Trust – the new bottom line
Jim Hetherton considers the business case for Trust

Contents
Trust is News Integrity and its relationship to trust Are these issues affecting your organisation? Trust and how to repair it and build it OnTrack International About Jim Hetherton 3 5 6 7 9 10

Trust is News
2011 has given the public plenty of reasons for a building sense of mistrust. The UK phone hacking scandal has hit Rupert Murdoch where it hurts most - in the wallet. According to the BBC, the stock markets are taking note, with News Corp's share price down 3.5%, but sadly, it has also cost 1 the jobs of many innocent people . bbc.co.uk Sony had a security breach of its PlayStation Network that led to 77 million users' data being stolen. Sony lost billions of dollars as share price falls 2.3% in a matter of days. BP shares more than halved, falling from 650p to a low of 296p, a collapse of nearly 55%. BP has become the most recent high-profile example of the many big institutions whose highly paid managers seem to be only out for themselves. There is “no evidence”2 that huge plumes of oil are suspended undersea, said BP. The charges against us will “hurt America,”3 said Goldman. The safety-related allegations against us are “a big lie,”4 said Massey. The independent research from Stanford University was “staged”,5 said Toyota. Most organisations use a classic crisis management approach: deny, deflect, spin, and repeat. Rather than open up, they withhold information. They denigrate critics, blame others and refuse to answer pertinent questions or engage in meaningful debate. They hide behind the veneer of canned statements and corporate rhetoric – with the occasional blunder thrown in. When we teach companies how to gain and maintain trust, we reference 6 some of Stephen M R Covey’s “Speed of Trust” research; he does a great job of explaining trust as a business driver. He notes that when people trust you in business, they trust both your character and your competence. Warren Buffet the third wealthiest person in the world with a net worth of $62 billion, is also one of the world's greatest investors; he also has some exacting standards when hiring his staff at Berkshire Hathaway. “In looking for someone to hire, I look for three qualities: integrity, intelligence and energy," said Buffet. "But the most important is integrity, because if they don't have that, the other two qualities, intelligence and energy, are going to kill you."

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“When you hire someone to run your business, you are entrusting him or her with the piggy bank” Warren Buffet

"When you hire someone to run your business, you are entrusting him or her with the piggy bank," according to Buffett. "If these people are smart and hardworking, they are going to make you a lot of money, but if they
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News of the World – Counting the cost - http://www.bbc.co.uk/news/business-14044052 Oil Plumes disputed - http://www.huffingtonpost.com/2010/05/30/underwater-oil-plumesdis_n_595015.html 3 Goldman - http://washingtonindependent.com/82968/goldmans-blankfein-sec-case-willhurt-america 4 Massey - http://www.upi.com/Top_News/US/2010/04/27/Massey-CEO-denies-poor-safetypractices/UPI-89531272388950/ 5 Toyota - http://www.independent.co.uk/news/business/news/toyota-denies-faultyelectronics-are--to-blame-for-unintended-acceleration-1918961.html 6 Speed of Trust - http://www.amazon.co.uk/Speed-Trust-Thing-ChangesEverything/dp/0743295609/ref=sr_1_1?s=books&ie=UTF8&qid=1313058701&sr=1-1

aren't honest, they will find lots of clever ways to make all your money theirs.” The rule is simple: people with integrity are predisposed to perform; people without integrity are predisposed not to perform. It is best not to get the two confused. Integrity is the key ingredient.

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TIP
People with integrity are predisposed to perform; people without integrity are predisposed not to perform. Integrity is the key ingredient.

This is definitely true when people look to see