1. Transparency = better relationships
The age-old adage that “employees don’t quit their jobs, they quit their bosses” tings more true that you know, according to a Gallup poll. Transparency leads to trust and trust leads to better relationships.
2. Transparency = engagement
When employees are aware of the firm’s strategic plan and their place in how to fulfill that plan, they become more engaged in seeking its outcome.
3. Transparency = profitability
Knowing what the big picture is motivates employees to do more to facilitate the outcome of that picture. Transparency, therefore, becomes a best practice.
Building a Transparent Firm Culture
Commit – A clear path to the firm’s goals requires that one commits time and headspace. Creating a plan and investing in the tools that facilitate that plan are all a part of transparent communication.
Be open about decisions – Strive to have everybody understand the “why” of company decisions. Share details about finances, growth, hiring, priorities and plans. This shows respect for employees and an understanding of their need for information.
Give and seek out honest feedback – Encourage open and honest discussion. Gather feedback through anonymous surveys and suggestion boxes and share those results throughout the firm. Have regular formal/informal check-ins with employees to discuss goals and performance. When leaders avoid giving direct feedback on performance, there is a loss of confidence and security.