Transparency in the Workspace

With a forever changing market and economy in a vulnerable state, we should increase our awareness of issues and global business changes through transparency.

We all know what "being transparent" means but how many people actually understand this concept within various levels. Although the term transparency is not specific to finances or metrics per se, it's increasingly important for consumers and investors to exercise this skill. Transparency is the extent to which investors have readily access to required financial information related to company specifics such as price levels, market depth and audited reports. Investors also require transparency within firms while managing funds and referencing potential fees.

5 Keys to Effective Transparency

Open and Honest

Open and Honest is the first and most important key for transparency. We should encourage people to openly communicate ideas, share their challenges to minimize festering and engender an openness to collaborate. It is critical to evaluate outcomes and the gaps in knowledge.

Efficient

Efficiency includes goal attainment with minimal error to increase competency in performance. This allows access to resources for research and development, reduction of costs and increased profit margins. However, every business is different, meaning that there isn't a "1 size fits all" method that will work for all companies and organizations. Therefore, general implications for business practices include implementation of performance reviews and evaluation of yearly earnings.

Respectful

The Golden Rule, which in short means, treat others like you want to be treated. Acts of professionalism, integrity, trust, fairness, openness, and understanding are the norm. Here's what that means in practice: Treat people the same no matter their race, religion, gender, sexual orientation, size, age, or country of origin.

Promote Relationships

Build new partnerships with shared interests, expand networks and learn a new skill. Be knowledgeable of diverse organizations and be sure to benefit from the information gained.

Eliminates Guesswork

Be inquisitive, eager and motivated with the people in your circle, organization and network to give you true clarity of your environment. This in turn will eliminate potential uncertainty that can disrupt the course of your performance.

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