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Dwayne Gandy
www.power-train.net
dgandy@power-train.net
Power Book Summary
214-724-5375
The Speed of Trust by Stephen M.R. Covey
Special points of
interest:
Book Overview
• Leadership: From
Control to Empower-
ment coming to
Frisco starting Sep- Stephen M.R. Covey is the happiest of marriages. How- customers, bosses, co-workers
tember 11th at 8:30 son of Dr. Stephen R. Covey, ever, trust is the least studied and subordinates is essential
• The Trust Factor— the author of The Seven Habits and least understood element to business success. The abil-
coming to Frisco of Highly Effective People. The of business success. ity to build trust with your
starting September
author of this book is the spouse, children and friends is
11th at 1:00 Covey builds the business case
seven-year-old in the “clean essential to personal success.
• Onsite training avail- for trust. He shares a trust
able! and green” story told by Dr.
formula. He states “When The good news is that trust
Covey.
trust goes up, speed will also can be built. The better news
In the book The Speed of Trust: go up and cost will go down.” is that trust can be rebuilt
The One Thing That Changes The inverse is also true. faster than most of us think.
Everything, Covey concludes “When trust goes down, speed Trust is built on two things:
that trust is the one thing that will go down and costs will go competence and character.
Inside this issue: can build or destroy every up.” He uses the example of
Covey breaks trust down into
human relationship. The lack air travel. After 9/11 trust
five waves: 1. Self trust, 2.
of trust will bring down the went down, speed also went
The Second Wave— 3 Relationship trust, 3. Organ-
Relationship Trust most powerful countries, down and cost went up.
izational trust, 4. Market
bankrupt the most profitable
The ability to build trust with trust, 5. Societal trust.
The Third Wave— 5 companies, and destroy the
Organizational Trust
“Brand” Matters on Every Level Johnson ranked first for the sev- 1. Does my brand have integrity?
enth straight year. However, 2. Does my brand demonstrate
It is easy for us to see that corpora- good intent?
Google ranked third. Google has
tions depend heavily on their only been in business seven years. 3. Does my brand demonstrate
brand name. However, other capabilities?
Of course trust can also be de- 4. Is my brand associated with
entities such as schools, govern- stroyed at warp speed. World- results?
ments and individuals rely heavily
Com was 59th on the list and
Contribution is the on reputation.
The Trust Matrix (pictured at the propensity to trust coupled with a of extending trust, however they
high degree of analysis. This zone continue to micromanage. “They
right) describes four quadrants of
trust. The vertical axis is a meas- will decrease trust and speed. It don’t give others the stewardships
limits collaboration and team- (responsibility with a trust) that
ure of one’s propensity to trust.
The horizontal axis is a measure of work. At the end of the day you engage genuine ownership and
are left with a single point of view accountability, bring out people’s
degree of analysis.
(yours) which may be skewed. greatest resourcefulness, and create Some say trust
Zone 1 is characterized by gullibil- the environment that generates
ity. This is a person with a high Why Many Trusted Managers can never be
high-trust dividends.
Never Become Leaders
propensity to trust combined with restored. While
low analysis. The number one responsibility of
Many competent managers never it is best never to
all leaders is to inspire trust.
become leaders because they never
Zone 2 is characterized by judg-
ment. This is one with a high learn to extend trust. They live in break trust, trust
the suspicion quadrant. Many of
propensity to trust combined with can be restored—
a high degree of analysis. This is them pay lip service to the concept
and often even
Restoring Trust When It Has Been Lost enhanced.
Some say trust can never be re- Market Trust—sometimes when came out and it was determined
stored. While it is best never to you violate trust with a customer, that the education department
break trust, trust can be restored— you lose that customer forever. was making a substantial contribu-
and often even enhanced. Other times the incident, when tion to the bottom line. He apolo-
handled correctly, actually builds gized to the director and all mem-
It is harder to overcome a loss of trust. bers of the department. He also
trust based on a violation of char-
became a chief spokesman for the
acter than competence. Let’s look Organizational Trust— Covey uses education department.
at building trust in each of the five himself as an example of restoring
Waves. organizational trust. When he Relationship Trust—can be rebuilt
took over at the Covey Leadership if you admit you were wrong and
Societal Trust— can and often is
center, he questioned the educa- find a forgiving heart.
restored. After the Enron and tional department’s ability to de-
WorldCom scandals a study Self trust—this is the most difficult
liver profits. He violated some of
showed an employee’s trust in the 13 behaviors, including not trust to restore. We must start by
management to be 44 percent. A applying the 13 behaviors to our
talking about others behind their
few years later it was 51 percent. relationship with ourselves.
back. More accurate numbers