The Speed of Trust Best Audiobook Summary By Stephen Covey
Summary
TLDRIn 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
🔑 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.
🚀 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.
🤝 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.
🏢 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.
🌐 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.
Mindmap
Keywords
💡Trust
💡Optimization
💡Integrity
💡Humility
💡Capabilities
💡Intent
💡Results
💡Behavior
💡Accountability
💡Reputation
💡Contribution
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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