Co-authored by Geoff Hudson-Searle, Scott Siegel and Scott Schlesinger
It’s hard to quantify exactly how important trust is for a business. For business owners, a lack of trust is your biggest expense. It may take years for a manager or an executive to develop the trust of his or her employees, but there are only moments to lose. Without trust, transactions cannot occur, influence is destroyed, leaders can lose teams and salespeople can lose sales. The list goes on. Trust and relationships, much more than money, are the currency of business.
It’s hard to deny that the last few years have been turbulent on many world societies. Research from Mental Health America shows how much mental health has been impacted in the wake of the macroeconomics, geopolitical and behaviors of others: Anxiety screens were up by 634% from January to September of 2023, with depression screens up 873%.
Stephen Covey American educator, author, businessman, and speaker once said:
“If I make deposits into an Emotional Bank Account with you through courtesy, kindness, honesty, and keeping my commitments to you, I build up a reserve. Your trust toward me becomes higher, and I can call upon that trust many times if I need to. I can even make mistakes and that trust level, that emotional reserve, will compensate for it.
My communication may not be clear, but you’ll get my meaning anyway. You won’t make me “an offender for a word.” When the trust account is high, communication is easy, instant, and effective.”
In “The Seven Habits of Highly Effective People,” author and motivational speaker Stephen R. Covey introduced the concept of the emotional bank account. ‘’Much like a financial bank account, we make deposits and withdrawals to our emotional bank accounts. But in this case, rather than money, we’re building up and withdrawing from a reserve of trust with other people. Our deposit currencies are positive actions (e.g., honesty, kindness, integrity, gestures of goodwill), while the withdrawals are activated by negative actions, like ignoring a partner or team member’s problems, disrespect or not meeting commitments.’’
The Emotional Bank Account operates on the principle that every interaction we have with others either adds to or withdraws from the account’s balance. Positive interactions, such as showing empathy, expressing appreciation, and offering support, are deposits that build trust and goodwill. Conversely, negative interactions, like breaking promises, showing disrespect, or being unresponsive, result in withdrawals that erode trust and damage relationships.
According to Stephen Covey, there are six types of major deposits we can make to someone else’s emotional bank account:
– Understand the individual — Keep in mind the old saying and walk a mile in their shoes. Show interest in their lives, their worldview, their hopes and dreams.
– Attend to the little things — Always show respect. Prove that you think of them and care with small gestures: kind words, courtesy and little acts of kindness.
– Keep your commitments — Avoid rash promises. When you do make a promise, keep it. Show up on time, make that meeting and don’t blow off that phone call.
– Clarify expectations — Don’t automatically assume others know what you’re talking about. Define your expectations — not only for yourself, but for them.
– Show personal integrity — Be honest. Define your vision, and then show everyone that you’re not exempt from following the guidelines you set out.
– Apologize when you make a withdrawal — No one’s perfect. Offer a sincere apology, admit any mistakes and take responsibility for your actions.
When an emotional bank account has more deposits then withdrawals the people involved in that relationship will trust each other.
Ridvan Foxhall, Occupational Therapist and Educator, states: “One of the key foundations of a strong relationship is trust. In order to build trust, one must continually make deposits of honesty, kindness, unconditional love, patience, all of those essential virtues that strengthen any relationship. In doing so, we build large reserves in the emotional bank account.”
We need to build trust between students and universities.
A degree of trust is implied in the relationship between students and the university. Higher education is about more than studying or the distribution of “knowledge units” in a society; it is about learning and whole-person development. Students enter university trusting that their time in class, the people they meet and the communities that surround them will shape their development.
The exchange of trust goes both ways. University staff and faculty, for their part, trust students to be open-minded, sincere, and diligent in working towards the goal of learning.
Universities must prioritize programs that promote students’ whole-person development, equipping them with essential skills such as effective communication, time-management, collaboration, hardiness and leadership. By doing so, universities honor the implicit trust placed in them by their students and prepare them for success in both their careers and personal lives.
Mutual respect, a higher-order value based on a recognition of the worth of the other person, is necessary to build trust.
Philosopher Stephen Darwall at Yale University describes trust as an attitude of the heart, a form of confidence in someone and an implicit invitation for them to trust themselves too. Behind this is the deeper reality of our shared humanity and learning over time to exercise empathy and try to understand those we disagree with, looking beyond the beliefs to the person who holds them.
Commitment to the worth and well-being of their students, along with the capacity to deliver holistic education that serves this, is the condition universities should fulfil to warrant trust. Compassion and understanding enable these conditions to be fulfilled.
At its heart, higher education is not only about administering knowledge; it is about guiding a whole person, and that involves care and courtesy. Higher education is entrusted to see through points of disagreement – no matter how deep – to the person beneath and to engage students to work for a better future, inviting them to trust themselves in that process.
Determining the value of a university-level education is a complex endeavor that goes beyond the examination of course content. As parents and employers, we want to ensure that individuals graduating from a university have the skills to compete in a global economy.
In order to thrive in business, universities must provide a comprehensive evaluation of critical thinking skills, a facet that often leaves parents and employers grappling with questions about the student’s ability not only to absorb information but also to analyze and tackle complex problems.
The significance of critical thinking becomes even more pronounced when considering its role in shaping a student’s readiness for future professional endeavors. In the professional world, the ability to analyze complex situations, make informed decisions, and articulate well-supported viewpoints is critical.
A recent report by the New York Times stated that nearly 80% of students in one Ivy League school received A or A-. With so many high grades given out, how do we hold universities accountable to ensure students can engage in critical thinking and not simply memorize text?
Imagine a scenario where a recent graduate, who graduated with top grades from a prestigious Ivy League school, enters a very important business meeting. The task at hand involves analyzing market trends, making strategic decisions, and presenting well-supported proposals.
However, despite the stellar academic record, the graduate finds themselves grappling with the practical application of critical thinking in a real-world setting. The disconnect between academic achievement and professional readiness raises questions about the effectiveness of current assessment methods.
In such instances, Generative AI could act as a guiding compass, providing personalized insights and evaluations that extend beyond grades, ensuring that graduates are truly equipped for the dynamic challenges of their future careers.
Generative AI is an advanced technological tool that plays a transformative role in higher education by comprehensively assessing and evaluating critical thinking skills. Unlike traditional methods focused solely on academic content, Generative AI provides a nuanced understanding of students’ abilities to articulate well-supported viewpoints across diverse disciplines, fostering a personalized and adaptive approach to learning.
This technology serves as a valuable ally, going beyond memorization to emphasize the practical application of critical thinking in real-world scenarios, thereby becoming an essential component in navigating the multifaceted challenges of higher education and preparing students for the demands of their future professions. In essence, will the student be ready for the “real world”.
Generative AI serves as an unbiased and unemotional companion in the educational journey, logically assessing not only the depth of knowledge but also the subtle development of crucial critical thinking skills. It provides professors and parents with a holistic understanding of their student’s cognitive abilities and adaptability in navigating the challenges that they will encounter once they graduate.
One pivotal aspect of critical thinking is the ability to articulate a well-supported point of view. In disciplines such as business, law, and social sciences, students are frequently tasked with presenting evidence-based arguments. In a business ethics class, for instance, students may be required to analyze a case study, formulate ethical viewpoints, and defend them with factual evidence.
Generative AI can assist in evaluating the clarity, relevance, and persuasiveness of students’ arguments. It becomes an unemotional tool that not only assesses academic content but also gauges the practical application of critical thinking skills in real-world scenarios. This capability becomes particularly significant in preparing students for the demands of their future professions.
By using a few representative algorithms such as:
• Sentiment Analysis for Depth Assessment
• Argumentation Mining for Logical Structure
• Content Relevance Scoring
• Dynamic Clustering for Group Insights
The integration of Generative AI in educational assessments allows for a more personalized and adaptive approach to learning. It can identify individual strengths and areas that require improvement in critical thinking skills, tailoring educational experiences to better meet the needs of each student. This adaptive learning model enhances the overall educational experience, fostering a more supportive and effective environment for intellectual growth.
A representative and unbiased scorecard for a student is presented below:
Fundamental Concepts:
• Limited understanding of foundational marketing concepts.
• Basic understanding but struggles to apply concepts consistently.
• Adequate grasp of fundamental marketing principles.
• Proficient understanding, applies core marketing concepts effectively.
Application of Critical Thinking Strategies:
• Difficulty in applying marketing strategies to real-world scenarios.
• Basic application but inconsistent in connecting strategies to outcomes.
As we contemplate the crucial role of critical thinking in preparing students for the challenges of the real world, it is evident that universities must be held accountable for providing a comprehensive evaluation of these skills.
The prevalence of high grades in prestigious institutions raises concerns about the effectiveness of traditional assessment methods. It’s time to advocate for a paradigm shift in higher education and Generative AI offers a holistic assessment that goes beyond academic content, ensuring a personalized, unbiased, unemotional, and adaptive learning experience. Let us collectively champion the integration of Generative AI in educational assessments, fostering an environment that not only measures knowledge but also cultivates the critical thinking skills essential for our students to thrive in the complex landscapes of the professional world. The future readiness of our children depends on it.
Finally, higher education has plenty of big-time problems today, from falling enrollment and rising student debt to admission scandals and sports corruption. Beyond hurting the reputations of individual schools, these problems could undermine support for academia more broadly. So, it’s critically important for universities and colleges to double down on building (or rebuilding) their relationships with stakeholders.
Higher education has a huge built-in advantage over many other major organizations. Of the four groups that you could identify as the most credible advocates for an institution, three are fundamental to higher education: academic experts, a person like yourself (students, alumni and parents of both groups), and employees.
Academic institutions will reach a lot more people—and reach them more effectively—if a message is amplified by a loyal army of ambassadors. In addition to sharing stories with these influential proponents, schools need to treat them like the essential partners they are.
Given the nest of problems it has, higher education needs to invest in trust. What schools put in today will build the endowment of tomorrow.
As Warren Buffet American businessman, investor, and philanthropist once said:
“Trust is like the air we breathe – when it’s present, nobody really notices; when it’s absent, everybody notices.”
This article is the expressed opinions and collaboration between two senior-level industry board professionals on their views and perceptions and additional and individual contributions from:
https://www.linkedin.com/in/scott-schlesinger2001/: who is a Data, Analytics & AI Practice Lead | Innovator | Experienced CDO/CAO | Thought Leader | Adjunct Professor.
Scott Siegel is a results-oriented and visionary technology leader. He specializes in strategic partnerships with C-Level executives and the integration of emerging technologies to optimize operations, enhance productivity, and drive cost efficiencies through the application of AI. Scott’s focus centers on cultivating a culture of continuous improvement and collaboration, aligning innovative strategies with business goals to fuel organizational growth. With a proven track record, he has directed cross-functional teams in the development and implementation of cutting-edge AI algorithms and models, revolutionizing data analysis, pattern recognition, and predictive capabilities for shopping events using generative AI.
A trailblazer in advancing neuroscience analytics, he leverages this expertise to unveil deep consumer insights, drive data-driven decision-making, and enhance customer experiences. His leadership extends to championing the adoption of data mesh architecture, enabling scalable and decentralized data ecosystems for improved democratization and agility.
He is extremely adept at developing and executing innovation strategies, leading implementations for Data Governance, Analytics, and Regulatory Privacy Compliance across diverse industries. As an advocate for AI-driven solutions, he evaluates and incorporates emerging technologies such as computer vision into business processes, products, and services.
With a commitment to excellence, he mentors and develops high-performing teams, ensuring they grow within a culture of innovation. Collaborating with executive leadership, Scott aligns analytics initiatives with overall business strategy, facilitating data-driven decision-making throughout the organization. His commitment to sharing insights is reflected in many published articles, showcasing a dedication to thought leadership in the technology and analytics space.
Linkedin: https://www.linkedin.com/in/scottsiegel1/
Geoff Hudson-Searle is a senior independent digital non-executive director across regulation, technology, and internet security, C-Suite executive on private and listed companies, and serial business advisor for growth-phase tech companies.
With more than 30 years of experience in international business and management he is the author of seven books: Freedom After the Sharks; Meaningful Conversations; Journeys to Success: Volume 9, GOD in Business, Purposeful Discussions, The Trust Paradigm and Scars to Stars Volume 3 and lectures at business forums, conferences, and universities. He has been the focus of radio/podcasts and TV with London Live, Talk TV, TEDx and RT Europe’s business documentary across various thought leadership topics and print media with The Executive Magazine, Headspring/FT, Huffington Post, The Sunday Times, Raconteur, AMBA, BCS, EuropeanCEO, CEOToday across his authorisms.
A member and fellow of the Institute of Directors, associate of The Business Institute of Management, a cofounder and board member of the Neustar International Security Council (NISC) and a distinguished member of the Advisory Council for The Global Cyber Academy. He holds a Master’s degree in Business Administration. Having worked for corporate companies Citibank N.A, MICE Group Plc, Enigma Design, MMT Inc, Kaspersky Laboratory, Bartercard Plc, and RG Group around the world, Geoff has vast international experience working with SME and multinational international clients. International clients with which Geoff has worked include the British Government, HP, Compaq, BT, Powergen, Intel, ARM, Wartsila Group, Atari, Barclays Bank, Societe Generale, Western Union, Chase and Volvo.
Geoff has worked in a broad range of industries including software, technology and banking which has given him a range of different experiences and perspectives of what can work, the importance of good people, process and how these can be applied and amplified to deliver results in different scenarios and paradigms. Geoff is known for bringing in a fresh viewpoint and sometimes challenging the status-quo with a strategic approach delivering successful change management programmes and launching companies and products internationally that deliver results.
Geoff’s areas of expertise lie in brand strategy, business communications, business integration, business development and improvement, capital raise activities, pre-IPO planning, capital raise transactions, M&A with full P&L responsibility, which ideally equips him to strengthen global companies, develop SME and international business, and marketing strategies.
Linkedin: https://www.linkedin.com/in/geoffsearle
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