Whether you're the founder of a start-up or a well-established entrepreneur, you've more than likely read The 7 Habits of Highly Effective People, a popular self-help book written by Stephen Covey in 1990 that highlights the importance of human principles such as dignity, integrity, and honesty.
Skip forward to 2020 and Covey's son, Stephen M.R. Covey, is undoubtedly following in his father's footsteps. Taking to the stage at Pendulum Summit in Dublin's Convention Centre, the CEO spoke about the importance - and financial benefits - of trust.
Trust is a function of two things: Credibility and Behaviour
— Pendulum Summit (@PendulumSummit) January 8, 2020
According to @StephenMRCovey There are 4 cores of Credibility: Integrity, Intent, Capabilities and Results.#PendulumSummit pic.twitter.com/uSQpd2lJef
In 2006, Stephen published a book called The Speed of Trust: The One Thing That Changes Everything. Much like his father's work, this book offers a practical look at exactly how trust functions in relationships, both personal and professional.
In terms of business, the author insists that valuing and instilling trust in an organisation will drop costs and increase the speed of productivity - what he calls a "trust dividend". Equally, if trust is neglected within a company then a "trust tax" comes into play whereby costs rise and productivity slows.
"Millennials don't want to be managed, they want to be led" @StephenMRCovey #PendulumSummit pic.twitter.com/LeeH4qZm24
— LifeStyle on RTÉ (@LifeStyleRTE) January 8, 2020
This may sound too good to be true but, by the looks of things, Covey's credentials more than check out. As President and CEO of Covey Leadership Center, he nearly doubled revenues while increasing profits.
In fact, when he was first named CEO, the company was valued at $2.4 million but within three years, he had grown shareholder value to $160 million in a merger he orchestrated with Franklin Quest to form FranklinCovey.
We caught up with the businessman at the Pendulum Summit to find out more - watch it above.
