Trust is regarded as the chief strategic asset of a firm, when it aims to bring about operational changes subjected to market uncertainness (Park and Srinivasan, 1999). It is perceived to be the central constituent in professional relationships.
The value and meaning of trust has changed over time, but its intrinsic outcomes remains beneficial. Organizational scholars provide great importance to the issues of trust. The issues are legitimated by the changes in economic exchange relations, organizations forms and social societal structure (Bijlsma and Koopman, 2003). Tom Tyler (1996) had stated that trust factor is imperative for organizational success. Trust existing within the workplaces of an organization helps to create voluntary-corporation among the workers. The performance and productivity level of an organization considerably depends on the extent of cooperation among the workers. Gradual changes in societies and organizations have enhanced importance of the matters relating to trust (Parker, 2012). Trust is considered as a solution to specific risk related problems arising between different individuals. Trust within organizations is mandatory for motivating professional associations and driving rapid business improvement. Experts are of the opinion that strategic cooperation and collaboration between different firms become easier with presence of trust between them (Hahn and Kim, 2009). The attitudes of the employees within workplaces are also determined by the same. Employee satisfaction from jobs and their commitment towards work tasks are largely influenced by their trust towards the firm. Brand value of a company in the market is largely dependent on the stakeholders trust towards the same. Researchers point out that satisfaction derived by the consumers from the consumption of goods or services of a company is directly proportional to their trust towards the same (Winch and Joyce, 2006).
Though there are diversified benefits and meanings of ...Show more