“Building trust depends not on good PR but rather on clear purpose, smart strategy, and definitive action. It takes courage and common sense. It requires recognizing all the people and groups your company affects and focusing on serving their interests, not just your firm’s. It means being competent, playing fair, and most of all, acknowledging and, if necessary, remediating, all the impact your company has, whether intended or not.” – Harvard Business Review
In the first article of a 5-part series by Professor Sandra J. Sucher and Shalene Gupta, titled “Broken Trust”, we discover the dynamics of trust and how it can be built or even rebuilt.
There is a lot of value in investing in trust for your business. The Economist’s 2018 study of the 8 largest business scandals in recent times found that “the median firm was worth 30% less than it would have been valued had it not experienced a scandal.”
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