Journal of Management Excellence

Building Trust

Bereitgestellt von: ORACLE Deutschland B.V. & Co. KG

Building Trust

All relationships are based on trust1. Stakeholders would include customers, partners, investors and society at large. Trust needs to be earned over time.

Particularly in business relationships, trust should be verified. That’s why we have controls, performance indicators and also laws. But still, without a basic level of trust no one would be willing to ship before payment, or pay before shipping.

In fact, draconic compliance regulations have had a material cost impact on many businesses. Without trust and with too many controls, relationships suffer. Particularly in more strategic relationships, too much accountability hurts. An atmosphere of strong accountability does not fit well with the creation of trust, whereas an atmosphere of open commitment does. Without an open commitment between parties, the relationship can be terminated at any moment because at all points the accounts can be settled. This leads to lower switching costs and, in general, to more transactional behavior. It doesn’t mean there should be no control and no measurement. The aim of performance indicators and management processes should be to build that trust, lowering the transaction costs within the relations.

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Publiziert: 01.12.10 | ORACLE Deutschland B.V. & Co. KG