Transparency is never at the top of the list of things to do to be successful. As always, cutting costs and finding investors with pockets full of cash come first, and they should. Without the right amount of capital, the business will struggle to invest in the proper areas and fail to repay its debts. Once this happens, the slip from the black into the red is inevitable.
Failing to consider the impact of transparency, however, may be fatal. Not only does it help differentiate you from the rest of the industry, but it creates a tight-knit environment. A community that works as one and uses teamwork to its advantage is a serious resource for any small, medium or big organisation. And, it’s not about being open at every turn. Sure, you can start by publishing the company’s tax returns, but it is so much more than that.
A transparent business is an open book. It has consistent core values, deals with problems through dialogue, and doesn’t value selling above everything else. Plus, it also understands the benefits of being see through – the impact on clients and customers is huge. Here are the reasons why it pays to be transparent in the corporate world.
Makes People Happy
Some things get lost in translation between employers and employees, and happiness is one of them. While you assume all they want is money, the truth is workers value fulfilment above pretty much everything else in the workplace. Yes, a solid wage that is representative of their skills is essential, but it’s not the be all and end all. Employees need to be happy if they are going to wake up each morning and attack the day.
Transparency helps in this regard because it makes everyone who is a part of the company feel like they are a valued member of the team. After all, being open fosters trust – you only keep secrets from people when they aren’t part of the inner circle. The great thing is that trust is easy to build with a few simple tricks. The most successful companies, for example, keep their employees informed by sharing their vision for the future.
Whether it’s an update on a strategy, a deal or an upcoming event, it’s a sign that people are valued. Usually, this encourages the majority of the workforce to develop a bond with their employer. If it’s deep enough, you may have their unwavering loyalty.
Boosts Productivity
A productive business always has a greater chance of succeeding than its rivals. Raising output often results in lead generation, awareness of the brand, and extra conversions. Why? It’s because the company is incredibly efficient and completes tasks in half the time, which is the reason it’s important to be productive. Once you up your game, you’re halfway to the finishing line.
Concerning transparency, it’s smart to take the concept as literally as possible for the best results. In a fluid office, everybody can share information and find solutions to problems. After all, there aren’t desk dividers getting in the way making it tricky to talk and communicate. Take them away and reformat the layout of the workplace and you will see a sharp rise in output. Also, bosses should consider office partitions that are clear. Glass doors and windows allow people to look at what you are doing and this holds you accountable. Not only that, but it encourages workers with issues to sit down and talk it through thanks to the open door policy.
When people speak up, it’s helpful for the organisation as a whole as it promotes idea creation. All it takes is one light bulb to go off for a business to find its niche and transform its fortunes.
Strengthens Recruitment Policies
Finding the right person for the job is tough. There are often hundreds of applicants and not all of them are cut out for the role. Sometimes, it’s down to the fact they lack the relevant skills, qualifications and hands-on experience. On other occasions, their personality may not be an ideal fit for the environment. There is a lot to think about before offering a candidate a position so it’s important to be thorough.
A systematic job search benefits the company in the sense that it helps you cherry pick the best people, but it does something else too. It also encourages the highest-quality recruits to apply for the role in the first place. Without a strong line-up from which to pick, the business won’t be able to boost productivity and expand. Being open means the top targets have the information they need to make a decision. From the amount they will be paid to the ideals of the company, everything is on the table. Don’t underestimate the impact of morals on recruitment. Nowadays, workers want to work for businesses that align with their principles.
Remember that transparency works both ways. You need to learn as much about them as they do you to ensure they ace the interview and then turn into a wallflower. Recruiting the wrong people is a costly exercise in both time and money.
Simplifies Employee Training Programs
Training employees to update their skills and learn new ones is an affordable and effective way to boost efficiency. For one thing, it cuts out the need to hire new employees to specialise in one area of the company. By retraining individuals who already work in the office, they can learn to multitask and kill two birds with one stone. Also, it’s very affordable as courses and seminars don’t break the bank.
Still, formal training programs are tricky because they require chunks of time during the day. If not, you need people to do it in the evenings or weekends and this makes things more difficult. Unless they get paid, which negates the affordability element, there’s no chance that employees will spend their free time working. Transparency is the answer as it flattens out the traditional corporate structure. Rather than a clear hierarchy, people in management are less inaccessible. This aids training as workers can communicate with their higher-ups more easily, and this leads to cross-training. Not only does it help to disseminate information; it eliminates the need for time wastage during the day.
Regarding corporate mobility, fluidity isn’t classical yet it’s becoming popular due to the impact it has on the workforce as a whole.
Leads To Better Feedback
Businesses say they want as much feedback as possible, but it’s a lie. Most companies desire positive stuff and don’t want to look at the negative comments. There is a visceral reaction to reading something bad about an organisation you created. It’s almost the equivalent to a parent protecting their children.
However, it’s short-sighted. Only listening to the feedback that is positive means you’re not learning from your mistakes and improving your processes. Therefore, you’ll probably stagnate. Thankfully, opening up channels couldn’t be simpler in this day and age. By not blocking people from social media or deleting their comments, you’ll receive a wide range of opinions. Once you have a big sample size, you can spot patterns regarding strengths, weaknesses, opportunities and threats.
Don’t forget that censoring people is dangerous. With an online community at your fingertips, it’s almost impossible not to find out more about the people you’re serving. Whether it’s good or bad isn’t the issue – it’s about letting them speak and objectively analysing their comments.
Are you as transparent as possible? How do you plan on changing things in the future?
- This post has been written by an outside source – See Disclosure Policy
