Business Ethics

Anonymity Dilutes Accountability | Trust in Leadership

12 August 2014
dhorsager
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Categories: 8 Pillars, Business Ethics, Character, Leadership Tips, Trust in Leadership

 

A major way to increase accountability is to reduce anonymity. There is a reason that crime is less per capita in small towns; people know each other. They know what each other is up to, and they talk. They know who is at the bar and whose car is parked outside of “that person’s” house all night long. While gossip is certainly a negative; small town accountability can promote higher character. If people know they are being watched, they are more likely to act above reproach. This is one of the reasons people do more stupid things in Las Vegas while on a business trip.

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Growing Pains from Resource Distribution | Trust Trends 2014 Series

29 May 2014
dhorsager
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Categories: Business Ethics, Business Trust, Compassion, Trust in Business, Trust in Leadership

Through ongoing globalization, the world’s resources are slowly balancing, but not without growing pains.

Through ongoing globalization, the world’s resources are slowly balancing, but not without experiencing some standard growing pains. In America, legislation is providing further equality to homosexuals, non-whites are becoming the majority, and women are breaking through the glass ceiling. Globally, the middle class is expanding quickly, economies are weaving tighter, and resources are balancing.  Racial tensions, party polarity, brain drain, and demands for middle class privileges and representation are resulting as major growing pains.

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Understanding Shipping | Trust in Global Business

10 January 2014
dhorsager
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Categories: Business Ethics, Business Trust, Consumer Trust, Globalization

In this fascinating speech by Rose George, she gives some statistics and stories that connect all of us to the unkown world of shipping. The public’s unfamiliarty (which experts call “Sea Blindness”) with this vast world, many trust issues exist.

http://www.ted.com/talks/rose_george_inside_the_secret_shipping_industry.html

 

Here are some highlights:

  • 90% of world trade is through shipping
  • It has quadrupled in size since 1970
  • Harvard Business recently named some Somali Piracy as a top business model – more on high piracy waters.
  • 544 seafarers are being held hostage off the Somali coast by pirates
  • 15 of the largest ships carbon emissions = all of that from the world’s cars
  • There are 100,000 ships at sea
  • Little known Maersk has an annual revenue of $60.2 bn – on par to Microsoft
  • Container ships sail around 20 people vs. Navy ships commonly have 1,000+
  • Incredibly multi-cultural crews with ability to fly most nation’s flag

Forbes: The Most Valuable Business Commodity: Trust | Trust in Business

11 November 2013
dhorsager
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Categories: Building Trust, Business Ethics, Business Trust, Character, Leadership Tips, Trust in Business, Trust in Technology

 

We own our failures, we learn from them, and we share them publicly so that others can learn from our failings as well, which has helped us to bounce back higher than before when we fall. We don’t believe in treading water. Employees who remain in one place (physically and emotionally) will grow weary.

– David K. Williams

http://www.forbes.com/sites/davidkwilliams/2013/06/20/the-most-valuable-business-commodity-trust/

 

as trust increases, Building Trust, genuineness and trust, community of trust, Consumer Trust, Forbes, Forbes contributor

Crisis in Capitalism by Dave Harvey | Trust in Government

28 October 2013
dhorsager
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Categories: Building Trust, Business Ethics

Dave Harvey goes into detail about our country’s need for a more trusted banking system. 

 

Building trust and reliance, Building Trust, community of trust, trust in banking, Trust in government

US Government Default = Global Trust Catastrophe | Trust Tip Tuesday

8 October 2013
dhorsager
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Categories: 8 Pillars, Building Trust, Business Ethics, Compassion, Consumer Trust, Leadership Tips, The Trust Edge, Trust in Business, Trust in Government, Trust Tip Tuesday

The world is 10 days from what could be the most catastrophic trust breach of the century. Just like the Lehman Brothers bankruptcy, a US financial meltdown would harm the entire global economy, devastating the US lower class and developing world economies. One difference is that the current US debt dwarfs what Lehman Brothers had by 23x.

Trust Tip: Trusted leaders ought to take Warren Buffet’s advice about using the debt ceiling as a weapon for political debates.

‘“It should be like nuclear bombs, basically too horrible to use,” Buffett, 83, said in an interview published by Fortune magazine last week.’

For more, read this.

DocuSign: Trusted In an Online age | Company of the Month

13 March 2013
dhorsager
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Categories: 8 Pillars, Building Trust, Business Ethics, Business Trust, Leadership Tips, The Trust Edge, Trust in Business, Trust in Technology

The online revolution has brought thousands of new helps and efficiencies to the way we work. It has drastically changed the way we do business.  In this online age, reputation moves at the speed of light. Do something wrong, and the public will know about it within minutes. Get it right, and your reputation can skyrocket within a short amount of time.

One of the most innovative technologies that have skyrocketed with in the past decade is DocuSign. This company shows that they are serious about earning the trust of their customers. As the leader in electronic signatures, DocuSign makes certain that their clients have the highest level security, while being able to easily upload and sign a document in a fast and efficient way. In an online age that is full of anonymity, DocuSign gives their clients a reason to feel at ease signing their signature. Why? Because DocuSign has proven in every area of their business that they hold onto the eight pillars of trust: clarity, compassion, character, competency, commitment, connection, contribution, and consistency.

In an online age, having the eight pillars of trust is essential. Here are some applicable ways to make sure that your online presence is trusted:

1. Be Simple and Clear.

2. Be Informative.

3. Make it easy to connect with you.

4. Show real people.

5. Be a member of credible groups and show their logo.

6. Show your history.

7. Use true client testimonials. 

8. Include a FAQ Section.

9. Respond quickly.

10. Confirm it.

11. Keep in touch.

12. Avoid too much advertising.

13. Update often.

14. Have and display a strong privacy policy.

15. Offer a generous return policy. 

 

AR

DocuSign, Trust Online, Trust in Technology, Trust in a company, Building Trust, Consumer Trust

Trust and Reliance: Forming a Stable Relationship | The Trust Edge

8 November 2012
dhorsager
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Categories: Building Trust, Business Ethics, Business Trust, Trust, Trust in Business, Trust in Relationship

For a long time trust and reliance have been known to be related to one another. In the online business analysis, “Exploring Trust vis-a-vis Reliance in Business Relationships,” reliance can be considered to be positive expectations held by organization members that the focal organization’s specific needs will be fulfilled by its exchange partner given the proven capability and exchange standards in place. Trust is operated at the interpersonal level while reliance operates at the inter-organizational level.

 

It is discovered in the analysis that business relationships will not survive for a long period without considering the mutual benefits between a buyer and supplier. Reliance is found to be an “important additional determinant” of a successful and continuing business relationship.

 

When trust and reliance are combined, they form a stable relationship. Trust exudes a personal relationship while reliance exudes an expedient relationship. When the two come together, a stable relationship is formed. 

 

Building Trust and Reliance, Reliance, Reliance in Business, Trust, Trust and Reliance, Trust in Business, Relationship Between Trust and Reliance, Stable Relationships with Reliance, Stable Relationships with Trust, Trust with Reliance

JP Morgan Chase & Co. Shatters Trust and Investors’ Confidence | Trust in Business

12 October 2012
dhorsager
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Categories: Business Ethics, Trust, Trust in Business, Trust in Government, Trust in Leadership

What happens when financial institutions like JPMorgan Chase & Co. breech trust? Investors will put less money into JPMC and other large firms because again, trust is broken. This always hinders growth in the economy because investments in business spur growth. Recently, JPMC’s top level executives apparently sold back bad loans for only a portion of the actual cost. They then proceeded to leave the mortgages in mortgage backed securities (which are no longer backed) and kept the money they received from the originators.

Can JPMC ever rebuild trust with their investors? YES! There is always hope. Look at the example of BP. After the BP oil spill in 2010 many thought they would never be trusted again, yet the BP brand is coming back because they are building what The Trust Edge calls the PILLARS OF TRUST. Unlike some insurance companies after Hurricane Katrina, BP made promises and kept them. They paid the amount the government demanded of them and more. Plus, they did it ahead of the scheduled payment date. The only way JPMC will rebuild trust after offering a sincere apology will be to make and keep a commitment. It is the only way to rebuild trust.

What about transparency versus confidentiality as far as they relate to trust? We trust people that keep confidential what is shared in confidence. On the other hand, we trust leaders that are transparent with things that can and should be shared. The problem here goes back to the character pillar not lack of communication. JPMC appears to have hidden information that should have been shared. That action destroys trust and brings into question how they do business at their core. The opposite of trust is skepticism and they have bred a lot of it with their actions.

The real problem in this case is one of character. Individuals without character affect whole companies. A breech of character always has consequences. 

What will this suit do for the economy? At first the disappointment will lower trust and investing. However, knowing that those who commit fraud will be held accountable ultimately rebuilds trust in the government and the economy. The most precious resource for any individual, organization, or government is trust. If you would like the greatest efficiency, earn trust. A lack of trust really is your biggest expense.

 

JPMorgan Chase & Co. trust, Trust in Business, commitment, trust and loyalty

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