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The Brainy Business | Understanding the Psychology of Why People Buy | Behavioral Economics

320. Trust: The Key to High-Performing Teams, with Stephen M.R. Covey (refreshed episode)

Sep 4, 2023
Stephen M.R. Covey, author of The Speed of Trust, discusses the transformative power of trust in teams and organizations. He highlights the economic benefits of trust and shares practical strategies for building trust. The importance of transparency, authenticity, and accountability in fostering trust is emphasized. This episode provides valuable insights for leaders to enhance teamwork, productivity, and collaboration through trust.
51:01

Podcast summary created with Snipd AI

Quick takeaways

  • Trust has a direct correlation with speed and cost in business, impacting productivity and collaboration.
  • Transparency, vulnerability, and assuming positive intent are crucial for building trust, creating a culture of trust and collaboration.

Deep dives

The Economics of Trust: Speed and Cost

The podcast episode discusses the concept of trust and its economic impact. Trust has a direct correlation with speed and cost. When trust is high, everything moves faster and costs less. On the other hand, when trust is low, speed decreases and costs increase due to the need for additional checks, procedures, and redundancies. Trust has a quantifiable impact on business performance, affecting factors such as productivity, collaboration, and innovation. The episode also highlights the importance of finding the right balance between trust and accountability, as blindly trusting can lead to exploitation. Overall, building trust is crucial for creating energized, engaged, and joyful environments.

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