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This does work if it is done carefully and the boss retains a healthy dose of scepticism.
The best boss I ever had when I was working for other people was when I worked for a chap who had built his business from scratch and ran it in the way Eman Goubran describes.
The trust was tangible. When the directors of Halifax Building Society went mad and decided to convert I borrowed £50,000 from him to increase my deposit to the level which entitled me to receive the maximum possible bribe for allowing this disastrous piece of hubris to go through. I think the bribe was £10,000, a lot of money at the time. The point is not my venal behaviour (which I didn't realise was venal when I did it), but my boss's trust. He really did trust his team. When he agreed to the loan I asked whether his solicitors or mine should draft the loan agreement. He looked me in the eye and stuck out his hand, we shook hands, he transferred the money, and I paid him back in full on the due date. To my way of thinking that's real trust. Other members of the team would have similar stories to tell, some financial, some not. We would have walked through fire for that man. Except for the so-and-so who broke the trust. Mind you, he lived to regret it, and that's the other side of the same coin. If you decide to make trust a KPI you have to accept that you must impose severe penalties coldly and ruthlessly if the trust is ever broken.