Outlining the importance of trust in business organizations.
We are big fans of oxytocin and the trust it produces. We felt that the statistics around increasing trust in your organization were so substantial that we should bring this to your attention.
Below are some highlights from a 2017 Harvard Business Review article by Paul Zak (known for studying oxytocin and its effects mutual trust) outlining the importance of trust in business organizations.
Employees in high-trust organizations are more productive, have more energy at work, collaborate better with their colleagues, and stay with their employers longer than people working at low-trust companies. They also suffer less stress and are happier with their lives, increasing their performance.
When compared with people at low-trust companies, people at high-trust companies report:
- 74% less stress
- 106% more energy at work
- 50% higher productivity
- 13% fewer sick days
- 76% more engagement
- 29% more satisfaction with their lives
- 40% less burnout
Whenever possible, allow your employees to manage people and execute projects in their own way. Being trusted to figure things out is a big motivator: A 2014 Citigroup and LinkedIn survey found that nearly half of employees would give up a 20% raise for greater control over how they work.
Those working in high-trust companies: Enjoyed their jobs 60% more, were 70% more aligned with their companies’ purpose, and felt 66% closer to their colleagues. And a high-trust culture improves how people treat one another and themselves. Compared with employees at low-trust organizations, the high-trust folks had 11% more empathy for their workmates, depersonalized them 41% less often, and experienced 40% less burnout from their work. They felt a greater sense of accomplishment, as well -41% more.