Trust: The DNA of Construction Success
Can you put a price on trust? As it is in our personal relationships, trust is an invaluable asset in our offices and jobsites. It’s difficult to assign an exact dollar amount on the significance of trust in construction. However, companies who build high levels of it could potentially save millions of dollars annually from benefits that include lower turnover rates, fewer missed schedules, and more repeat business, according to a new report from FMI and Autodesk.
The report, “Trust Matters: The High Cost of Low Trust,” surveyed over 2,500 construction professionals globally to examine both the benefits and cost of trust in the industry. While it found that 93% of construction professionals report above-average levels of trust within their organization, only 37% achieved very high levels of trust. And trust us, this distinction matters. To learn more, download the report here.
So that leaves us with a big question: For “very high trust” companies, is there a secret to their success? How do they define, build, and maintain trust both internally and externally? Although the report identifies the specific benefits of trust in construction, we wanted to hear experts chime in on the how. Below, we’ve gathered insights from several construction professionals in a few key areas. Use the menu or scroll below:
- Defining Trust
- Industry Challenges in Establishing Trust
- The Benefits of Trust
- How to Build Trust
- Technology’s Role in Trust
Defining Trust
How do you define trust? Trust has a lot of different meanings across industries, in companies, and even within teams. Here are how several top construction professionals define trust:
Ownership
“Secret ingredient to success”
Report Highlight: Construction companies with the highest levels of trust are 2X more likely to have managers share consistent feedback. Learn more.
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Reliability
The Foundation
Industry Challenges in Establishing Trust
Building trust is easier said than done. Here are some of the top challenges that construction professionals identified as barriers to creating high levels of trust:
Surpassing the Unknowns
Information
Micromanagement
A Generation Gap
Lack of Connection
Communication
Report highlight: Construction companies with high levels of trust are 2X more likely to be explicit about requests. Learn more.
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Benefits of Trust
As we mentioned above, lower turnover, fewer missed schedules, and more repeat business are just several of the benefits of building high levels of trust. Learn more about the specific benefits of trust for top firms:
Safety
Holistic Benefits
Report Highlight: In high trust companies, 4 out of 5 projects are for repeat customers – potentially increasing gross margins by 2-7% annually. Learn more.
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Reduces Stress
How to Build Trust
It takes work to establish trust. Read how construction companies are putting in the work to develop a high trusting work environment for their employees, partners, and clients:
Honesty
Putting People First
Report Highlight: 56% of construction companies with the highest levels report good (low) turnover rates – potentially saving them up to $750,000 annually. Learn more.
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Open Door Policy
Delivering
Report Highlight: High trust employees go above and beyond, with 49% routinely exceeding expectations in their work. Learn more.
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Technology’s Role in Trust
Technology is a tool that can potentially build trust when properly executed. Here are the top ways technology can add to a team’s trust:
Reliability
Report highlight: 66% of construction companies with the highest levels of trust have a single source of truth for project data. Learn more.
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“Ultimate unifier”
Single Source of Truth
Share Your Thoughts on Trust
We’ve love to learn how your company defines and builds trust in the industry. Share your thoughts in the comment section below.
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