5 Big Reasons for Businesses to Invest in Trust in 2022

The future will belong to companies that put trusting relationships at the top of their agenda.

The turbulence of the last two years puts into stark reality that a sustainable future of any business is all about trust. Trust is the ultimate measure of success. 

Here are 5 reasons for businesses to make trust their top priority in 2022.

Reason #1: The need for agility and adaptability

We are facing more uncertainty in 2022. As we navigate through the 5th wave of the pandemic, leaders need to engage high-performing teams to refocus, move quickly, bounce back and seize opportunities.  

As the New York Times reported, Google found the strongest predictor of high-performing teams is built on a culture of trust.

Trust is a leadership imperative. Investing in trust pays off. How do the people in your company interact with each other? As I've written about in, The Power of Trust: How Top Companies Build, Manage and Protect It, engaged colleagues and coworkers can become a company’s ‘hidden asset.'

Reason #2: The rise of the purpose-driven, socially conscious business culture

Almost every organization faces greater scrutiny from a more informed and critical customer. The tolerance for disingenuous activity will continue to decrease.  

We want to buy from and work with companies that share our values, are authentic, empathetic and have a social conscience. Companies we trust. 

Companies must pay attention to environmental social corporate governance (ESG), sustainability, diversity and inclusion issues.

Consider these facts:

• 72% of Gen-Z customers (born 1996 onward) are more likely to purchase from a company that contributes to social causes.
• 81% of US millennials (born 1981-1996) say a successful company needs to have a genuine purpose (American Express)
• 92% of Canadians agree when a product or service’s quality and price are similar, they buy the product or service from the company they trust more. (Ipos Reid)

Reason #3: Changing customer expectations and behaviours

Customer buying behaviours and expectations have changed. Customers want their buying experience to be easy, convenient and personal. The key word here is personal. The lack of personal interaction and loss of personal connections in the last 2 years highlights the importance of relationships. 

Big consumer brands like Netflix and Amazon have trained us well. We expect personalization, easy seamless online experiences and quick delivery.

Companies that balance online interaction with personal interactions will win in 2022.

Innovating around customer experiences will drive Trust Equity™, loyalty and business results. Survey your customers. Find out what your Trust Equity™ score is. What are the customer’s expectations in the post-pandemic era? How much do they trust you? This evidence-based data can inform your sales strategy and customer experience in 2022.

Reason #4: Changing employee expectations in the new labour market

Retaining and recruiting employees will be a more dominant issue than ever in 2022. 

Employees are redefining what work means to them and are taking stock of how they want to work, where they work, and even if they want to work.

Named the 'Great Attrition', employees who are disengaged are leaving their jobs at record rates. In September 2021, McKinsey reported that 40% of people surveyed were likely to leave their job in the next 3-6 months. As reported in the New York Times, the war for talent across all sectors continues and the unemployment rate is at an all-time low.

More than ever, people want to work for companies that appreciate, respect and value their contributions, where they have a sense of belonging.

Building trust is a strong engagement, retention and recruitment strategy.

Invest to train your managers in how to build trust, how to skillfully manage relationships, how to lead with empathy and how to become a trusted advisor to customers and colleagues. 

Reason #5: Global Marketplace

The pandemic introduced new physical boundaries and eliminated geographical boundaries. Going forward many of us will continue to work from home offices and at the same time, work in a marketplace that has no geographical boundaries. Two years ago, I would have had to travel to Ireland to attract a new client. Last week I gained a new client from Dublin without any travel.  

There has never been an easier time to attract and engage with clients. From podcasts to LinkedIn posts, Instagram stories, TikTok videos – content and reach are global.

And there haven't been supply challenges like the ones we have now since the end of World War II.  

Global supply chain disruption will continue to affect us in 2022 – from rising food prices to the inability to buy parts, inventory, and the lack of merchandise on the shelves. Business owners and leaders need to communicate well so customers know you are committed and motivated to do the best you can for them. When delays and challenges occur customers and partners are more forgiving and understanding when you have built Trust Equity™.

Like a blue diamond, trust is precious. And it's fragile. It must be protected.  

The best return on your resources is to invest in strengthening your Trust Equity™ and this is done by teaching everyone in the company how to build trust. 

The ability to build relationships of trust is not something that lucky people have and unlucky people don’t. Trust is a skill you can develop, cultivate and improve.

When we build relationships of trust, we can do more than we ever imagined.

Set up a call with this link to learn more about the 6-week Becoming a Trusted Advisor program.

About Natalie Doyle Oldfield

I’m on a mission to help business owners and leaders build high-performance companies by helping them build relationships of trust with their customers and colleagues. Success Through Trust offers training, measurement and execution programs based on science and evidence. Natalie Doyle Oldfield is the author of The Power of Trust: How Top Companies Build, Manage and Protect It.