{"id":25535,"date":"2024-04-21T01:36:42","date_gmt":"2024-04-21T08:36:42","guid":{"rendered":"https:\/\/essential.construction\/news\/study-construction-organizations-with-the-highest-levels-of-trust-perform-twice-as-well-on-crucial-business-metrics\/"},"modified":"2024-04-21T01:36:46","modified_gmt":"2024-04-21T08:36:46","slug":"study-construction-organizations-with-the-highest-levels-of-trust-perform-twice-as-well-on-crucial-business-metrics","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/study-construction-organizations-with-the-highest-levels-of-trust-perform-twice-as-well-on-crucial-business-metrics\/","title":{"rendered":"Study: Construction Organizations with the Highest Levels of Trust Perform Twice as Well on Crucial Business Metrics"},"content":{"rendered":"

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Autodesk, Inc., in partnership with management consulting firm FMI Corporation, released the results of an industry study. It shows that higher levels of trust within organizations and across project teams correlate with increased profit margins, employee retention and repeat business that can all add up to millions of dollars of profitability annually.<\/strong><\/p>\n

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The study, Trust Matters: The High Cost of Low Trust<\/a>, measured the costs and benefits of different levels of trust within construction organizations and across construction project teams. The findings reveal organizations with \u201cvery high\u201d levels of trust achieve better financial and organizational performance \u2013 yet 63 percent of survey respondents shared their organizations have less than \u201cvery high\u201d trust. Compared to organizations with lower levels of trust, \u201cvery high\u201d trust organizations generate more repeat business, retain more employees and drive a higher level of operational success.<\/p>\n

\u201cThe performance advantages at \u2018very high\u2019 trust organizations can represent millions of dollars in profitability,\u201d said\u00a0Jay Bowman<\/strong>, research and analytics lead at FMI. \u201cWith margins in the construction industry continuing to shrink, organizations should be aware of their trust ranking and how it can be improved to increase profitability. The \u2018very high\u2019 trust attributes uncovered in this report reflect approaches organizations can focus on to minimize uncertainties, simplify collaboration and ultimately improve trust.\u201d<\/p>\n

FMI and Autodesk surveyed over 2,500 construction professionals worldwide who ranked trust within their organizations, ranging from \u201cvery low\u201d to \u201cvery high\u201d trust. The rankings were assessed against respondents\u2019 reports of their organizations\u2019 internal performance, culture and external relationships.<\/p>\n

Key findings include:<\/p>\n

1. \u201cVery high\u201d organizational trust can lead to millions of dollars in annual savings and new revenue.<\/strong><\/p>\n

Respondents from the highest trust organizations revealed performance advantages that can add up to millions of dollars of profitability each year, including:<\/p>\n