Trust
Trust and Reliance: Forming a Stable Relationship | The Trust Edge
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.
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Armstrong Doping | Oh Lance…
Oh Lance…
How do we handle when we want to trust a hero but the evidence is stacked against them? We feel betrayed when those we trust most let us down.
Many of his followers are still standing by him even as he has abandoned his fight against continued allegations of cheating made by the U.S. Anti-Doping Agency (USADA). By doing this, he avoids arbitration, but will be stripped of his 7 Tour De France titles and has already lost millions of dollars in endorsements from Nike and Anheuser-Busch. He continues to deny ever breaking the anti-doping rules but the “seemingly insurmountable evidence”, which includes testimonies from 26 people, tells another story.
Because of his breach in trust, Armstrong not only lost endorsements, but grudgingly decided it was necessary to step down as chairman of the Livestrong cancer charity to avoid bringing any negative effects to the organization.
How far does the ripple effect spread from Armstrong’s decisions? The credibility of the organization he started, and has personal attachment to, may now also be brought into question. Will families benefitting from the Livestrong cancer charity suffer from this scandal? This goes to show how important trust is. From personal decisions we make that will directly affect only ourselves, to the ones that ultimately reach millions of people.
Lance Armstrong is not the first famous athlete to lose trust through scandal, and he won’t be the last. Nevertheless, it is hard to accept it when someone seemingly so trustworthy is found to be guilty of cheating. Armstrong was, and to some still is, a beacon of hope. The natural goodwill in people wants to believe someone like him who stands for such a worthy cause. However, for there to be legitimate trust, we must turn to the clarity pillar. We naturally trust what is clear and mistrust the ambiguous.
Ultimately, if he is truly guilty, Lance needs to be honest with the public. By doing this he may initially lose the trust of even those holding on to the hope that he is innocent, but ultimately, through clarity, he will begin rebuilding the trust that has been lost. It won’t be easy, but it is possible for Lance to regain trust.
-CD
The Trust Edge, Trust in Business, Lance Armstrong, clarity, Trust in Sports
The Blame Game: A Lack of Competence | Trust in Government
The election is all about trust. Outside of the electorate, the only reason anyone gets voted into office is because they are the most trusted to do the job that is required of them.
A recent poll found that the U.S. Congress has the lowest trust rate since Gallup Poll began polling, 38 years ago. Here are a few reasons. First, the American people want solutions not blaming. Last year 
in the midst of the economic downgrade, the term “Tea Party Downgrade” was coined by President Barack Obama. On the opposing side the GOP leaders called the economy an “Obama Downgrade”.
Second, there is a gap in competency. The majority of legislators have laws degrees, but too few are fiscally competent, and yet they are called upon to organize one of the biggest budgets in the world. The House of Representatives members currently hold 167 law degreesand only 22 MBAs. The Senate members hold 55 law degrees. Members of Congress may have the right heart but a trust problem develops when there is not proper education to have the ability to clearly see the future impact of financial decisions.
Third, legislators used to spend time after hours on the floor over a dinner or a drink, today every extra ounce of time often goes to raising funds for the next election. There becomes a lack of contribution to the work that they were elected to. Without connection time outside of work, civility and trust go down. 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.
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JP Morgan Chase & Co. Shatters Trust and Investors’ Confidence | Trust in Business
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.
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Why Young Employees Quit Their Jobs | Trust in Business
Why are young employees quitting their jobs? An article in the Business Inside states the reasons are that young employees believe they are not learning anything and they are not valued. The Trust Edge would say that it is because the company isn’t contributing to the growth of their employees. Young college graduates need something more than just text book knowledge of how to do things. For a company to have their employees stay within its company, it has to invest in its young workers by setting goals to help them achieve success.
Why Young Employees Quit Their Jobs
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2 Things Successful People Do During Their 1st Hour Of Work | The Trust Edge
Learning good habits is easier said than done. How can I be more productive when I already have so much to do?
Kevin Purdy highlights 2 things that the most successful people do with the 1st hour of everyday. “… it’s a fine strategy for leaving the office with the feeling that, even on the most over-booked days, you got at least one real thing done.”
http://www.fastcompany.com/3000619/what-successful-people-do-first-hour-their-work-day
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7 Ways to Foster Loyalty | The Trust Edge
Read what Deborah Shane advises and build the commitment pillar to your trust edge advantage. Trust is built through care and genuiness, and it takes time.
“People are way more savvy today and pic up on wrong or suspect intentions and motives. Sure we all have something to sell, but let people know you have their back and ‘get’ their pain.”
http://smallbiztrends.com/2012/07/7-ways-to-foster-loyalty.html
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Old Marketing is DEAD | The Trust Edge
Twentieth-century marketing techniques are dying off, research shows, while buyers are turning their trust-searching ears to word-of-mouth and customer reviews.
Bill Lee from the Harvard Business Review blog explains that the role of social media is to help by “…expanding the buyer’s network of peers who can provide trustworthy information and advice based on their own experience with the product or service.
http://blogs.hbr.org/cs/2012/08/marketing_is_dead.html
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iPods, Mac Air, Mac mini, iPhones and iPads: Creations of Apple Inc. | Trusted Company of the Month
Apple Inc. has created a following of committed customers who are willing to pay more than competitors because Apple delivers fresh innovative technology again and again. From iPods, to the Mac Air, to the Mac mini, to iPhones, and iPads, Apple Inc. has created an environment where high standards of competency result in innovative usable technology. We must be highly competent and increasingly capable in the areas we want to be trusted.
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