What do you mean by transparency in the first place? Well, it simply means that everyone knows what is happening with your business as you operate in such a manner. With social media becoming a big part of our lives, all businesses need to be transparent. Otherwise, it would be difficult to survive the cut-throat competition. Social media uncovers almost everything. If a customer has certain feedback regarding your product or service, he is free to write about it on the social media. It might just go viral. So, that warrants you to be extra cautious. You cannot afford to look the other way. Therefore, you cannot go easy on the transparency aspect. If you are aiming for a long-term success of your business, then you have to put in the effort in that direction.
Transparency in management
What do you mean by transparency in management? Well, it simply means that the managers have to be forthcoming with his employees regarding his plans, thought process and feedback. Or in other words, you are inviting the employees in the decision making process. What is the major benefit of implementing transparency in management? Well, employees will be satisfied. They will be happy to be part of the decision making process. Several surveys have underlined this fact already. Surveys have revealed that employees have been really happy when they were included in the decision making process. See, when you go for office lease in Hong Kong, you expend the person to be transparent with you. So, your customer also expects the same from you.
Transparency in pay
Well, from the employee’s point of view, transparency in pay is an extremely important factor. Back in the day, you were not supposed to talk about how much money you earned. But those days are gone. These days, companies encourage open salaries. Companies like to maintain transparency in that aspect these days. And that is of course a welcome change. There are companies that reveal the salary of their employees on their website. A buffer is an example. There are a lot of benefits attached to it. Motivation is the biggest benefit attached to it. The collaboration between employees will be better when they are aware of the compensation given to their co-workers. Also, studies have revealed that employees tend to work harder if they come to know about the compensation given to other employees. We have told you the example of office leasing. As you can see, transparency in every deal is important to the customers. And it always works in favor of the company.
The good thing about transparent pricing is that the consumer gets to know the actual cost of the product to make it. This is an easy way to convince the consumers. It tells the consumers that the item is not overpriced. It increases the confidence of the consumers. Consumer satisfaction is the benefit attached with this.