5 Tips for Strengthening Trust and Growing Your Emotional Bank Account in the Workplace

Recently, I witnessed some inappropriate and potentially destructive behavior in an organization. This reminded me of Stephen Covey's classic book, The 7 Habits of Highly Effective People, which offers insights and strategies for building strong, healthy relationships with others.

The Emotional Bank Account Concept

One of Covey's key ideas is the concept of the "Emotional Bank Account." This metaphorical account represents the level of trust and goodwill that exists between two people. Like a financial bank account, we can make deposits and withdrawals from our Emotional Bank Account with others.

Deposits

• Show kindness and consideration
• Be honest and transparent
• Follow through on commitments

Each deposit builds up a reserve of trust, making it easier to weather occasional "withdrawals" in any relationship.

Withdrawals

• Break commitments
• Behave disrespectfully or hurtfully
• Fail to show empathy or understanding

These can quickly erode trust and damage relationships over time.

Covey's theory suggests that building strong relationships requires consistent effort to make deposits and avoid withdrawals. This creates a foundation of trust and goodwill that enables effective collaboration, even in challenging situations.

The Importance of Trust in the Workplace

Trust is critical for any successful workplace. It forms the foundation for:

• Team collaboration
• Positive work relationships
• Achieving success

Building trust is essential for:

• Retaining valuable employees
• Fostering collaboration and innovation
• Creating a more productive, engaged workforce

Top 5 Tips for Building Trust in the Workplace

1. Get to know each other
   • Develop relationships with each team member
   • Foster camaraderie through team lunches, coffee breaks, and team-building activities
   • Encourage open and honest communication
2. Communication
   • Communicate openly and honestly, even about difficult topics
   • Align words and actions
   • Demonstrate integrity, accountability, and commitment to the team
   • Create an environment where employees feel comfortable speaking up
   • Practice active listening
3. Respect
   • Value the opinions and ideas of each team member
   • Disagree respectfully when necessary
   • Apologize sincerely for any unintentional withdrawals
   • Take responsibility and own up to mistakes
4. Transparency
   • Provide clarity about decisions and expectations
   • Encourage employees to voice questions and concerns
   • Lead by example in practicing transparency
5. Recognition
   • Acknowledge and praise employees for their efforts
   • Show appreciation for hard work
   • Reward high performance

The Impact of Trust in the Workplace

According to a survey by the American Psychological Association:

• 70% said trust drives employee engagement
• 58% said trust directly affects leadership

Another recent study found that companies with higher levels of trust reported:

• 59% higher employee engagement
• 25% higher job performance
• 20% increase in team collaboration
• 17% higher customer satisfaction

Leaders who foster trust not only inspire employee engagement and performance but also help build strong and successful teams.

By following these tips, you can create a culture of trust in your workplace and reap the rewards of increased productivity and success.

To a Better You,Dr. Eric Goodman