Autodesk Inc., in partnership with management consulting firm FMI Corp., released findings from an industry study, “Trust Matters: The High Cost of Low Trust,” according to www.wfmz.com. The study measured the costs and benefits of different levels of trust within construction organizations and across construction project teams.
Although the findings reveal organizations with “very high” levels of trust achieve better financial and organizational performance, 63% of survey respondents shared their organizations have less than “very high” trust. Compared with organizations with lower levels of trust, “very high” trust organizations generate more repeat business, retain more employees and drive a higher level of operational success.
FMI and Autodesk surveyed more than 2,500 construction professionals worldwide who ranked trust within their organizations, ranging from “very low” to “very high” trust. The rankings were assessed against respondents’ reports of their organizations’ internal performance, culture and external relationships.
Key findings were that respondents from the highest trust organizations revealed performance advantages that can add up to millions of dollars of profitability each year, including more repeat business, lower voluntary turnover and timely project delivery. Organizations with the highest trust also generate more employee engagement, value collaboration and build stronger relationships externally.
The study also demonstrated that common, measurable attributes foster trust and positively affect performance across construction organizations, such as consistent internal processes; transparent communications; environments where employees feel safe and secure sharing their views; and a focus on employee development.