Benefits of Transparency When Running a Business
It’s understandable that some companies only limit the information given to the employees. Most of the decisions are done on the top. As you go lower the corporate ladder, the information you receive becomes more limited. If you’re creating a startup, you need to practice transparency. Allow regular employees to be more involved in the process, and let their voices be heard. These are some of the benefits you will experience if you run a more transparent operation.
It makes your employees happier
Transparency fosters trust. When employees feel like their company trusts them, they will do the same thing. They also feel a deeper connection with the job. For instance, if you update them about strategies and current events, they think that they’re part of the family.
You can receive different suggestions
You might have the best people managing the company. However, even the people on top will run out of creative ideas. It’s important that everyone gets the chance to share thoughts and suggestions. You want to encourage a culture of thinking outside the box. It helps the company grow and be better in providing services.
Everyone will clearly understand the goals
When you’re less transparent, some employees wouldn’t care about the bigger picture and the overall goals of the business. They will only think about their job description. Transparency allows employees to see the relevance of what they’re doing in the success of the business.
Turnover rate will drop
In a company where people don’t trust each other, the turnover rate could be high. Employees don’t feel like they’re in a supportive environment. Once you promote transparency, everyone feels more confident with the organization. They know what’s going on, and they see that the company wants the best for everyone. As a result, these employees will stay even if there are other opportunities out there. Hiring employees and convincing them to work with your company isn’t easy especially for top-tier candidates. Imagine if you have to go through the entire process again because the excellent employees decided to leave.
Improve customer relationship
You have to be as transparent as you can with your employees. If there are changes in your products and services, you have to inform them. You should also avoid downplaying issues and problems affecting all your employees. Be straightforward in your explanations and apologize if necessary. Take the necessary steps to make up for your mistakes, and promise them that you will do a better job moving forward. Building trust among your customers is difficult, and it’s even worse when a mistake broke it. However, if you’ve always been transparent with them, you can gradually take that trust back.
Think of ways to make information more accessible to everyone. Allow decisions to be made not only by a few people in a meeting room. It might seem a bit challenging at first, but you will become more comfortable with it.
Photo Attribution:
1st and featured image from https://thumbor.forbes.com/thumbor/960×0/https%3A%2F%2Fspecials-images.forbesimg.com%2Fdam%2Fimageserve%2F1137620311%2F960x0.jpg%3Ffit%3Dscale
2nd image from https://www.inc.com/john-hall/how-to-break-down-employee-happiness-increase-chances-of-it-happening.html
