the first time we heard it. Also think about the 9/11 tragedy. In addition to the devastation that many families experienced, trust was destroyed on that fateful day. Consequently, the cost of transportation security skyrocketed, and so did the amount of time required for all of us to travel by plane. Over a decade later, the impact is still being felt every day.

While the gut reaction from the recent Edward Snowden story will be to lock your doors, turn off your phones, and trust nobody, I challenge you to do the exact opposite. There is no need to place blind faith in government and business leaders, but look for the opportunities to trust other people and demonstrate that they can trust you. It’s up to you to change the story. Collectively, we engage in millions of transactions every day. We must recognize the benefits of shifting to a world based on open and honest communication, negotiation, and relationships. Doing so will make your life and the lives of those around you more prosperous and rewarding.

Follow me on Twitter, like me on Facebook, or visit www.KeldJensen.com and sign up for my newsletter, “Finding SMARTnership.”

Author of SMARTnership: The Third Road – Optimizing Negotiation Outcomes