If you’re in the industry, you understand the importance of maintaining a high level of trust, both within your organization with your team and with external partners like other businesses and clients.
Think about a time when your team had little trust in leadership. Did they follow the project plan wholeheartedly?
Now, consider a time when a client didn’t trust your crew to get the job done right based on previous experience. Was the project a breeze or a challenge?
In all types of projects, trustworthiness is a critical piece of the puzzle. But have you ever wondered the impact trust can have on a construction firm?
Autodesk partnered with FMI to find out.
The duo surveyed over 2,500 construction professionals worldwide, ranging from project owners to contractors, architects to specialty tradesmen in 8 countries. The survey asked participants to rank the level of trust within their own organization among team members and between two or more organizations or project collaborators.
Their global reach was diverse in more than just the country they call home. Some of the surveyed professionals came from firms with less than 50 employees, others were from firms with more than 500. Not only did they range in the size of the organization at which they worked, they also varied in their tenure. Some of the respondents had been at their companies for less than two years, others more than 20. You can see the full report “Trust Matters: The High Cost of Low Trust” by downloading it here.
When you think of the firm you work for, ask yourself:
- Is my organization transparent with me and others?
- Do they form a secure working environment for me and my teammates?
- Does my organization prioritize my and my fellow employees’ professional development?
If you answered “yes” to all three, you would fall into the “highest level of internal trust” category. And, you’re in a great spot if you do. Individuals who reported the highest level of trust in their organization, which amounted to about 37% of respondents, saw many benefits for their construction firms including:
- Lower turnover, which saves up to $750,000 to replace staff.
- Fewer missed schedules, saving up to $4 million per year.
- More repeat customers, increasing margins by up to 7% higher.
But those that fall into this category are the lucky few. Coming out of this survey, it’s clear that there is plenty of room for opportunity within the construction industry. In fact, 63% of firms didn’t report having a “very high” level of internal trust.
The good news? The study found that construction industry organizations are able to measure their current internal trust and improve it. When they do, construction firms can actually improve their overall profitability. All it takes is a few proactive steps to build stronger relationships and deliver on promises.
Stronger relationships support both organizational and project-based trust, which is especially important in the United States. When it comes to organizational trust, over one-third of US respondents reported that employees in their organization went above and beyond to support their fellow teammates. As for projects, the majority of US respondents reported that they almost always work with repeat clients, or more than 80% of the time. These relationships are what keep progress moving forward, helping each of our firms to deliver on the promises they’ve made.
What can you do to build trust in your organization? Remember, every action you make to build trustworthiness will add immense value. Talk with your team to transform your firm into a high-trust organization.
