The Speed Of Trust: The One Thing that Changes Everything

Through a personal anecdote, Covey underscores the importance of aligning one’s actions and words. The text then delves into 13 specific behaviors of high-trust individuals and leaders. These behaviors derive from the principles that govern trust and have been verified through research and personal experiences. Those who do not currently practice these behaviors can significantly alter their actions, leading to transformative results, as exhibited by leaders like Anwar Sadat and Nelson Mandela.

Covey introduces the metaphor of trust accounts affected by one’s actions. Trust-building behaviors make deposits into these accounts, while withdrawals occur due to actions that erode trust. These accounts are distinct to each relationship, and their balances reflect the current level of trust. Conceptualization of deposits and withdrawals varies greatly among individuals, and withdrawals usually have a more profound impact than deposits. Recognizing these nuances and avoiding significant trust-eroding mistakes are vital to maintaining healthy trust balances. The author emphasizes that there are two trust accounts in each relationship—one for each person’s perspective—which necessitates understanding of one another’s viewpoints.

Covey also highlights that preventing further withdrawals can sometimes be the quickest path to rebuild trust. He concludes by encouraging readers to apply these insights in both their personal and professional lives. Every interaction becomes an opportunity for enhanced trust, improved outcomes, and increased happiness.

Covey describes “talking straight” as honesty that goes beyond merely telling the truth; it’s about leaving the right impression through clear, sincere, and technically correct communication. Covey provides illustrative examples, including a division president’s frank discussions with underperforming employees, Warren Buffett’s unvarnished annual letters, and Abraham Lincoln’s plainspoken approach. Counter to this, deceptive practices like double-talk and spin diminish trust, slowing down organizational processes and adding costs. He acknowledges that “straight talk” can be harmful if misused, emphasizing the need for tact and judgment in both professional and personal life spheres.

This chapter—like all that follow in Part 3—concludes with “Trust Tips.” In this case, these tips aim to help readers overcome barriers to straight talking. Covey urges reflection on fears and motivations that may inhibit honesty and straightforwardness. Recognizing the benefits of talking straight and the cost of not doing so, he argues, strengthens this behavior, fostering trust in various life domains.

Covey underscores the importance of genuine respect for all individuals in building trust. He highlights Synovus Financial Corporation, a firm distinguished by its culture of respect, demonstrating how appreciation of the dignity of all stakeholders can lead to organizational success.

Covey reveals two dimensions of respect: essential respect for people and genuine care. He emphasizes the Golden Rule and warns that partial respect undermines trust. The chapter stresses the significant impact of seemingly minor actions on trust levels in personal and professional relationships. Covey notes that employees often mistrust management when feeling undervalued. The example of a real-estate agent securing an exclusive property sale through a simple act of appreciation underlines this point.

Concluding, Covey offers strategies for effectively demonstrating respect, like self-reflection and expressing care through small acts of kindness.

Drawing on former American Airlines CEO Donald Carty’s secretive approach, which eroded trust and led to his resignation, and Gerard Arpey’s subsequent success through transparency, Covey underlines transparency as a crucial element in quickly building trust. He defines transparency as truth telling that others can verify; it is based on honesty, openness, integrity, and authenticity. Covey cautions against obscuring information or creating illusions—both trust-damaging actions.

Examples like a charity showing the use of donations, Toyota’s transparent operations, and open CEO negotiations illustrate how transparency expedites trust. Transparency also generates buy-in by fostering understanding and sensitivity in both business and family environments. However, Covey warns of the need for balanced, responsible transparency. Confidentiality must be respected, and ill-judged disclosure of information like salaries can cause more harm than good.

Covey explains the principle of acknowledging mistakes and making amends. Going beyond apologies, this involves making restitution and changing for the better. For businesses, this equates to “service recoveries” that not only restore but also enhance customer loyalty. Righting wrongs is rooted in humility, integrity, and restitution; its opposite is denial, justification, or rationalization, which can further erode trust.

Covey uses examples like Oprah Winfrey and Wayne Sales, whose humble, immediate responses to errors reinforced trust. Contrastingly, those who avoid responsibility, like Richard Nixon during Watergate or Terrell Owens, destroy trust. Covey also underlines the trust-building power of prompt acknowledgment and rectification of errors by noting that doctors who apologize for mistakes get sued less. Recognizing one’s mistakes also fosters a culture of openness, humility, and trust within organizations.

Covey identifies two ways to express loyalty: giving credit to others and speaking about people as if they were present. Covey uses the story of Colleen Barrett, Southwest Airlines’s president, who defended her employees against unfair customer treatment, reinforcing her loyalty to her team and boosting trust within the organization. He suggests that recognizing others’ efforts affirms their value, fostering a collaborative and innovative environment. Covey warns against the negative impact of claiming undue credit and of disloyalty, which can breed distrust. He shares a case of a salesperson losing a client to his superior, resulting in trust erosion within the team.

The second facet of loyalty is respecting individuals even in their absence. Criticizing people behind their backs not only harms the relationship with the person discussed but also instills fear and mistrust among those present. He advocates for maintaining confidentiality and being respectful when discussing others.

Covey recognizes that these practices can be challenging, especially for roles where discussing others is part of the job, like HR professionals. He recommends ensuring the intent of these conversations is constructive and respectful toward the absent party.

Shifting from character-based behaviors to competence-based ones, Covey argues that achieving results builds instant credibility and demonstrates competence. Delivering results stems from the principles of responsibility, accountability, and performance. The opposite is poor performance or non-delivery, with the “counterfeit”—a behavior that superficially resembles the goal behavior—being activity delivery instead of result delivery.

Covey highlights the tendency of many individuals, especially salespeople, to overpromise and underdeliver. He therefore emphasizes the need for realistic commitments and results-based actions rather than excessive talk. He provides examples from his own life to demonstrate how delivering results dramatically impacts trust levels, whether in a business unit within an organization or in a familial context involving household chores.

He also emphasizes the importance of clarifying expectations up front to ensure the delivered results align with what is expected. A lack of clarity can lead to misunderstandings and disappointments, potentially damaging the trust account. He stresses that in modern economies, where results may be less tangible and measurable, it is essential to define the results that will build trust and then consistently deliver those results on time and within budget.

Covey concludes by offering tips such as understanding expectations before committing to deliver results, ensuring commitments are realistic, and anticipating needs in advance to deliver before requests even come. These actions, he argues, can significantly enhance trust.

Covey underscores the importance of continual self-improvement in cultivating trust. He asserts that in a dynamic, competitive environment, stagnancy diminishes trust, while continuous learning and adaptability inspire confidence and maintain relevance.

Drawing from the Japanese principle of kaizen, or continuous improvement, Covey likens a person’s need to stay relevant to a skier mastering increasingly challenging slopes. Resistance to taking risks stifles learning, rendering individuals and organizations ineffective, like a skier unwilling to take risks. However, Covey also identifies two “counterfeits” of getting better—the perpetual learner who never delivers and the single-strategy individual who applies the same solution to all problems. To truly get better, one must avoid both pitfalls.

Covey uses examples like NBA player Karl Malone and companies like Nokia to illustrate that continuous improvement fosters trust and success. Conversely, he warns against “entropy,” which breeds irrelevance and erodes trust. He recommends two strategies for improvement: seeking feedback (to facilitate self-awareness) and learning from mistakes (to facilitate growth and adaptability).