5 Reasons to Make Your Talent Management Strategy More Transparent
Transparency has always been a buzzword in the business world. It sounds promising when managers mention it in board meetings and on company retreats, but what does the word actually mean? Being transparent means being open and honest with your employees, not hiding or being discreet with information that involves them directly. Organizations promise employees transparency in the workplace, yet few include it in their talent management strategy. A recent survey commissioned by Betterworks found that 64% of employees believe their organization’s leadership team is not being completely transparent. Clearly, employees feel they are missing out.
With the rise of social media, transparency has become more common throughout everyday life. People are living their lives more openly and publicly than ever before. It’s no surprise that this trend has made its way into corporate America, with employees starting to desire a more honest and in-depth relationship with their employers.
While managers may hesitate to embrace a transparent culture, organizations have found that increased transparency in the workplace yields incredible results. Here are five reasons why your organization should welcome transparency with open arms:
For an organization to realize its full potential, it must have all employees, from executives to interns, working together towards the same goals. Organizations have tried everything, from pay raises to vacations, to motivate their workforce to perform. However, research shows that transparency when communicating employee goals is one of the most effective methods to increase productivity around the office. Betterworks found that over 37% of employees stated that greater visibility of company and employee goals would spur their performance. Furthermore, an astounding 92% of employees said they would work harder if their co-workers could see their goals. By introducing a platform that makes employee goals transparent and accessible, organizations can accelerate overall performance.
Trust normally takes center stage when building a strong professional relationship with your employees. The American Psychological Association (APA) recently conducted a nationwide survey on the employee-employer relationship. The APA reports that one in four employees does not trust their employer. Another study found that 44% of employees felt their manager was being dishonest during their annual performance review. Without mutual trust, how can an organization succeed? The implementation of a more transparent system gives employees access to the same information as their superiors, allowing them to build trust and strengthen employee relationships.
An organization that values transparency naturally engages their employees. Giving employees easy and unlimited access to information allows them to respond to situations quicker, solve problems more effectively, and better align overall business goals. Making information more accessible to employees will better connect them to the work they are doing, thus they would be more inclined to step outside of their comfort zones and rally behind business objectives. A transparent workplace engages employees and helps drive organizations forward.
There is simply no way for an organization to effectively grow with low retention rates. Creating an environment where employees feel welcomed and respected can increase an organization’s retention. However, the APA reported that only half of U.S workers feel their employer is open and upfront with them. Becoming more transparent with your workforce will lead to a healthier and more honest workplace. This environment will separate the great organizations from the good ones as well as motivate employees to stay for the long-haul.
The job hunt isn’t the same as it once was. The internet has given job-seekers access to an incredible amount of information that allow them to make assertions about your organization before they even walk into your office. A 2016 Glassdoor survey stated that 90% of job seekers say that it's important to work for a company that embraces transparency. A culture that supports transparency could be the key to recruiting the talent that will help your organization prosper.
A productive employee is one that is informed, one that understands management expectations, and one that recognizes the specific goals needed for an organization’s success. Transparency is essential for any organization that wishes to create a healthier, more productive, and more motivating workplace for its employees.