June 21, 2020

Speed of Trust by Stephen Covey: Why trust is at the heart of everything


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About the Book

Stephen M. R. Covey, widely known as one of the world’s leading authorities on trust, asserts that it is “the most overlooked, misunderstood, underutilized asset to enable performance. Its impact, for good or bad, is dramatic and pervasive. It’s something you can’t escape.” Thankfully, it is also the thing that can dramatically improve your personal and professional success.

Why trust? The simple, often overlooked fact is this: work gets done with and through people. The Speed of Trust offers an unprecedented and eminently practical look at exactly how trust functions in every transaction and every relationship—from the most personal to the broadest, most indirect interaction. It specifically demonstrates how to establish trust intentionally so that you and your organization can forego the time-killing, bureaucratic check-and-balance processes that is so often deployed in lieu of actual trust.

Source: amazon.com

About the Author

Stephen M. R. Covey is co-founder of CoveyLink and of the FranklinCovey Global Speed of Trust Practice. A sought-after and compelling keynote speaker and advisor on trust, leadership, ethics, and high performance, he speaks to audiences around the world. He is the New York Times and #1 Wall Street Journal bestselling author of The Speed of Trust, and coauthor of the #1 Amazon bestseller Smart Trust. 

Over the years, Stephen has gained considerable respect and influence with executives and leaders of Fortune 500 companies as well as with mid- and small-sized private sector and public sector organizations he’s consulted. Clients recognize his unique perspective on real-world organizational issues based on his practical experience as a former CEO. 

Stephen currently serves on the board/advisory board of several entities and is a Top Thought Leaders in Trust Lifetime Achievement Honoree from Trust Across America-Trust Around the World. Stephen resides with his wife and children in the shadows of the Rocky Mountains.

Source: www.speedoftrust.com

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BIG IDEA 1 (4:54) – Speed of trust

Trust impacts everything. And we see that come out as a result of speed and cost, so when trust is low, speed is low and the cost is high. On the flip side, when trust is high, speed is high and cost is low.

This can be applied to relationships – if you think of leaders and managers who you haven’t got along with because there’s lack of trust, you’ll see this impact on speed and cost. You will have to go and double check things, send emails to cover your back, rather than just having a quick conversation. 

There’s a concept in the book about smart trust. It’s about not being gullible and having blind faith, but also not being over skeptical and not trusting anyone.  This drives our relationship quality which all comes down to low trust.

BIG IDEA 2 (8:12) – The components of trust.

In the book Stephen talks about the two components of trust – character and competence. There are four cores of trust within these components. In character, there is integrity and intent while with competence, there is capability and results.

It’s interesting to think about why we don’t trust someone – is it because we don’t trust their character or their competence (or both?!).

Competence is a test of their ability to do whatever they need to do and get the results while character is a bit more human and integral to them.

Stephen describes a trust ‘account’ that we hold with other people.  Every interaction is an opportunity to build trust (or deposit trust) or break trust (or withdraw trust) – and not just with the person you’re directly talking to. If other people see your relationship or interaction with other people it can also impact their level of trust towards you. 

BIG IDEA 3 (11:25) – Trust looks different to everyone

How trust looks and feels to one person, may be different for another person, which means there are different ways of building trust with different people. In the book there are 13 trust  behaviours, containing details of what they look like and how to build or restore them.

Here are the 13 behaviours mentioned in the book: 

  1. Talk straight
  2. Demonstrate respect
  3. Create transparency
  4. Right 
  5. Show loyalty
  6. Deliver results
  7. Get better
  8. Confront reality
  9. Clarify expectations
  10. Practice accountability
  11. Listen first
  12. Keep commitments
  13. Extend trust

Doing these things can build trust. They can be practiced and changed. Withdrawal of trust is larger than deposits so can take some time to rebuild trust if you’ve withdrawn too much from the trust account.

Links

Videos, resources and more information here: https://www.speedoftrust.com/ 

Music By: Around Again – No Backing Vocals Song by Ian Post

Let’s Connect

LinkedIn: www.linkedin.com/in/steph-clarke

Instagram: @stephsbizbookshelf

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