Why is Trust Eroding in Accounting and How Can We Rebuild It?

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Trust: A Diminishing Commodity? Is It Still Relevant in Today's World?
Cory Sheer, Author of “Closing the Trust Gap”, shares his insights on the alarming decline of trust across all aspects of society, from personal relationships to corporate entities and government institutions. He argues that the collective trauma of the COVID-19 pandemic, coupled with the disruptive forces of emerging technologies and economic challenges, has created a fertile ground for distrust to thrive.
Cory emphasizes the crucial role of trust as the bedrock of successful organizations and relationships. He provides a comprehensive framework for understanding trust, highlighting its three key components: competency, problem-solving, and care for others. By addressing these elements, leaders and individuals can cultivate an environment of trust and foster a culture of accountability, focus, and shared commitments.
Important Takeaways:
Trust is the firm belief in the truth of something, and when different versions of truth coexist, trust erodes. [00:01:20]
The three building blocks of trust are competency, problem-solving (identifying the right problems), and care for others (empathy, active listening). [00:07:40]
Active listening, demonstrating genuine care for others, is the most effective way to build trust, without any financial cost. [00:10:20]
Setting shared commitments and ground rules is crucial for creating a safe space for open and authentic conversations. [00:16:00]
In a hybrid work environment, clarity, focus, and effective communication are even more critical for maintaining trust. [00:19:30]
Quotes:
"If you have somebody in the organization, especially if they're the leader of the organization, where they're highly competent, they're a fierce problem solver, but they don't have at all any care for others, what people feel is a lack of trust." [00:09:30]
"Trust is, by nature, it is relational. It is something that we have to have human-to-human contact in order for trust to be cultivated and strengthened." [00:18:50]
Chapters and Timestamps:
The Definition and Building Blocks of Trust [00:03:20]
Active Listening and Demonstrating Care [00:10:10]
Establishing Shared Commitments and Ground Rules [00:16:30]
Trust in a Hybrid Work Environment [00:17:50]
Likeability vs. Trustworthiness [00:20:00]
Practical Tips for Building Trust [00:21:20]
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The Accounting Influencers Podcast is for accountants, bookkeepers, finance professionals and those who lead, work in, and serve them. Hosted by Rob Brown and special guests who are influential within their field, the podcast covers topics such as leadership, business growth, technology and automation, diversity and career development. Join the accounting influencers conversation at one of our virtual speed networking events for influential leaders and professionals in the accounting, finance and tech world:
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