BOOK: The Speed of Trust

I read Stephen Covey's The Speed of Trust: The One Thing That Changes Everything (see www.speedoftrust.com). I listened to it on audiobook during my commute a few months ago and parts of it definitely struck a chord with me.

I like how he described the relationship between "trust" and speed+cost, and how low trust makes things slower and more costly. He also defined "5 levels of trust" (more like concentric circles) as follows:

1. Self-Trust ("giving trust" - do you trust yourself? are you willing & able to trust of others?)
2. Relationship Trust (establishing trust within interpersonal relationships)
3. Organizational Trust (establishing trust within & across an organization)
4. Market Trust (establishing trust within & across your market - stockholders, patrons, consumers. This is like "Brand trust")
5. Global Trust (I forget the examples of this one)

There is a good summary of the book here, and another one here. There is also an early draft of chapters 1-2 available online.

Covey actually doesnt try to define trust very precisely. He simply quotes Jack Welch saying "I know it when I feel it." He says trust implies confidence in something/someone, and that lack of trust implies suspicion.

Trusting someone is a function of our perception of their character, and their competency.

• "Character" includes a person's integrity, motives/agenda, intent and behavior with people, where
• "Integrity" is mostly congruence (with an appropriate dash of humility and courage thrown in). Lack of congruence results in a lack of credibility.
• "Competency" includes a person's capabilities, skills, results and "track record"
• "Capability" is defined in terms of TASKS: talent, attitudes, skills, knowledge & style.

In addition to observing the five "waves" (or "levels of evolutionary scale") of trust above, he says about the first level/wave that it is very much about credibility, and describes the "four cores" of credibility are a person's integrity, intentions, capability and results. Demonstrating those things builds credibility in your words and actions. Credibility is a necessary (but not sufficient) ingredient for trust. People are less able to trust you if they don't find you credible.

The rest of the book is about the so called "13 behaviors" that, when demonstrated, will help you "build trust". Those are:

1. talk straight
2. demonstrate respect
3. create transparency
4. right wrongs
5. show loyalty
6. deliver results
7. get better (improve)
8. confront reality
9. clarify expectations
10. practice accountability
11. listen first
12. keep commitments
13. extend trust

Regarding "higher" (more evolved) levels of trust, he refers to the following principles:

• the principle of alignment
• the principle of reputation
• the principle of contribution

He also describes some myths about trust:

MYTH	REALITY
Trust is soft.	Trust is hard, real, and quantifiable. It measurably affects both speed and cost.
Trust is slow.	Nothing is as fast as the speed of trust.
Trust is built solely on integrity.	Trust is a function of both character (which includes integrity) and competence.
You either have trust or you don’t.	Trust can be both created and destroyed.
Once lost, trust cannot be restored.	Though difficult, in most cases lost trust can be restored
You can’t teach trust.	Trust can be effectively taught and learned, and it can become a leverageable, strategic advantage.
Trusting people is too risky.	Not trusting people is a greater risk.
You establish trust one person at a time.	Establishing trust with the one establishes trust with the many.