Transparency is more than just a PR or marketing tactic for businesses. There are numerous advantages to transparency such as trust-building, culture, and morale. The big question is What is transparency in business?
Traditionally businesses have kept their information private, this has shifted to where businesses now openly share this information with their consumers. Take into consideration that there’s a wide spectrum of transparency, and it differs from business to business.
However, these are some common elements that companies consider when they’re looking to increase transparency:
- Diversity and inclusion data
- Growth and performance
- Pricing breakdowns
- Internal processes
- Hiring practices
Why be transparent?
Why would any business openly share their information? This is a common question when the topic of transparency is brought to light.
Below we have outlined the primary benefits of transparency:
Transparency Builds Trust
Transparency breeds trust and trust is the foundation of teamwork. The trust we are referring to extends to customers or anyone that interacts with your brand on any level. If information about your business is freely available, it helps everyone feel completely on board with the decision making.
Transparency breeds innovation
As your business grows and you rely on your team members to make great decisions, they need to have all the details that you have. “If you want people to make the same decisions that you would make, but in a more scalable way, you have to give them the same information you have.” – Keith Rabois