Transparency is an essential part of any business. Transparency can improve your company’s ethical values, brand image and reputation in the industry. Being open and honest with your employees can help to manage their stress levels and mental health. Transparent organisations also help to build trust and transparency in their policies of work financially and humanly.
There are varying degrees of transparency within each business. However, organisational transparency typically revers to sharing positive, negative and neutral information with your team. In creating this open line of communication, your employees are more likely to care about the success of your business.
Of course, transparency is absent in some companies because of shame, unconscious bias, remote teams and much more. A business owner may feel shameful that they created an overly ambitious goal and could not meet it. With the recent increase in remote working, it isn’t easy to communicate openly regularly. Virtual hangouts and meetings do not foster the same intimacy and connectivity as an energised in-person meeting.
If you are a business owner, you should consider how you can improve transparency in your company. Here are a few benefits of building trust and transparency across your organisation.
A whopping two-thirds of customers would spend more on products from a transparent company. Consumers are looking to invest in innovative and eco-conscious brands that are reshaping the business landscape. You should also build a level of trust and transparency with your consumers and your employees. Have a transparent conversation with a consulting expert to gain insight and knowledge on how you can improve your business.
Motivates your employees
If your employees lack motivation, it might be time to open up the lines of communication. Your team is likely to produce higher-quality work if they know how it will contribute to the organisation’s goals, income and resources. Give them a detailed report of the quality, quantity and deadline for the project and discuss how they can be more strategic with their workload.
Curates a collaborative work environment
To build a collaborative work environment, you need to zone in on your company goals and purpose. Employees need to learn about the different roles within your team and how they contribute to the wider company purpose. Encourage different teams to collaborate, share skills and ask for feedback on their work. Transparent communication can curate a more productive and collaborative team.
Good for recruitment
A recent survey by Atlassian found that a staggering 87% of people want to work for transparent businesses. Highly skilled workers often choose between a few companies, and the team is usually the deciding factor. If you are curating transparency within your workplace, make sure you showcase that to potential employees. Once you build up a transparent reputation, it will make you more desirable to highly sought-after workers.
The best advantage of transparent communication is trust. Consumers and employees are more likely to invest their time, money and effort into a company they can trust. Loyalty can help your business to grow and flourish over time.