LAS VEGAS, March 10, 2020 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK) has joined forces with FMI Corporation, a top-tier management consulting firm, to release the findings of a groundbreaking industry study titled “Trust Matters: The High Cost of Low Trust.†This research explores how varying levels of trust within construction organizations and project teams impact financial and operational performance. The results show that companies with “very high†levels of trust outperform their peers significantly, yet only 37% of surveyed professionals reported their organizations falling into this category.
According to Jay Bowman, research and analytics lead at FMI, “Organizations with high trust can see millions in annual profitability gains. With shrinking margins in construction, it’s more important than ever for companies to assess their trust levels and take steps to improve them. The insights from this report highlight actionable strategies that help reduce uncertainty, streamline collaboration, and build stronger relationships.â€
The study involved over 2,500 construction professionals globally, who rated the level of trust in their organizations on a scale from “very low†to “very high.†These ratings were then compared against internal performance metrics, company culture, and external partnerships.
Key takeaways from the study include:
1. **Higher Profitability Through Trust**
Organizations with “very high†trust levels generate significant savings and revenue. For example, 57% of these companies work with repeat clients on over 80% of their projects, compared to just 42% in lower-trust firms. Repeat clients are much cheaper to retain than new ones, saving companies up to $750,000 annually in recruitment costs. Additionally, these firms are twice as confident in meeting project deadlines, which helps avoid costly delays and improves overall efficiency.
2. **Stronger Employee Engagement and Retention**
Employees in high-trust environments are more engaged and loyal. 74% of those in “very high†trust organizations would recommend their company as a great place to work, helping attract skilled labor. Moreover, 49% of employees go above and beyond their roles, compared to just 24% in average-trust organizations.
3. **Enhanced Collaboration and Relationships**
High-trust organizations foster better internal and external collaboration. 43% of employees in these companies say collaboration is central to their work, versus 19% in lower-trust firms. This leads to faster problem-solving, improved communication, and stronger relationships with clients, architects, and contractors.
4. **Trust Can Be Improved**
The study identifies key attributes that build trust, such as transparent communication, consistent processes, and investment in employee development. Dustin DeVan, Autodesk Construction Solutions’ construction strategist, emphasized that “trust is essential for success in construction. Companies that prioritize transparency, accountability, and collaboration will see real improvements in performance.â€
To learn more, download the full report, read the blog, or view the infographic. You can also join an upcoming webinar on March 25, 2020, to explore practical ways to boost trust across your organization.
This study highlights the growing importance of trust in the construction industry, where collaboration and reliability are critical to long-term success. As the sector continues to evolve, fostering a culture of trust could be one of the most valuable investments any company makes.
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