TRUST AND HUMAN CAPITAL DEVELOPMENT
Rachel L. Botsman, a British author is a lecturer at Oxford University’s Saïd Business School specializing in Trust in the digital age. Botsman researches and writes about how collaboration and Trust enabled by digital technologies will transform business and society.
In this video she shares her views on Trust as the currency of the new economy. At Phenomenal we take trust as a part of our behavior component in evaluating human capital. We agree with Botsman that Trust plays a huge role in the processes of recruitment, adaptation, training, motivation, and employee assessment.
According to Marek Bugdol Trust-based relations appear to foster development and mistrust undermines it. Trust is firm belief in the reliability, truth, or ability of someone or something. Trust as an essential part of behavior and human capital is central in building a culture for increasing productivity in providing high quality economic value for ourselves, our organizations, communities and society at large.
Persons, especially entrepreneurs that want to expand their influence will do well to develop a behavior patten that promotes trust. Without it, you face shallow progress.
As Thomas A kochan has said Trust as a behavioral attribute cannot be maintained or developed when the levels of competence, fairness, and predictability of behavior are low. Trust according to Coleman is not only a characteristic of individual behavior, but also a characteristic of systems of exchange and a channel to build reputation. Individual agents often will have to decide whether to trust each other.
As Robert Putnam has said, Trust simplifies interactions and boosts reputation. And reputation happens to be a necessity for the growth of an economy as it is the measurement of how much a community trusts you. A good reputation confers a whole lot of value because it shows that a majority of people believes in you and your activity. At Phenomenal we promote a culture of human capital development where building trust is a critical part of the issue.