Change within an organization puts a significant strain on employees, stakeholders, and even the outside public. We’ve worked with Fortune 500 companies, nonprofits and foundations on these types of shifts and here is what we know: if there is a leadership change or the business is purchased, people are going to have questions, they are going to have their doubts, and their trust is going to wane. As the one in charge of this change, it is your responsibility to consider the public’s trust when taking over an organization, whether you were promoted or the buyer.
While you are considering many other business aspects during this time, you must also carefully consider how to build public trust during leadership changes, mergers & acquisitions (often referred to as M&A).
COMMUNICATE EARLY AND OFTEN
Communication will be your strongest asset during this time of change and transition. Communication between people inside and outside the business will be essential.
Regarding the public, you want to communicate early and often. This is your opportunity to get ahead of any rumours or stories about the business’s change and speak up on who you are, the changes to come, and the future of the business. There is no such thing as overcommunication in this situation. It is even wise to plan out communications before the actual transition so you can get ahead.
If you are silent during the process, the public’s distrust will only grow. Be there at the start and stay in touch with the public frequently throughout the transition.
ADDRESS EMOTIONAL HAPPENINGS
A leadership change or buyout of an organization can cause an eruption of questions, curiosities, and emotions from the public, especially if the organization was well-established, a local favorite, or had a historical past. As you take the reins, it is essential not to ignore the past when planning the future.
As the new leader and owner, if you want to build trust with the public, you must address the emotional responses they have. This is your chance to listen to their concerns, take them seriously, and acknowledge them appropriately. You can ease their worries, connect with them, and help them feel assured that their emotions are being taken into account in decision-making.
SHOWCASE THE SHARED PURPOSE
While building trust with the public relies on strong communication, it also relies on being able to articulate the shared purpose between you and them. If you have taken over in leadership or purchased the organization, you see the organization’s potential and impact just as the public does. This is your chance to showcase that appropriately.
You want to be open about who you are, why you took over, and what your plans are to continue the organization’s legacy, or how you are going to enhance it. This understanding of the original purpose and of how you will improve or enhance it will help build trust between you and the public.
BE TRANSPARENT ABOUT GOALS AND DECISIONS
Once you have taken the time to address the shared purpose between you and the public, this is your opportunity to be transparent about next steps. Trust is built on honesty and transparency, and the best way for you to do so is to talk about what is coming next.
During this step, you want to be clear about why decisions are being made, who they might impact, and the benefit they will have on the organization. You will also want to be transparent about timelines and overall goals, big and small. This way, the public can move through the process with you and be right there through changes and developments.
DELIVER ON YOUR PROMISES
With all of that transparency said and done, the most significant way you can build trust with the public is by delivering on your promises. Being transparent with your goals as the new leader and owner is one thing, but executing them is a whole other ordeal.
If you say you will do something, you should be able to deliver on that promise. If you are unable to or circumstances change, you can continue building trust by being open about what happened, why something didn’t happen, and the plan moving forward. Trust is about keeping promises, or at least communicating them appropriately.
If you have further questions about building public trust or need guidance on gaining the public’s trust through major organizational changes, contact the team at Wickham James.
