Some ways have been identified which will help make trust a competitive advantage for one’s company. To start off, trust has to be treated as a service or product feature, no less. Human psychology and talent management methods needs to be understood and applied to design such a path. Next up, the company must engage in a completely transparent work system, to a radical degree. Each transaction or conversation must be traceable, from end- to- end. There needs to be complete integrity across all the processes. The company must be able to assure all stakeholders of this trust factor to be maintained. One way to track the progress could be the company’s score in the Embankment Project for Inclusive Capitalism. The digital economy in particular needs to have trust in- built as a must have. The 2019 Edelman Trust Barometer clearly points to the growing profitability of companies that have a higher conclusive trust factor.

Source:https://www.ey.com/en_gl/innovation-realized/five-ways-to-make-trust-your-competitive-advantage

Uploaded Date:04 June 2019