The Speed of Trust Best Audiobook Summary By Stephen Covey

Summary

In this insightful script, Covey and Merrill explore the concept of trust as a foundational element in business and personal relationships. They introduce the 'Five Waves of Trust' framework, emphasizing self-trust, relationship trust, organizational trust, market trust, and societal trust. The script highlights the importance of integrity, motives, and consistent behavior in building trust, which in turn accelerates speed and reduces costs. It offers practical advice on enhancing individual and organizational credibility, ultimately fostering a culture of trust and contribution.

Takeaways

• 📘 Trust is a fundamental component in every aspect of life, from individual relationships to global economies, and its absence can be destructive.
• 🔑 Trust is not an abstract quality but a tangible and actionable asset that can be developed and enhanced.
• 🌟 The book introduces 'The Five Waves of Trust' as a framework for understanding and building trust in various contexts.
• 💡 Self-trust is the first wave and includes integrity, humility, and the courage to act according to one's values, which are essential for credibility.
• 🚀 Intent is a critical part of self-trust, requiring genuine caring, a mutual benefit agenda, and behavior that demonstrates these qualities.
• 🛠️ Capabilities are the skills and knowledge that inspire confidence and are necessary for continuous improvement and relevance.
• 🏆 Results are a measure of credibility and trust, as they reflect one's ability to deliver on promises and contribute positively.
• 🤝 Relationship trust is built on consistent behavior that fosters interaction in ways that increase trust among peers.
• 🏢 Organizational trust is about alignment, where a culture of openness, innovation, and loyalty is key to a high-trust environment.
• 🌐 Market trust is closely linked to a brand's reputation, which influences consumer behavior and the perception of the company's integrity and reliability.
• 🌱 Societal trust is based on the principle of contribution, where the intent to create value and give back is central to societal health and organization's role in it.

Q & A

What is the primary focus of Covey and Merrill's approach to business optimization?

The primary focus is on developing an ethical character, transparent motivation, and superb competence to produce sustained superior results, emphasizing trust as a key component.

Why is trust considered a tangible and actionable asset in business according to the book?

Trust is considered tangible and actionable because it can be created and developed, and it directly impacts outcomes such as speed and cost in business operations.

What are the two outcomes that trust always affects in an organization?

Trust affects speed and cost; when trust decreases, speed goes down and costs increase, and vice versa.

What is the first wave of trust that Covey and Merrill identify, and what does it consist of?

The first wave is self-trust, which consists of integrity, humility, and the courage to act according to one's values and beliefs.

How can one build integrity according to the book?

One can build integrity by questioning their own viewpoints, considering new ideas, living in harmony with undiscovered principles, and recognizing and standing for principles even in opposition.

What are the three pillars of intent as described in the book?

The three pillars of intent are motive, agenda, and behavior. Motive is the reason for doing something, agenda is what one intends to do or promote, and behavior is the manifestation of motive and agenda.

How can one improve their intent to foster trust?

To improve intent, one should examine and refine their motives, declare their intent, and embrace an attitude of abundance, ensuring that their actions are in the best interest of others.

What does the acronym 'TASKS' stand for and how does it relate to increasing one's capabilities?

TASKS stands for Talents, Attitudes, Skills, Knowledge, and Style. It represents the various dimensions of capabilities that one should develop and align with the tasks at hand to increase their competence and credibility.

Why are results important in building self-trust and what should one consider when evaluating their results?

Results are important because they establish credibility and a positive reputation as a producer. When evaluating results, one should consider their track record, performance, and the confidence others have in their ability to produce future results.

What are the three accelerators Covey and Merrill suggest to improve results?

The three accelerators are taking responsibility for results, expecting to win, and finishing strong, which means not just completing tasks but doing so with determination and excellence.

How does relationship trust differ from self-trust and what are some behaviors that support it?

Relationship trust is about consistent behavior and interacting with others in ways that increase trust. Behaviors that support it include talking straight, demonstrating respect, creating transparency, righting wrongs, showing loyalty, and delivering results.

What is the principle of alignment in the context of organizational trust?

The principle of alignment refers to the cultural behaviors within an organization that either foster trust or distrust, such as open information sharing, tolerating mistakes, and encouraging innovation and creativity.

How is market trust related to a company's brand or reputation?

Market trust is associated with the brand or reputation of a company. It influences customers' feelings and decisions to buy products or services, invest money, or recommend the company to others.

What are some statistics that highlight the importance of trust in business relationships?

Statistics show that 39% of individuals would start or increase business with a company due to its trustworthiness, 53% would stop or switch due to trust concerns, and 83% are more likely to give a trusted company the benefit of the doubt.

What is the principle of contribution in societal trust and why is it significant?

The principle of contribution in societal trust is about creating value and giving back to society. It is significant because it reflects the intent to contribute positively to society, which is increasingly recognized as essential for a healthy society.

How can an organization demonstrate its commitment to the four cores of trust?

An organization can demonstrate commitment to the four cores of trust by ensuring integrity, showing genuine intent to contribute and help others, developing and maintaining capabilities to deliver value, and consistently achieving results for all stakeholders.

Outlines

00:00

🔑 The Power of Trust in Business

The first paragraph introduces the concept of trust as a fundamental element in all aspects of life, from personal relationships to global economies. It emphasizes that trust is not a vague quality but a tangible asset that can be developed. The book by Covey and Merrill outlines the impact of trust on speed and cost in business, suggesting that higher trust levels lead to increased efficiency and reduced costs. The authors introduce the 'five waves' of trust, starting with 'self-trust,' which is built on integrity, humility, and the courage to act on one's values. They also discuss the importance of intent, which should be straightforward and mutually beneficial, and how behavior that serves the best interests of others can build credibility and trust.

05:01

🚀 Building Self-Trust Through Intent and Capabilities

Paragraph two delves deeper into the components of self-trust, focusing on intent and capabilities. It suggests ways to improve intent by examining and refining one's motives, declaring intent, and embracing an attitude of abundance. The paragraph also discusses the importance of capabilities, which include talents, attitudes, skills, knowledge, and style. Covey and Merrill recommend leveraging one's strengths, engaging in lifelong learning, and having a clear direction to enhance capabilities. The paragraph concludes by emphasizing the importance of results in building trust, suggesting that a track record of achieving promised outcomes is crucial for credibility.

10:02

🤝 Enhancing Relationship Trust Through Behavior

The third paragraph shifts the focus to 'relationship trust,' which is centered on consistent and trustworthy behavior. It lists 13 behaviors that are characteristic of high-trust leaders, such as speaking truthfully, demonstrating respect, creating transparency, and delivering results. These behaviors are designed to foster trust by interacting with others in a manner that is honest, respectful, and focused on mutual benefit. The paragraph also touches on the importance of confronting reality, clarifying expectations, practicing accountability, and extending trust to others.

15:03

🏢 Organizational Trust and Its Cultural Impact

Paragraph four explores 'organizational trust,' highlighting the differences between low-trust and high-trust organizational cultures. It contrasts environments where manipulation and blame are common with those that encourage open information sharing, learning from mistakes, and innovation. The paragraph discusses the importance of aligning the organization's culture with the four cores of self-trust: integrity, intent, capabilities, and results. It suggests that organizations must cultivate an environment that supports trust to achieve the desired outcomes and maintain relevance in the market.

20:04

🌐 The Ripple Effect of Market and Societal Trust

The final paragraph addresses 'market trust' and 'societal trust,' emphasizing the importance of a company's reputation and its contribution to society. It provides statistics that underscore the impact of trust on consumer behavior and the value of a trustworthy brand. The paragraph encourages organizations to consider their market trust through the lens of their customers' perceptions and to ensure that their brand is associated with integrity, good intent, capabilities, and results. It also touches on the principle of contribution as a key aspect of societal trust, suggesting that organizations should aim to create value and give back to society.

Keywords

💡Trust

Trust is defined as the reliance on the integrity, strength, ability, or surety of a person or thing. In the video's context, it is portrayed as a fundamental element that, if absent, can undermine any entity from a government to a friendship. The video emphasizes trust as a tangible and actionable asset that can be cultivated and is central to the theme of building successful relationships and organizations.

💡Optimization

Optimization refers to making the best or most effective use of a situation or resource. The script discusses how businesses can focus on optimization rather than mere compliance, implying a proactive approach to achieving superior results through ethical character and competence. It is a key concept in the pursuit of sustained success in business environments.

💡Integrity

Integrity is the quality of being honest and having strong moral principles. The video script describes it as a core component of self-trust, emphasizing that a person with integrity 'walks their talk' and acts in accordance with their values and beliefs. It is crucial for building credibility and trust in both personal and professional relationships.

💡Humility

Humility is the quality of being modest and not overly proud or self-assertive. In the context of the video, humility is part of integrity, suggesting that a person with integrity recognizes principles and puts them ahead of self-interest. It is highlighted as a virtue that supports the building of trust.

💡Capabilities

Capabilities refer to the abilities or skills that enable someone to do something well. The script mentions that self-trust embraces capabilities, which include talents, attitudes, skills, knowledge, and style. These are essential for inspiring confidence and achieving results, and they must be continuously improved to stay credible and relevant.

💡Intent

Intent in the video is described as the motive behind one's actions, which is crucial for building trust. It is about having genuine caring and seeking mutual benefit, which means wanting the best for all parties involved. The script suggests that trust grows when our intent is transparent and based on mutual benefit.

💡Results

Results are the outcomes or the things that are achieved or earned. The video emphasizes that self-trust depends on results, highlighting the importance of a track record of performance and getting things done. Achieving promised results is essential for establishing credibility and trustworthiness.

💡Behavior

Behavior in the video script is related to how individuals act, especially in consistent ways that build trust. It includes being honest, respectful, transparent, and showing loyalty, among other things. Behavior is a key factor in establishing relationship trust and is exemplified through the 13 behaviors of high-trust leaders.

💡Accountability

Accountability is the willingness to accept responsibility for one's actions and decisions. The script discusses the importance of practicing accountability in building trust, both personally and within organizations. It involves taking responsibility for results and communicating effectively about performance.

💡Reputation

Reputation is the beliefs or opinions that are generally held about someone or something. In the context of the video, market trust is associated with brand reputation, which influences consumer decisions and loyalty. A positive reputation is built on integrity, intent, capabilities, and results, and it is vital for business success.

💡Contribution

Contribution in the video is linked to societal trust and the principle of creating value and giving back to society. It reflects the intent of organizations to make a positive impact beyond their own success, which is increasingly recognized as important for a healthy society and for building trust at a societal level.

Highlights

The book emphasizes the importance of trust in all aspects of life, from individual relationships to global economies.

Trust is not an inherent quality but a tangible asset that can be developed and enhanced.

High trust environments lead to increased speed and reduced costs in business operations.

Covey and Merrill introduce the concept of 'The Five Waves' of trust, outlining a hierarchy for building trust.

Self-trust is rooted in integrity, humility, and the courage to act according to one's values.

Integrity is linked to being consistent and having no gap between intent and action.

Humility in trust involves recognizing principles above self and standing firm for them.

The authors suggest self-reflection questions to build integrity and understand one's motives and principles.

Intent in trust is about genuine caring, having a mutual benefit agenda, and behaving in the best interest of others.

Capabilities in self-trust refer to the skills and knowledge that inspire confidence and produce results.

The acronym TASKS is introduced to improve personal capabilities: Talents, Attitudes, Skills, Knowledge, and Style.

Results depend on one's track record and the ability to deliver on promises, affecting credibility and trust.

Behaviors that build relationship trust include talking straight, demonstrating respect, and creating transparency.

The 13 behaviors of high-trust leaders are detailed, focusing on consistent actions that foster trust.

Organizational trust is built on alignment, where a culture of honesty and innovation thrives.

Market trust is associated with brand reputation, influencing customer loyalty and business decisions.

Societal trust is based on the principle of contribution, emphasizing the intent to create value for society.

The book provides a comprehensive guide on how to improve trust at every level, from self to society.

Transcripts

in this book covey and merrill

demonstrate in business where instead of

compliance the focus is on optimization

through developing an ethical character

transparent motivation and superb

competence in producing sustained

superior results

there is one thing that is common to

every individual relationship team

family organization nation economy and

civilization throughout the world

one thing which if removed will destroy

the most powerful government the most

successful business the most thriving

economy the most influential leadership

the greatest friendship

that one thing

is trust

contrary to what most people believe

trust is not some soft elusive quality

that you either have or you don't

rather trust is a pragmatic tangible

actionable asset that you can create

much faster than you probably think

this book

sets you on that path

think of the following circumstances

i can't stand the politics at work i

feel sabotaged by my peers it seems like

everyone is out for himself and will do

anything to get ahead

i work in an organization that's bogged

down with bureaucracy

it takes forever to get anything done

i have to get authorization to buy a

pencil

my boss micromanages me and everyone

else at work

he treats us all like we can't be

trusted

trust

always affects two outcomes

speed and cost

when trust goes down speed will also go

down and costs will go up

when trust goes up

speed will also go up and costs will go

down

trust is therefore the basis on which to

build pace and success

think about it people trust people who

make things happen

covey and merrill have identified a

hierarchy of trust

what they call the five waves

let's look at these waves in turn

the first wave self-trust

self-trust is made up of integrity

this is what most people think about

when they think of trust

it's walking your talk it's being

consistent inside and out

it's having the courage to act in

accordance with your values and beliefs

integrity comes from the same latin root

as the words integrated and integer

a person has integrity when there is no

gap between intent and it is this that

will ultimately create credibility

and trust

trustworthy people walk their talk

when they feel they ought to do

something they do it

integrity also includes humility

it means recognizing principle and

putting it ahead of self

it means standing firmly for principle

even in the face of opposition

integrity also includes the courage to

do the right thing even when it's hard

so how can i build integrity

covey and merrill suggest you ask

yourself the following

do i believe that the way i see the

world is totally accurate and complete

or am i honestly willing to listen to

and consider new viewpoints and ideas

do i seriously consider differing points

of view

from a boss a direct report a team

member spouse or child and am i willing

to be influenced by them

do i believe there may be principles

that i have not yet discovered am i

determined to live in harmony with them

even if it means developing new thinking

patterns

and habits

self-trust includes intent

this has to do with our motives our

agendas and our resulting behavior

trust grows when our motives are

straightforward and based on mutual

benefit

intent has three pillars

motive agenda and

behavior motive is your reason for doing

something it's the why that motivates

the what

the motive that inspires the greatest

trust is genuine caring

caring about people

caring about purposes caring about the

quality of what you do

caring about society as a whole

agenda grows out of motive

it's what you intend to do or promote

because of your motive

the agenda that generally inspires the

greatest trust is seeking mutual benefit

genuinely wanting what's best for

everyone involved

it's not just that you care about others

you also genuinely want them to win

yes you're seeking a win for yourself

that's natural and desirable and to be

expected but you're also seeking a win

for all others involved

typically behavior is the manifestation

of motive and agenda

the behavior that best creates

credibility and inspires trust is acting

in the best interest of others

when we do so we clearly demonstrate the

intent of caring and the agenda of

seeking mutual benefit

and this is where the rubber meets the

road

it's easy to say i care and i want you

to win

but it is our actual behavior that

demonstrates whether or not we mean it

how to improve intent

number one examine and refine your

motives

it's human tendency to assume we have

good or at least justifiable intent

but is it

take time to take honest stock

number two

declare your intent

it signals your behavior it lets people

know what to look for so they can

recognize understand and acknowledge it

when they see it

three choose abundance

abundance means that there's enough for

everybody

the opposite

scarcity says that there's only so much

to go around and if you get it i won't

self trust embraces capabilities

these are the abilities we have that

inspire confidence our talents attitudes

skills knowledge and style

they are the means we use to produce

results

to remain credible in today's world we

need to constantly improve our

capabilities

covey and meryl suggest one way to think

about the various dimensions of

capabilities is to use the acronym tasks

t for talents are our natural gifts and

strengths

a for attitudes represent our paradigms

our ways of seeing as well as our ways

of being

s

or skills

are our proficiencies the things we can

do well

k

for knowledge represents our learning

insight understanding

and awareness

s for style represents our unique

approach and personality

the end in mind here is to develop our

tasks tas ks

and to match them to the tasks at hand

to create the best possible alignment

between our natural gifts our passions

skills

knowledge and style and the opportunity

to earn to contribute and to make a

difference

the same is true of corporations that

simply rely on what has been successful

in the past and failed to respond to the

needs and challenges of the new global

economy

if corporations aren't engaged in

continuous improvement and in some cases

radical improvement they risk becoming

irrelevant and obsolete

how to increase your capabilities

number one run with your strengths and

with your purpose

the idea here is simply to identify your

strengths whether they be talents

attitudes skills

knowledge or style

and then focus on engaging developing

and leveraging what's distinctly yours

number two keep yourself relevant

you need to be engaged in lifelong

learning

schooling may teach you how to read

write think and reason but its main

purpose is to set you up for ongoing

learning

number three

know where you're going

to know where you're going and to have

the capabilities to get there is another

way of demonstrating competence

and that competence coupled with

character creates a credible leader whom

others will follow

not because they're forced but because

they're inspired to do so

self-trust depends on results

this refers to our track record our

performance are getting the right things

done

if we don't accomplish what we're

expected to it diminishes our

credibility

when we achieve the results we promised

we establish a positive reputation of

being a producer

results matter

you may have excuses you may even have

good reasons

but at the end of the day if the results

aren't there neither is the credibility

and neither is the trust

our credibility comes not only from our

past results and our present results but

also from the degree of confidence

others have in our ability to produce

results in the future

and considering results you need to ask

two critical questions

what results am i getting and how am i

getting those results

most people only ask the what they have

no idea that the answer to the how may

be doing them in

the how can generate huge roadblocks to

future results

or

it can grease the skids

it's so much easier to get results the

next time around if people trust you if

they know you're going to give credit to

seek mutual benefit

to not place blame

they trust that you will go for results

in a way that will benefit them

and everyone involved

the reality is that no results ever come

exclusively from the work of one

individual or organization

they represent the efforts of many

understanding and appreciating the

importance of a supportive role in

getting results helps us all to more

appropriately value our own

contributions as well as the

contributions of others

how can we improve our results

covey and mero believe the three

accelerators below are most effective

number one take responsibility for

results

at the end of the day that's why

businesses exist so why shouldn't

results be our number one focus

number two expect to win

the principle is simply this we tend to

get what we expect both from ourselves

and from others

when we expect more we tend to get more

when we expect less we tend to get less

number three finish strong

when the successful marathon runner hits

the wall they don't focus on exhaustion

and going into the survival shuffle

they lift up their head and they pick up

their pace

by picking up the pace you're really

saying to yourself that you're not just

going to finish

you're going to finish strong

the second wave

relationship trust

the second wave relationship trust is

all about behavior

consistent behavior

it's about learning how to interact with

others in ways that increase trust and

avoid interacting in ways that destroy

it

covey and merrill have created another

list of 13 behaviors common to high

trust leaders and people that grow out

of the four cores of self-trust to

support this wave

behavior number one talk straight

be honest tell the truth let people know

where you stand

call things what they are

don't manipulate people or distort facts

don't spin the truth

don't leave false impressions

behavior 2

demonstrate respect

genuinely care for others

show you care

respect the dignity of every person and

every role

show kindness

in the little things

don't fake caring

behavior 3 create transparency

tell the truth in a way people can

verify

get real and genuine

be open and authentic

operate on the premise of what you see

is what you get don't have hidden

agendas

behavior 4

right wrongs

make things right when you're wrong

apologize quickly

demonstrate personal humility

don't cover things up don't let pride

get in the way of doing the right thing

behavior number five

show loyalty

give credit freely acknowledge the

contributions of others

speak about people as if they were

present

represent others who aren't there to

speak for themselves

behavior 6 deliver results

establish a track record of results

get the right things done

accomplish what you're hired to do

be on time and within budget don't over

promise and under deliver

behavior 7 get better

continuously improve be a constant

learner

act on the feedback you receive

thank people for feedback

don't consider yourself above feedback

don't assume today's knowledge and

skills will be sufficient

for tomorrow's challenges

behavior eight confront reality

take issues head-on even the

undiscussables

address the tough stuff directly

acknowledge the unsaid

lead out courageously in conversation

and don't skirt the real issues

behavior 9

clarify expectations

disclose and reveal expectations discuss

them validate them renegotiate them if

needed impossible

don't assume that expectations are clear

or shared

behavior 10 practice accountability

hold yourself accountable hold others

accountable

take responsibility for results

be clear on how you'll communicate how

you're doing and how others are doing

behavior 11 listen first listen before

you speak

understand

diagnosed

listen with your ears and your eyes and

heart

don't assume you know what matters most

to others

don't presume you have all the answers

or all the questions

behavior 12 keep commitments

say what you're going to do then do what

you say you're going to do

make commitments carefully and keep them

don't break confidences

don't attempt to pr your way out of a

commitment you've broken

behavior 13 extend trust

demonstrate a propensity to trust

extend trust abundantly to those who

have earned your trust

extend trust conditionally to those who

are earning your trust

don't withhold trust because there is

risk involved

the third wave

organizational trust the principle of

alignment

in a low trust organization cultural

behaviors such as the following exist

people manipulate or distort facts

people withhold and hoard information

getting the credit is very important

people spin the truth to their advantage

new ideas are openly resisted and

stifled

mistakes are covered up or covered over

most people are involved in a blame game

bad mouthing others

there is an abundance of water cooler

talk

there are numerous meetings after the

meetings

however in a high trust organization

information is shared openly mistakes

are tolerated and encouraged as a way of

learning

the culture is innovative and creative

people are loyal to those who are absent

people talk straight and confront real

issues

there is real communication and real

collaboration

if the symbols in your organization

communicate and cultivate distrust or

less trust than you like to have you

need to go back to the four cores with

your organizational hat on

ask yourself

does my organization have integrity

do we know what we stand for

does my organization have good intent

do we have a culture of caring for one

another for our customers

do we genuinely want everyone to win

what are the capabilities of my

organization

do we have the means to deliver value

do we attract and retain the talents

attitudes skills knowledge and style

which are the tasks we need to compete

in today's market

does my organization get results do we

deliver

what we promise

the fourth wave market trust the

principle of reputation

market trust is all about brand or

reputation

it's about the feeling you have that

makes you want to buy products or

services or invest your money or time

and or recommend such action to others

this is the level where most people

clearly see the relationship between

trust to speed and cost

here are some statistics to consider

39 of individuals say they would start

or increase their business with a

company specifically because of the

trust or trustworthiness of that company

53

say they would stop reduce or switch

their business to a competitor because

they have concerns about a company's

trust or trustworthiness

83 percent say they are more likely to

give a company they trust the benefit of

the doubt and listen to their side of

the story before asking for a judgment

about corporate behavior

so to improve you need to think through

the lens of your own organization in

terms of market trust

consider the perspective of your

customers

again with the four cores ask yourself

does my brand have integrity

do we have a reputation for honesty

do we have values people believe in and

can trust

do we have a reputation in the market

for courageously addressing tough issues

quickly and for honestly admitting and

repairing mistakes

does my brand demonstrate good intent

are we perceived as simply to make a

profit or do people feel that we

genuinely care that we want to help

others win

does my brand demonstrate capabilities

do people associate our name with

quality excellence continuous

improvement and the ability to change to

maintain relevance in a global economy

age

is my brand associated with results

do people feel we deliver what we

promise

the fifth wave societal trust the

principle of contribution

the overriding principle of societal

trust is contribution it's the intent to

create value instead of destroy it to

give back instead of take

and more and more people are realizing

how important contribution and the cause

it inspires are to a healthy society

so with our organizations

we ask

yes the four cores again

is our organization credible do we have

integrity and do we model it in our

behavior

do we demonstrate intent to do good to

contribute to give back

do we have the capabilities to make a

difference

do we produce results not only for

shareholders but for all stakeholders

hi i'm rhonda and this is an exclusive

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