The Speed of Trust: The One Thing That Changes Everything by Stephen M.R. Covey
Resource Type: Professional
Who the Book is Good For: Experienced Leaders
Lisa on The Speed of Trust
We all value our most trusted relationships. The Speed of Trust not only explains the economics of trust, but also shows you how to cultivate trust in yourself, your relationships, and the stakeholders in your organization. Covey’s three primary lessons are:
- Trust increases speed and thus lowers costs in businesses.
- You first have to trust yourself, because trust is similar to confidence.
- Societal trust is especially important for businesses to cultivate by contributing.
Covey explains that trust is very much like confidence which in turn is created when competence and character come together. He challenges the reader to determine how much they believe in others to follow through on their intentions. Covey asserts that the most important person to trust is yourself because when you don’t believe that you’ll do what you say you will, how can you possibly bestow that trust on others?
Covey’s research and practical examples demonstrate that trust is the one thing that is common to every individual, family, team, and organization, and that once it is removed, it has the power to destroy. Likewise, if trust is developed and leveraged, it has the power to create unparalleled success. The difference between high and low trusting relationships is palpable. Trust affects two outcomes: speed and cost. When trust goes down, speed goes down and costs go up. When trust goes up, speed goes up and costs go down. Covey brings emotion and economics together in an impactful way that connects deeply with our most fundamental needs.
Neil on The Speed of Trust
I actually read this book many years ago. It was given as part of a multi-session leadership class that I attended, and it is more relevant today than ever. Because of the speed of all business, life, and change today, coupled with the realities of our digital world, we spend less time interacting and more time typing or instructing Siri what to say to teammates. Haven’t we all witnessed someone emailing or texting someone in the next office?
The lesson of the book is that time INVESTED in building relationships and trust, while not immediately measurable or efficient in the very short term, allows an organization to be significantly more productive, nimble, and effective.
Lisa & Neil