No business like the trust business
Covid-19 pandemic and a Russian invasion of Ukraine, the world faces unprecedented changes. Furthermore, the convergence of technological transformations with climate change and geopolitical tensions has also unleashed a wave of disruptions in business operations. During these times of heightened unpredictability, trust becomes an antidote, a differentiator, a value creator and a necessity for survival and advancement.
The C-suite needs to incorporate trust into its corporate strategies to be better equipped to navigate the changes that the future may bring. Today, trust permeates through the key components of business and society. In a complex web of relationships among organisations, individuals and governments, trust is the lynchpin that can uphold and fortify the collective fabric of society.
Trust is an integral part of every organisation. It is a defining element ingrained in every function. Failing in even one of the functions will create a domino effect and may impact all aspects of the business.
When it comes to leaders and executives in the C-suite, trust can be split into two phases: Building or growing the trust. Maintaining the trust. Imagine a matrix that connects different stakeholders and functions, with trust being the vital link between these two aspects.
Consider TRUST as an acronym and the components that organisations can refer to as they incorporate trust into their operational strategy: Transparency: What you see is what you get. Trust is intertwined with the relationship between internal and external stakeholders. Open communication and transparency around policies, processes, practices, finances and accountability create a holistic business environment for customers, investors, regulators and
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