It is clear, most people know, that you will be better in business when you follow transparent workflow processes.
We should all aspire to greater transparency in business. Despite many major companies declaring and trying to improve transparency, Apple, Google, and Microsoft may be the biggest culprits for having opaque policies.
There is always room for improvement when it comes to transparency in business. Here are some ideas about how to achieve transparency within your organization. This will make it easier for everyone involved, both management and employees, to improve your business’s operations. Whether you work in a small mom-and-pop business or a large conglomerate, only transparent operations can ensure everyone is able to work at their best. Even instituting minor changes can make a big difference in workflow and morale.
Conform to Industry Standards.
All business sectors have regulations, rules, and laws. These are pretty much mandatory and are the reasons why companies have compliance officers. Most also adhere to expected standards. Standards aren’t officially mandated but are often expected by peers and customers alike. For example, customers in the financial sector will look for GIPS standards verification if you are an investment manager. You can proudly display your standards to attract more customers.
Ensure Transparency is Defined.
How can you measure or stay transparent within your sector if no one knows what it means for your firm? Transparency doesn’t come with a set list of rules. It is highly subjective and depends on how open a business wants to be beyond legal and mandatory regulation. From the top down, employees need to understand what it means for your company. Workshops and seminars with easily understandable data, presentations, and reports can help define transparency.
Transparency in Business Through Accountability.
The buck always stops with someone! It can seem like a high stature means you can get away with more in today’s society! However, staff such as managers, supervisors, and even CEOs are always held accountable for their own actions and the actions of others. In fact, according to Forbes, 50% to 70% of CEOs fail in the first 18 months of being appointed. Taking ownership of actions throughout an organization is an effective way to measure accountability.
Make It Easy for Employees.
Employees comprise the most significant portion of most larger companies, and they, like customers, need things to be clear. The simple paradigm of having an open question-and-answer policy has proven very effective within internal departments. Employees should be able to approach superiors or specific personnel about specific agendas. If there is an obstacle, staff, such as project managers, must assist in freely sharing information for any employee needing help.
We have all read the review of a company online when someone complains about how they were treated by an employee. Just yesterday, I found one like that.
“I paid $100. just to walk through the place with my kids and when I asked what other activities were included the person at the front desk rolled their eyes as if I was a moron. So we just left and won’t go back!”
There were no other reviews, sometimes happy customers just don’t bother writing a review. But someone searching, as I was, reads the negative comment and says to themselves, forget it, I won’t go either. So whose fault is this? I’d say it was the company’s training process as well as possibly a bad hire. The least a company must do is assist employees to know their job inside out. Employees need to have a culture of caring and helping each other do their best. If more people realized what they do on the job is the success of every company, as well as their role in it, they would not be flippent to customers.
Freely Share Non-Sensitive Information.
Further to information, you can share or withhold as much non-sensitive or personal data as you like. For example, reporting your investment in green initiatives can appeal to eco-conscious customers. However, reporting on things you are not doing as well at and trying to improve will garner a certain respect. By publishing this kind of data, you show investors, customers, and the world that you can do better. You can then use this data within improvement projects. It is very important to understand the difference between personal vs. sensitive Information. To divulge sensitive or personal information could land you and your employer in hot water.
Summary.
Adhering to expected industry standards will help increase your company’s transparency in business. However, it must be defined internally so staff members know how to contribute to company efforts appropriately. This includes policies about sharing non-sensitive or personal data publicly.
A Quick List – Foster Transparency.
- Open Communication Channels
- Provide regular updates in an accessible place, such as the company’s Intranet
- Provide a policy of Feedback Mechanisms
- Try Performance Metrics
- Be Transparent in Decision Making
- Practice Inclusive Decision Processes
- Explain your reasoning behind decisions:
- Provide means for accessibility to leadership
- Foster a Cultural commitment to transparency
- Make transparency a core value
- Provide Training and Workshops
- Give information and updates that are relevant on public dashboards
- Always use ethical business practices
- Be upfront about mistakes and handle them transparently
- Give acknowledgment when due
- Draw attention to mistakes and ask for corrections promptly without making an example of the person. But inspect what you expect and make sure the offense is corrected.
- Engage customers or clients in a feedback process and share it with employees.
In this era of instant communication available online and through apps, it is important to remember that it is okay not to answer everything in real-time. Sometimes, a thoughtful answer is needed, which can take longer.
