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New Study from FMI and Autodesk Finds Construction Organizations with the Highest Levels of Trust Perform Twice as Well on Crucial Business Metrics
LAS VEGAS, March 10, 2020 /PRNewswire/ — Autodesk, Inc. (NASDAQ: ADSK), in collaboration with FMI Corporation, a leading management consulting firm, has recently unveiled the results of a comprehensive industry study titled "Trust Matters: The High Cost of Low Trust." This study delves into the financial and organizational impacts of varying degrees of trust within construction firms and project teams. The findings indicate that organizations with "very high" levels of trust enjoy superior financial and operational outcomes. However, a staggering 63% of respondents stated that their organizations do not operate at this optimal trust level. Companies with "very high" trust levels experience higher client retention rates, reduced employee turnover, and greater operational efficiency compared to their counterparts with lower trust metrics.
Jay Bowman, the lead researcher at FMI, highlighted the significant financial advantages of fostering "very high" trust environments. He noted, "These organizations can realize millions in additional profits annually." With profit margins in the construction sector shrinking, it's crucial for businesses to assess their trust standing and implement strategies to enhance it. Bowman emphasized that the traits identified in the report—such as reducing uncertainties, streamlining collaboration, and improving communication—are key areas where organizations can focus to boost trust.
The study involved over 2,500 construction professionals globally, who rated the level of trust within their organizations, categorizing it from "very low" to "very high." These ratings were cross-referenced with reports on internal performance, company culture, and external relationships.
Key findings from the study include:
1. **"Very high" organizational trust leads to substantial annual savings and revenue growth.**
- Organizations with the highest trust levels reported significant financial benefits, including:
- Higher client retention rates, with 57% of "very high" trust organizations working with repeat clients for over 80% of their projects.
- Lower employee turnover, with 56% of professionals at "very high" trust organizations opting to stay in their roles.
- Improved project timelines, with these organizations being twice as confident in meeting project deadlines.
2. **Increased employee engagement correlates with high trust levels.**
- Seventy-four percent of respondents from "very high" trust organizations recommended their companies as excellent workplaces. Such endorsements significantly aid recruitment efforts, especially given the global labor shortage in construction.
- Respondents from these organizations were also more likely to go above and beyond their duties.
3. **"Very high" trust organizations emphasize collaboration and external relationship building.**
- Collaboration was central to operations for 43% of respondents from "very high" trust organizations, compared to 19% from those with "above average" trust.
- These organizations are more likely to share information openly, respond promptly to queries, and address project issues swiftly, fostering stronger external partnerships.
4. **Trust is a manageable attribute.**
- The study identified several actionable attributes that contribute to trust, such as consistent internal processes, transparent communication, and fostering environments where employees feel secure expressing their opinions.
Dustin DeVan, a construction strategist at Autodesk, echoed these sentiments, stating, "Trust is fundamental in construction, where teamwork is critical. By adopting practices that promote transparency, accountability, and collaboration, organizations can elevate trust and achieve better outcomes."
For more insights, download the full report [here], explore the accompanying blog and infographic, or register for our upcoming webinar on March 25, 2020.
About the Study:
In 2019, Autodesk Construction Solutions and FMI surveyed 2,527 construction professionals worldwide. Participants ranked trust levels from 1 to 5 and shared insights into organizational and financial performance. Responses were categorized into "Very High," "Above Average," and "Average to Below Average" trust levels.
About Autodesk:
Autodesk empowers creators to design and shape the world. From cars to buildings to smartphones, millions of customers use their software daily. For more information, visit [autodesk.com] or follow @autodesk.
About FMI:
FMI provides strategic and financial consulting to the construction industry. Services include strategy development, mergers and acquisitions, and technology innovation. Visit [www.fminet.com] for more details.
Safe Harbor Statement:
Statements regarding future product developments are forward-looking and subject to change. Purchases should not be based solely on these projections. The company assumes no obligation to update these statements.
Autodesk and the Autodesk logo are trademarks of Autodesk, Inc. All other brands and names are property of their respective owners. All rights reserved © 2020.
SOURCE: Autodesk, Inc.