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  What’s Transparency and What Does it Mean for Businesses?

Whilst low levels of workplace engagement remain a significant issue across the globe, it’s fair to say that this problem is more pertinent in some nations than others. In Belgium, for example, nearly 3.5 million employees don’t feel particularly engaged or committed to their work, and this accounts for nearly 77% of the country’s workforce.

This is at least partially due to the expectations that exist amongst modern-day employees, particularly when it comes to transparency. A recent Forbes poll revealed that 50% of global employees think that the organisations they work for are held back by a fundamental lack of transparency, which builds barriers instead of trust in relationships.

But what exactly is organisational transparency, and why is it so important to businesses in the modern age? Let’s take a look:

What is Organisational Transparency and Why Should you Care?

 When discussing honesty and openness in businesses, we’re talking about what’s commonly referred to as organisational transparency.

In simple terms, this refers to a scenario where companies don’t deliberately hold back valuable information from their employees.

This can pertain to everything from core business strategies and executive-level decisions to financial performance, whilst organisational transparency requires firms to share both negative and positive updates with their staff members in real-time.

There are numerous benefits to this, but one of the most important is the fact that it boosts engagement and really makes employees as though they’re part of a business’s successes and failures. At the same time, it also builds incredible levels of trust between employers and their workers, which can be crucial to the retention of top talent over time.

Organisational transparency can also help with the recruitment of new employees, with an estimated 87% of people actively wanting to work companies that are known for being transparent.

As this becomes a core focus of your company culture, it can also boost the overall reputation of your brand and help to engage customers going forward.

How to Boost your Business’s Transparency

 With this in mind, the only question that remains is what steps can you take to boost your business’s level of organisational transparency?

Initially, you’ll to develop a data-focused business approach that produces large swathes of data, which can then be shared with employees to keep them in the loop.

Service providers such as RSM can help with this, as they provide a range of internal audits to recover data pertaining to risk assessment, conformity checks and information mining.

You’ll also need to identify the very best channels for sharing information with your staff members, whether you host quarterly meetings or publish a newsletter that includes all pertinent updates in writing.

Regardless, the message that you deliver must be concise and communicated clearly to your stakeholders, whilst you must be willing to provide follow-up information in most instances and be prepared to take employee questions.