Leaders who don't understand the value of trust will underestimate the cost of losing it
Do leaders think of trust, which is intangible, as a corporate asset? One wonders, in the midst of hacking and security breaches, if the word trust is even used in executive meetings and boardrooms. Do leaders of companies have any understanding of the elements of trust and how much value consumers place upon it?
Some do. Apple CEO Tim Cook has spoken on this topic. His actions and the decisions made by the company reflect the value they place on our trust. Apple has been steadfast, even when some were inflamed by their refusal to part with data when commanded to do so by the U.S. government. In an interview with ABC’s Diane Sawyer, Cook said, “You are not our product. Our products are iPhones and iPads. We treasure your data. We wanna help you keep it private and keep it safe." Cook refers to the issues in data privacy as a crisis. He understands what most leaders do not. Consumers do not willingly give up privacy. Checking the box on a website isn’t consent. It is acquiescence.Most leaders, who are overseeing a growing and profitable business, assume they are trusted.
When leaders are removed from the core of their business and don’t understand the needs and wants of customers and other stakeholders, their decisions are made with incomplete information. In a crisis, a leader who cannot relate to the disappointment of customers is incapable of responding with sincerity. Apple’s CEO knows what business he is in, speaks directly to the expectations of customers and shows courage. He is trusted for good reasons.
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