Trust: Why It Matters and How Tech Can Help
Campaign/FTC disclosure: This is a sponsored guest blog post. I will receive compensation for this post. I only work with companies I feel have great products, services and offerings. In accordance with my blog disclosure statement, I will only work with and showcase products, events and/or companies I believe my readers will benefit from. I am not formally employed by Ultimate Software. All thoughts and viewpoints are created and written by Adam Rogers of Ultimate Software. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: Guides Concerning the Use of Endorsements and Testimonials in Advertising.
Many Americans spend more time with their colleagues than they do with their families, so it’s not surprising that the strength of these relationships is important to job satisfaction. Trust, respect, and communication are vital aspects of a positive employee experience, but far too often, these critical factors are ignored or largely overlooked by organizations—perhaps partly due to the innate difficulty of tracking these metrics.
And how important is that trust, really?
Can I Trust You?
According to recent research, extremely. 9 out of 10 employees think trusting their direct managers is important to remaining satisfied at work, but less than half of employees actually do. An April SHRM study learned that respondents were not content with workplace trust levels, even when reporting high job satisfaction. And Rapt Media found more than a third of US employees feel like their companies don’t care about them at all—likely contributing to the 69% of respondents who said they’re either open to other opportunities or already seeking another job.
These statistics are concerning, raising red flags about productivity, retention, and everything in-between. Two-way trust is a crucial aspect of a stable, satisfying and successful work environment, but establishing and nurturing this within an organization can be difficult. Trust is certainly multi-faceted, at work as in life, but experts agree that communication is required, including transparency and responding to feedback. When implemented correctly, these communications tenets are valuable strategies.
In fact, 75% of workers said they would stay in an organization longer if their employer listened to—and addressed—their concerns. Can you imagine the financial impact of a 75% reduction in attrition?
Leveraging Technology to Cultivate Trust
To build a high-performing culture based on trust and communication, employers must effectively uncover their employees’ true feelings and respond appropriately. Many organizations currently rely on annual performance reviews, which can be quite valuable for assessing employee performance against pre-determined goals and objectives. But when it comes to obtaining quality feedback and insight into the employee experience, these infrequent evaluations almost always fall short.
Fortunately, technology has caught up with this significant need. Basic online templates evolved to sophisticated pulse surveys that can measure employee experience in real-time. In addition to yes/no queries and other quantitative tools, these innovative solutions can also decode open-ended surveys with exceptional accuracy. UltiPro Perception™, for example, uses advanced natural language processing and machine-learning algorithms to analyze text-based responses and identify key workplace themes, like trust, as well as the respondent’s underlying emotions.
This highly strategic tool can be effortlessly deployed at regular intervals to assess employee sentiment, either for the entire organization or filtered by location, position, manager, etc. Patterns emerge and business leaders receive real-time, actionable analysis and instant insights to improve trust, satisfaction, and retention within the organization.
These surveys allow leaders to measure how their employees feel about the hot-button topics frequently blamed for job dissatisfaction, such as family-friendly policies, growth opportunities, or job flexibility. Armed with data-based feedback about what matters most to their employees, executives have real power to evaluate and address pain points—building trust simultaneously.
For 46% of organizations surveyed in SHRM/Globoforce’s 2016 survey, employee retention was the #1 workforce management challenge. But it doesn’t have to be that way. By actively listening and responding to employees, it’s possible for organizations to solidify a culture of trust and communication—improving engagement, productivity, and retention in return.