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Why transparency should be a top priority for your company

Written by An Siebens on 29 January 2019 for Clients

Being honest and sharing information should always be at the top of your agenda. The world is becoming increasingly closer-knit and the largest companies are emphasizing openness. Following 10 hours of congressional hearings earlier this year, Facebook CEO Mark Zuckerberg promised to roll out the strict GDPR privacy regulations across Facebook. In a statement to the US House Committee on Energy and Commerce, Twitter CEO Jack Dorsey stated that Twitter’s goal was “to earn more trust” by being “as transparent as possible.”

Whether or not these tech giants are doing a good job at making transparency a priority, your company definitely should. Here are five reasons why.

Your team will be happier and more productive

A number of studies have shown that transparency is the number-one factor in determining workplace happiness. Research shows that happy employees are more productive, creative and efficient.

In a recent post, we explained why our brand new office in Mechelen features a fully-stocked bar, an open plan layout, and even a Nerf gun arsenal. We believe that by encouraging our employees to let off steam, they’ll chat, share ideas and collaborate which improves the quality of their work.

But we also believe in being transparent. We’re as open and honest as possible with our team to ensure that they are as productive as possible during their time in the office.

Transparency fosters trust

At Exellys, we openly communicate with our internal team and our consultants about what we’re doing and where we’re headed. Keeping everyone in the loop helps everyone involved to see their tasks within a wider context.

We foster a culture of trust by being open during our day-to-day operations and during, for example, our selection procedure. We provide honest feedback at every stage and make sure that there is clarity about everything. This helps to foster trust between us and our consultants and, in turn, helps to drive results.

When you introduce transparency to your company, your team will be more engaged with what’s going on. Why? Because the more they understand what’s going on, the more they can help support and drive the company. People love adding value and contributing new ideas. Being transparent is one of the best ways to build trust and move the company forward.

Transparency helps build better relationships

Research shows that employees who work in a transparent environment form stronger, deeper relationships with each other. In turn, this results in better relationships between the company and its clients.

Strong relationships of any kind always begin with openness and transparency. We even designed our office a certain way to help support this. We opted for open workspaces where everyone can collaborate and interact. We believe that the more that our team interacts with each other, the stronger their relationships will be.

exellys office

Transparency gets better solutions, faster

As the old saying goes, two heads are better than one. The more transparent that a company and its leaders are, the faster the problems are solved. Not only is a team able to solve problems faster, but their solutions are often of a higher quality.

At Exellys, we have regular team meetings where we share updates of all our current projects. This approach increases accountability, helps to highlight issues and encourages our team to find solutions. We believe that our open approach helps us to develop solutions in a more timely manner.

transparency exellys

Transparency increases profits

That’s right, according to a number of studies into corporate transparency, an estimated two-thirds of consumers say they would be willing to spend more if they were buying from a transparent company.

Transparency is ranked as the single biggest factor in brand loyalty by over 90 percent of consumers. While transparency helps to foster rewards that are difficult to subjectively quantify, the financial benefits are clear.

Conclusion

The case for prioritizing transparency in your company couldn’t be stronger. Transparent companies have a happier and more productive team, better relationships with their clients and are generally more successful compared with their less transparent peers. So, if you’re looking to set your business apart, placing transparency as a top priority is clearly the right approach.

Want to learn more about how we do this at Exellys? Get in touch with us, we’re looking forward talking to you!

Written by An Siebens Talent Development Manager