Market and Societal Trust, Speed of Trust pt.5: Finance Matters

February 20, 2019

Welcome to the last installment of our series of Stephen M.R. Covey's Speed of Trust.  In this episode, we cover the fourth and fifth waves: Market and Societal Trust.  Tune in and learn more about these waves, and also how to inspire trust in others.  

 

Resources Mentioned:

Smart Trust Matrix-  See an image here:  http://blog.ashtonbusiness.com/2016/07/to-trust-or-not-to-trust.html

"Fish discover water last" in French?  Le poisson découvre de l'eau dernière.  :)

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Organizational Trust, Speed of Trust pt. 4: Finance Matters

February 4, 2019

Wave 3 - Organizational Trust:  The principle of alignment

 

In this pod, we deal with establishing trust with internal stakeholders.  If you don't have the level of trust and high-trust dividends you want in your organization, it's time to look at the principle of alignment.  Join Patty and Brandi for the fourth pod in the Speed of Trust series and learn more about the paradigms affecting cultural trust. 

 

 

Resources Mentioned:

The 13 Behaviors of High-Trust Leaders Mini Session, From Franklin Covey  

 

The Third Wave — Organizational Trust

The Principle of Alignment

All organizations are perfectly aligned to get the results they get. – Arthur W. Jones

Truly, symbols are powerful. They carry disproportionate value. They always override rhetoric. They communicate paradigms far more clearly than words. And they do so with geometric influence. (240)

THE 7 LOW-TRUST ORGANIZATIONAL TAXES

1. Redundancy

…a redundancy tax is paid in excessive organizational hierarchy, layers of management, and overlapping structures all designed to ensure control. For the most part, it grows out of the paradigm that unless people are tightly supervised, they can’t be trusted. And it is very costly. (250)

2. Bureaucracy

Low trust breeds bureaucracy, and bureaucracy breeds low trust. In low-trust organizations, bureaucracy is everywhere. (251)

3. Politics

…in many ways, “politics” is an antonym for trust. (251)

4. Disengagement

Disengagement is what happens when people continue to work at a company, but have effectively quit (commonly referred to as “quit and stay”). They put in what effort they must to get their paycheck and not get fired, but they’re not giving their talent, creativity, energy, or passion. (251)

5. Turnover

I’m not talking about the desirable turnover of nonperformers, but the undesirable turnover of performers. (251)

On average, it costs companies one and half to two times the annual salary to replace an exiting worker. (252)

6. Churn

Churn is the turnover of stakeholders other than employees. (253)

My sister told me about a restaurant she went to recently where she asked the waiter what he recommended from the menu. The waiter’s response? “I recommend going to another restaurant.” (253)

…employees tend to treat customers the way they’re treated by management. (253)

7. Fraud

THE 7 HIGH-TRUST ORGANIZATIONAL DIVIDENDS

1. Increased Value

2. Accelerated Growth

3. Enhanced Innovation

4. Improved Collaboration

Different than the traditional approaches of coordination and cooperation, real collaboration creates the key opportunity model of today’s world. (256)

5. Stronger Partnering

6. Better Execution

It is better to have grade-B strategy and grade-A execution than the other way around. (257)

7. Heightened Loyalty

Nothing is as fast as the speed of trust. Nothing is as profitable as the economics of trust. Nothing is as relevant as the pervasive impact of trust. (258)

The ability to establish, grow, extend, and restore trust truly is the key leadership competency of the new global economy. (258)

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Relationship Trust, Speed of Trust pt. 3: Finance Matters

February 4, 2019

Wave 2 - Relationship Trust and the 13 Behaviors of high-trust leaders

Relationship trust is all about consistent behavior.  In today's episode, Patty and Brandi delve further into Covey's book The Speed of Trust, discussing the universal principles that govern trusting relationships.  The 13 behaviors will significantly enhance your ability to establish trust in personal and professional relationships. 

 

 

Resources Mentioned:  

The 13 Behaviors of High-Trust Leaders Mini Session, from Franklin Covey

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Self-Trust, Speed of Trust pt. 2: Finance Matters

February 4, 2019

 
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Introduction to Speed of Trust: Finance Matters

January 28, 2019

"Trust" sounds like a soft concept, but it's the one thing that can have the biggest impact on our personal and professional lives.  In this pod, Patty and Brandi kick off a series focusing on Stephen M.R. Covey's bestselling book The Speed of Trust.  Listen in to learn the measurable results you can expect to see in your relationships and business when you start focusing on trust.

 

Resources Mentioned: 

The Speed of Trust (book): https://www.amazon.com/SPEED-Trust-Thing-Changes-Everything-ebook/dp/B000MGATWG

https://www.speedoftrust.com/ 

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Bridging the Generation Gap in the Workplace: Finance Matters

January 16, 2019

 
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Change Fatigue: Finance Matters

December 9, 2018

Change is necessary if we want to grow and improve, but what do you do when those changes are coming too fast and too many at once? On this episode of Finance Matters, Patty and Brandi talk with Mary Brackett, Senior Associate with Organizational Excellence at the University of Virginia about the topic of change fatigue.  Listen in for tips on how to deal with the burnout that can come from lots of change and some insight on how organizations can make change easier for everyone involved. 

 

Resources Mentioned: 

 

Prosci (lots of great change management content): https://www.prosci.com/

 

Organizational Excellence: https://organizationalexcellence.virginia.edu/

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Organization Tips: Finance Matters

November 12, 2018

As 2018 winds down and 2019 looms, you might be beginning to think about your resolutions, and/or how you'll change the way you organize your life for better productivity and less stress.  On today's episode, we have some tips you should consider for getting more organized or at least finding some organizational strategies to try.  

This is part one of at least a two-part series.  For part two, we invite listeners to submit their own organizational strategies, methods that have worked for you, and books/frameworks that you have tried.

Send your feedback to bv8h@virginia.edu or pam5w@virginia.edu.

You can also tweet us at @UVA_Finance

Resources Mentioned: 

 https://bulletjournal.com/pages/book

https://officedynamics.com/9-ways-to-improve-your-organization-skills/

 https://gettingthingsdone.com/getting-things-done-the-art-of-stress-free-productivity/

https://zenhabits.net/27-great-tips-to-keep-your-life-organized/

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Fun Size Professional Tips Inspired by Halloween Candy: Finance Matters

October 31, 2018

We blame the sugar high for this one.  Listen in for a short and lighthearted episode focusing on the professional and life lessons we can learn from Halloween candy.  It's a little silly and a little serious.  Boo!

 

 For our Millenial audience members, here are the old school commercials we reference: 

Reeses: https://www.youtube.com/watch?v=dkCl_MHg0qw

Tootsie Pop: https://www.youtube.com/watch?v=2IA5Cv_5-g8

Snickers:  https://www.youtube.com/watch?v=orGV2XK0bAo

Dairy Queen:  https://www.youtube.com/watch?v=CutPaY2ZTlA

 

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What We Learn from Failure: Finance Matters

October 24, 2018

Lynne Schwar joins Patty and Brandi on this episode to talk about failure.  Sounds like a dismal topic, right?  Nope! Managed correctly, failure is the secret to success.  Listen in to hear more about learning from failure and recovering after failures.  #FAILUP!

Resources Mentioned:

 
 
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