In today’s world, it’s very important for your company to be transparent. Transparency boosts morale and engagement with both employees and consumers. It can also help increase conversions. In a flooded market, transparency is the one thing that will make your business stand out. 

Additionally, by introducing transparency to your business efforts, you’ll gain the following:

Reduced Turnover

Transparency = trust. There’s no better way to build and maintain a powerful team than to have your employees' trust. Your workforce wants to know more about you and your expertise. They want to understand where they stand with your company and how their role plays into the bigger picture.

The idea is nerve-wracking, but do not think this will discredit your authority. Instead, it will enhance how your employees view you and your business goals. Be clear about your employees’ future, and that of the company’s. Share your own experiences with your team – the good AND the bad!

In being transparent with your employees, they will trust you. In turn, you will be able to instill trust in them. Thus, you will organically maintain a strong team and reduce turnover.

Powerful Teams

Consider what pure transparency can additionally do for your team. Once you’ve become more personally engaged with your workers, you’ll be able to set a precedent of trust, loyalty and attitude. Transparency between your employees will evolve them into a stronger team.

How? It will unify your personnel. Your employees will learn more about each other and about how the other works. In doing so, your team will be able to work smarter when together. According to Harvard Business Review, it’s challenging to envision how your workers will succeed if they don't grasp the intent of your company. Employees will have the ability to solve problems more efficiently and be truly invested in the greater good of the company if they understand the company’s purpose, and their roles within the company.

Take a minute to think about the contrast. Workers that don’t know where their job is heading, the purpose of the company, much about their leaders and how their work contributes to the greater good, won’t be invested at work.

Boost in Business

There are so many businesses out there. Your competitors would love to gain your customers as their own. How do you truly differentiate your company? You gain the trust of your customers. Trust is one thing that can battle these oppositions.

The number one thing to realize, in today’s modern world, is that customers don’t buy from companies, they buy from people.

Customers want to buy from a company that understands their wants, needs and goals. They want a business that can actually relate to them. The great news is… you can be that company! Through transparency, you will add a human element to your company that many others lack. 

By becoming more authentic, your brand will become multidimensional. Customers then have the ability to love you for more than one reason. You can show all sides of your business, including why you do what you do. As Simon Sinek says, “People don’t buy what you do; they buy why you do it.”

When introducing transparency into your business, the number one thing to remember is that it must apply to everyone. From the top of the executive team down, everyone must be on board. 

Check out the two articles below from Forbes to learn more about the steps to creating an authentic, transparent work environment, and why it’s never been more important to be transparent with your people in today’s environment:

Have you introduced transparency into your business mantra? If so, what benefits have you found?

Disclaimer: Please note that this is not all-inclusive. Our guidance is designed only to give general information on the issues actually covered. It is not intended to be a comprehensive summary of all laws which may be applicable to your situation, treat exhaustively the subjects covered, provide legal advice, or render a legal opinion. Consult your own legal advisor regarding the specific application of the information to your own plan.

Editors Note: This post was originally published in Sept 2014 and has been updated for freshness, accuracy, and comprehensiveness.