Transparency (re)pays, in the short and long term: this is the first step to create a lasting relationship between entrepreneurs and employees based on mutual trust.
This is a piece of corporate culture that should not be underestimated, especially in companies with a high number of employees or with a high percentage of remote workforce.
Despite its importance, it is a value that year after year seems to be put more and more aside and data confirm it: according to a recent study by Gallup, only one in three employees trust the people in charge of their company.
This lack of confidence is expressed in having more and more people about to leave (42% according to a research by EY) or who have opted for the proclaimed quiet quitting: They only do what is absolutely necessary (if not less) and work without passion, creativity and proactivity.
But if transparency is so fundamental, why isn’t it a more common practice?
Often there is simply a lack of tools and methodologies which allow to make the company more transparent, but this is a lack of an easy resolution. A standardized strategy and a long-term vision can make the difference: here are some tips.
1-Defining exactly which information to share
Have wages a very precise rule or are they decided ad personam? And what about members’ remunerations? And again, can the level of turnover and profits achieved affect the performance, if they are communicated during the year?
These and many other information can be shared or not, but with proper precautions: the important thing is not to make these topics rumors among employees.
Many others can instead become notions of common domain for all business levels or only for some.
The important thing is to maintain as much as possible equity between the people who have the same role.
2- Making information easily available
There are many ways to share information in a company: intranets, reports, and regular update meetings are at the top of the list. Clarity is essential in each of these cases: too technical languages, documentation that is hard to read or mince words, that have the only purpose of confusing ideas, must be avoided.
3-Structuring transparency as a work-in-progress
What can be sufficient today might not be tomorrow: the market changes and with it the information and collaborators’ needs are transformed as well.
The culture of transparency is not so strong: it is an ever-changing process that must be controlled and perfected over the years. Finding the right balance is the best strategy for an involved workforce who wants to continue to be part of the company.