How Did Nokia Handle the Lay Offs?

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Sisantims: I love the way you littered the book with these great business examples. You also gave a great example about noki and the kind of trust that was involved in laying people off. Ad, and i was wondering if you could just share a little bit about that, and what your thoughts were about how nokia handled the lay offs. Sisantim: If i had to rank order, like five companies that i admire at a particular point in time, a nokia managing this, this lay off, is one of them.

In 2021, people started to trust business organizations more than governments, NGOs or the media, according to global research by the Edelman Trust Baraometer. The Covid pandemic has seen people around the globe question their trust in all forms of leadership. What impact does this have on business leaders? Can organizations rebuild trust? What are the building blocks of trust?

Sandra Sucher, co-author of “The Power of Trust: How Companies Build It, Lose It, Regain It” (https://amzn.to/3pny7Uu) draws back the layers of what trust actually is, how to build it, how to maintain it through adversity, and most importantly, how to rebuild it when it’s been shattered.

Along with her co-author, Shalene Gupta, Sandra has devised the four key foundations of trust; competence, motives, means and impact. We ask Sandra about the significance of these steps, how they can be harnessed, as well as the impact on trust that Covid has had, specifically how vaccine mandates have affected it. Throughout our conversation and her book, Sandra illustrates her insights with a plethora of rich business examples.

If you are a regular listener to Behavioral Grooves, you can become a special Behavioral Grooves Patreon member by donating to our work: https://www.patreon.com/behavioralgrooves. And a particular thanks to some of our listeners who have recently left us glowing podcast reviews, we really appreciate them. We'd love it if more our listeners could take 2 minutes to write a short review of Behavioral Grooves. Thanks!

Topics

(3:03) Welcome and speed round question.

(5:00) Trust is limited.

(7:38) The 4 key elements of trust.

(13:09) Does forgiveness play a part in regaining trust?

(14:54) How trust can be preserved by an organization, even while laying people off - the Nokia example.

(25:30) How has the landscape of trust changed and what effect has the pandemic had on trust?

(30:27) The link between lack of trust in government and vaccine hesitancy.

(33:49) The trust implications of asking employees to get vaccinated.

(36:26) People actually trust a negative outcome, if they feel the process was fair.

(39:37) What makes a business a good place to be from?

(45:39) Grooving Session discussing what we’ve learnt from Sandra.