A lack of transparency and trust is one of the greatest challenges that modern businesses face. However, it is essential to healthy growth in any industry.
Transparency can reduce overhead, build employee confidence and foster a culture of openness and accountability. Here’s what makes transparency so important.
Transparency Builds Confidence
In order to move forward on projects, everyone needs to be on the same page. When you are candid with employees about things like your vision, budget, goals and concerns, your team can act with confidence on your behalf.
“If your team can’t tell you the truth, you have no chance for long term success. Zero chance. There is nothing more important than this. As a manager, your job is to make good decisions. Good decisions are impossible to make with bad information.” – Brendan Reid
If you are transparent with your team, they will trust you and be inspired to tell you the truth as well.
Transparency Builds Stronger Relationships
Transparency builds strong, long-lasting relationships.
“You have probably heard that people do not leave the job itself but leave the managers associated with it. Solid relationships with strong foundations are built from being transparent.” – Christopher Salem
Being open and honest is always in everyone’s best interest. Openness creates a sense of loyalty and makes your business stand out as one that employees want to work at. They feel like they can turn to you for support and you, in turn, can rely on them for guidance – it’s a win-win!
Transparency Builds Trust
Strong, trusting ties between management and employees form the foundation of any good business.
“Trust empowers your employees. This sense of empowerment leads to at least 26% higher employee satisfaction, according to a study by Yona Kifer of Tel Aviv University. That sense of empowerment translates into more authenticity and feelings of well-being… ultimately, these feelings lead to much higher engagement in the workplace.” – Hatchbuck
Your employees are your most valuable asset and trust is the glue that holds your team together. In order to build trust with your team, make sure you’re being honest with them about what they are buying into.
Transparency Reduces The Need To Redo Work
One of the most powerful benefits of transparency is that it can reduce the need to rework.
“Rework is one of the biggest threats to profitability, not to mention your good name. It puts projects behind schedule, requires the manufacture of new parts, drains budgets and makes companies look bad in front of owners.” – Construction Productivity Blog
No matter the industry, each project phase builds upon the one that preceded it. Transparency ensures that any issues are dealt with promptly before the implementation phase of a project has even begun. This leads to a more streamlined process with fewer hitches along the way.
While transparency can seem scary at first, being vulnerable and forthright is the best way to set your company and your team up for long-term success.
Trust is the key to all healthy relationships in business and in life. When aiming to build a solid foundation for you and your team, honesty is always the best policy!
If you have questions or would like more information, I’d be happy to help. Please send an email, and my team will get in touch with you!