Characteristics of fast growing companies :- Part 5
Operating with transparency
Transparency in a business means remaining open and informative to both the inside and the outside customers. It should be the most important goal for any company to grow rapidly and this goal has risen in its importance and continues to do so.
According to a recent study by Label Insight, up to 94 percent of consumers surveyed indicated that they were more likely to be loyal to a brand that offers transparency, while 73 percent said they were willing to pay more for a product that offers complete transparency. And this transparency goes a long way when applied inside the company also. Being transparent to your employees about company’s operations is directly related to their morale also.
Now infusing transparency in your company’s culture is not too difficult. One just has to follow a few steps from the beginning, such as:-
Being honest is the most important of them all. I will start with an interesting example of the company ‘Buffer’. Buffer made the decision to share employee salaries publicly. By doing so, the level of trust between team members at Buffer has increased dramatically, which has helped create a healthy and sustainable work environment. This had an effect on the recruitment side also and the job applications increased by 230% for the next month.
Try to hire people who care about transparency. If you want to encourage transparent culture then what better way to do it than hiring people who value it equally. A study shows that around 87% people want to work for such a company so attaching this in your interviewing process should be easy.
Also, always share the results of your company with employees. It is seen that most large organizations embrace the idea of invention, but are not willing to suffer the failed experiments necessary to get there. It is always cheerful to share when everything goes as planned but try to share the opposite also as it will increase the trust many folds.
Being an open book does not just mean showing the final numbers every year. Many organisations use the phrases like, ‘you can talk to us, we are an open book’, but often fail to live up to that. Either they do not give the chance to talk or they listen to the employees but do not deal with it well and then the employee feels cheated.
So to conclude, for growing fast , try to be as open and transparent as possible with the internal and external customers and follow whatever you convey.