With buzzwords like “employee engagement,” “company culture” and “millennial workforce” floating around, there’s a good possibility many enterprises have failed to see the role trust plays in it all. However, the reality is that in the modern workplace, establishing a culture of trust is essential to fostering ongoing performance development™ and achieving company goals. In fact, research conducted by Michigan State University showed organizations with high levels of trust had increased employee morale, more productive workers and lower staff turnover. So where does trust come into play with regard to performance?
Trust Empowers the Feedback Loop
Employees today need to trust their managers and other leaders to have their best interests in mind. In part, this means workers must know that when there is an opportunity to improve, leaders will share constructive, actionable feedback with them rather than blind siding them during an annual review. Instead, employees want consistent feedback. To underscore this fact, data from OfficeVibe showed companies that implement regular employee feedback see 14.9 percent lower turnover rates, and 43 percent of highly engaged employees receive feedback at least once a week.
“Employees want to feel confident there is a space to share their own input without retaliation.”
However, employees don’t just need to trust they will receive the feedback they require to succeed, they want to feel confident there is a space to share their own input without retaliation and negative consequences. With performance management software, enterprises can ensure the feedback loop is as open and transparent as possible.
Another issue of trust that impacts many employees is the potential for bias. For example, The Huffington Post cited data from Dr. Karen Snyder of the Clayman Institute for Gender Research at Stanford University, which revealed major discrepancies between what is said in a man’s performance review versus what is said in a woman’s. The fact that this problem is so pervasive leads to insecurity among minorities in the workplace. However, enterprise leaders can counter this trend and establish a culture of trust by investing in performance management software that is visual, transparent and data-driven. This type of tool will empower managers to conduct informed, unbiased conversations with staff.
In today’s business world, companies that hope to cultivate ongoing performance must also help create a culture of trust among employees, managers and executives. With the right tools in place, business leaders can enhance the feedback loop and mitigate the very real fear of bias.