The Multi-dimensional ROI of Sharing Information
In a recent HBR article titled, “The Neuroscience of Trust,” researcher and professor Paul J. Zak discussed a decade’s worth of findings about the role trust plays in business. He studied the physiology of trust: what natural conditions foster or suppress it, the impact its presence or absence has on an operation, and how we can capture and measure the associated returns.
I was particularly interested in the notion of being able to measure the ROI of trust, something so critical and yet so intangible. In an effort to “test the impact of trust on business performance,” Zak and his team identified eight organizational ‘behaviors’ and then surveyed working adults in the U.S. to find out how prevalent they are: i.e. how trusted the companies are from the inside.
Two trustworthy behaviors were less prevalent than the rest: recognizing excellence (67%) and sharing information (68%). Given the fact that increased trust leads to higher retention rates and employee performance, it is clearly worthwhile for companies to emphasize the importance of trust between employees and different functional teams. But is that message getting through on an individual level? Perhaps the solution to sub-par corporate trust is to combine both lagging areas.
Employees want to be recognized for the expertise they bring to the company just as much as executive teams want to capture the knowledge of their best and brightest team members. In procurement, that knowledge is likely to be focused around spend categories or suppliers. Yet, how often is supplier intelligence jotted on a little piece of paper and tucked in a desk drawer – or worse: filed away ‘for later’ in the buyer’s memory.
Knowledge leakage is more than a missed opportunity to share information. It is a missed opportunity to recognize and institutionalize excellence. According to Paul Zak, resolving this situation creates the circumstances needed to achieve the following list of impressive benefits: “74% less stress, 106% more energy at work, 50% higher productivity, 13% fewer sick days, 76% more engagement, 29% more satisfaction with their lives, and 40% less burnout.”
At tealbook, we hear that what appeals to companies most is our ability to help them ‘know’ what they already ‘know’ about suppliers. We make it so easy to save and share intelligence that there is no reason not to. When you discover a great new supplier, add them to your tealbook (knowledge captured). When you get a deeper understanding of their product/service capabilities, tag them for their expertise (knowledge captured). And if you need intelligence about a supplier or spend category that is new to your company, lean on the knowledge of your colleagues and industry peers – all in an instant through tealbook (knowledge gained!).
Are you interested in more about how tealbook can help your team share information and receive recognition for their intelligence – all in one step? Join tealbook to conduct your supplier discovery on the most instant, trusted platform available.