Trust and authentic leadership - Stroh lecture at UC Santa Cruz
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The document discusses the importance of trust in leadership and organizations. It explores who and what individuals trust, and how trust is built between people and groups. The speaker discusses how trust can be established through transparency, fairness, effective communication, and living up to shared values. Leaders can influence trust in an organization through their actions and building a consistent culture where people feel respected and valued. The speaker emphasizes the importance of vulnerability, empathy, and caring in establishing trust over time.
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Trust and authentic leadership - Stroh lecture at UC Santa Cruz
- 1. Trust: A Foundation for Authentic Leadership University of California ‐ Santa Cruz Trust Rules Course Lecture by Brad Stroh November 2012
- 2. Let’s Go On A Trust Exploration Today Who do you trust and what creates trust in an individual? What organizations do you trust, and what are the similarities and differences in the trust equation between people and groups? Can companies be trusted? Does this vary by the context of the relationship? Does this vary by their three core constituents? Customers Shareholders Employees Can one individual influence create trust in an organization through her/his actions?
- 3. About Bills.com & Freedom Financial Founded in 2002, Freedom & Bills.com help people make better money decisions by providing free advice, tools and access to great content and offers and solutions Provider services and solutions across debt resolution, tax advisory, specialty lending and investment products Over 1.5 MM monthly unique visitors to our network Resolved almost $2 billion in consumer debt for our clients 575 employees, cumulatively generated over $500mm in revenues We care deeply about our Company and our customers
- 4. About Brad Stroh I run several companies I guest lecture on entrepreneurism at Stanford Business School and on leadership at UC‐Santa Cruz I am on a bunch of Boards and advise several companies… Goldine, Robertson College, Vertical Brands, P2, BioIQ, Homelight, KeyHealth, Shopply, Tuscan Travel Group, ApartmentList, Vitality Financial, Custom Profile, Education Consolidation Corp, etc … with people who look oddly like me I’m happily married I’m lucky to have two healthy, wonderful kids
- 6. So, Do YOU Trust ME? I’m white I’m male I’m older than most of you I am in a position of authority I went to Amherst College and Stanford Business School I’ve been voted and elected by peers as a Captain, CEO, Leader of groups several times in the past I’ve been reasonably successful in business and in starting companies I’m asking for your trust … but we’ve never met before, and you’re trusting what I tell you Let’s see a show of hands on who trusts me… and what would you trust me with (Your finances? Your career?) (are perception and self‐awareness of inherent biases important)?
- 8. More About Brad Stroh I’ve been sued by the State of California for unlicensed prorating I cheated on a social studies test in 8th grade My company has over 100 complaints by consumers against it I’ve fired more than 50 people in my life I personally laid off 150 employees and closed our Sacramento office More than one of the companies I advise have filed bankruptcy
- 9. Now, Do YOU Trust ME? I’ve failed a lot I’ve done things that don’t make me proud BUT… I’ve made myself open and honest (vulnerability) Does that make you trust me more or less (and is it situational)?
- 12. Trust. Me. Your trust is important to me (does that make you trust me more or less) I strive to earn trust in everything I do (does that make you trust me more or less) I push myself to make myself uncomfortable and vulnerable almost every day (does that make you trust me more or less) Trust, belief, faith, respect and confidence are foundational in effective leadership… trust me
- 16. VS…
- 25. Let’s Play a New Game… Can you trust an “organization”…
- 30. Ok, Now Back to Brad… Can I personally do things to make an organization more worthy of your trust… – Start with me – Create a culture & define values – Communicate, communicate, communicate – Create stories – Constantly reinforce those values – Transparency always (especially when you have to compromise {never sacrifice} your core values) – Fair & well constructed compensation for each individual – A consistent culture – Hire people who self‐select in (e.g. get referrals) – Get rid of bad apples… fast
- 31. Ok, Now Back to Brad… I am your boss… Am I entitled to lead you, … or do I have the privilege to be depended on? Do I have to put the interests of others above my own? Surprise! Being the boss stinks a lot of the day. If you care, you technically work for: – Your employees – Your employees’ families – Your customers – Your investors – Your partners – Your regulators – Your mom – The class on Trust at UC‐Santa Cruz…
- 33. Trust Rules for Start‐Ups… Idea Formation Trust Implications at the Idea/Conception Phase: ‐ Self trust is imperative, or you’ll never earn the trust of others ‐ Self confidence that you will trust “yourself” to do the right thing when things get tough ‐ Ability to seek different opinions ‐ Surround yourself with people who trust you to value their opinion and cradle them and their vulnerability effectively ‐ Trust and willingness to seek out discomfort, failure, uncertainty
- 34. Trust Rules for Start‐Ups… Team Formation Trust at the Team Formation Stage of a Start‐Up: ‐ People must trust YOU ‐ People have to trust your vision (hope, and belief in that hope is a force multiplier) ‐ New hires trust your compensation plans: ‐ Clear ‐ Aligned (equity?) ‐ Achievable ‐ Measurable ‐ The cadence of reward matches to their goals and output ‐ Teammates believe that the vision of their lives and careers matches their opportunity in your company
- 35. Trust Rules for Start‐Ups… Capital Raising Capital Raising ‐ ‐ Trust in data ‐ Investors must trust you and your team above anything else ‐ Trust you to manage effectively through the inevitable iterations of getting a business to success ‐ You can play on their inherent biases, and convince them to trust their own judgment ‐ Third party validation (their advisors, your experts, data) to prove to them that it’s ok to trust you ‐ Investors are lemmings, if others like your pitch they will convince themselves that they like it too ‐ Trusted advice/reference points ‐ Group think around trust is common ‐ Comparable models (reference points or ‘stories’ that make it easy for them to analogize your business to something else that has earned their trust)
- 36. Trust Rules for Start‐Ups… Team Leadership Team Leadership ‐ ‐ Foundation of effective leadership is trust ‐ Management is different than leadership ‐ Fairness, equitability ‐ Judgment ‐ Ability to handle conflict effectively (I seek partners who I can disagree with effectively) ‐ Vision (consistency and overwhelming them with communication) ‐ Stated values and core cultural mores ‐ ROCC of Trust ‐ Making teammates feel trusted and valued: ‐ Listen to them (don’t think about what you are going to say next) ‐ Take swift action when they suggest change (signal you listened and that you are an action oriented organization) ‐ Never give negative feedback that is personalized, always professional
- 37. Trust Rules for Start‐Ups… Path to Success Trusting the “Path to Success” ‐ ‐ I don’t have to be perfect… especially if I can trust in my ability to be vulnerable, overcome hurdles and handle adversity ‐ Ability to seek and value different opinions ‐ Trust in growth, development ‐ Darwinism (if you let it happen) is powerful – don’t fight it ‐ Trust that I can manage through anything ‐ Trust that in the end it will all work out
- 39. Basics of Leading… Do these simple things, and you’ll earn trust over time… trust me. – Have a heart – Truly try to relate on a personal level (empathy) with everyone you meet – Say sorry – Make yourself vulnerable and ‘real’ to teammates – Make each cog in the machine know its role in the larger mission – Care – Make every individual feel special