The Importance of Corporate Transparency in Tech
by Duane Dowell
August 7, 2018
One quick Google search reveals countless articles detailing every aspect of the IT industry from the skills shortage to what the newest startup is up to. With so much innovation happening and a constant flood of information flowing, it can be a confusing or unclear arena to walk through. Those business leaders who make a distinct effort to increase corporate transparency in their tech functions are the ones who reap the biggest benefits.
Transparency for Clients and Customers
Your business can’t operate without a clientele, and that clientele cares about transparency. In fact, 94% of consumers are more likely to be loyal to a brand that offers transparency, while 73% are actually willing to pay more for a transparent product. The same can be said of B2B customers in technology. People simply want to give their money to a company they can trust, and trust can only be built by being open and putting all the cards on the table. Today’s buyer is a skeptical one by nature, always on the lookout for potentially hollow promises, and transparency alleviates that hurdle.
For your potential customers, are they informed of who their main point of contact will be as well as the form and frequency of communications? Are they given a realistic expectation of when pieces of technology or IT services will be delivered? Likewise, current customers value transparency and will look elsewhere if you don’t provide it. Are they aware of where your organization is going in the next several years and how that trajectory will affect, and ideally, benefit them?
Transparency in the Recruiting and Hiring Process
As a business leader, you’re not likely involved in day-to-day recruiting and hiring. However, transparency is vital to any IT recruiting process, and that transparency must come from the top. If your hiring managers are unsure of the hiring budget, don’t know where the company is headed in five years, or are unaware of which new technologies will be implemented in the near future, how can they relay those concepts to a top tech pro in the interview seat?
Clear communication and corporate transparency in tech application, interview, and negotiation processes is necessary. Let candidates know what all that entails up front and include timelines so there are no unpleasant surprises. Describe what the company stands for and be frank about any struggles a candidate may have already read about online. Job seekers greatly value this information when evaluating their tech job opportunities.
Transparency for Current Employees
According to one study, transparency is the #1 factor in determining employee happiness and satisfaction. Once again, the tone here must be set from the top by improving access to those in leadership and management positions. That could include a number of initiatives like open door policies, certain office hours, or the encouragement of using LinkedIn to connect and engage with the workforce at large. Another popular method is to hold “State of the Company” presentations at regular intervals so employees can understand exactly what’s been happening and what the plan is for the next several months. Whatever form it takes, cultivating a culture of transparency is an important initiative that can make a big and positive impact on your IT operations and organization as a whole.
Transparency During Times of Trouble
All too often, companies take a reactive approach to corporate transparency. This is most apparent in the big scandals of the last year, many of which were made even worse by attempts to hide information. While transparency is imperative during times of crisis, it’s difficult to provide the necessary transparency during a tough time if it is not already a concept practiced by the organization. A permanent mentality of transparency also helps during economic downturns so employees are not blindsided by layoffs, breaking trust for those who remain. Moreover, considering the public’s distinct concern about privacy in technology, being up front about what personal information is retained and how it will be used in any of your tech can go a long way in preventing negative situations.
The Importance of Corporate Transparency in Tech
When livelihoods are at stake, the last thing a customer, job seeker, or employee wants is to wonder what might be coming next. Corporate transparency pulls back the mysterious curtain surrounding an organization and the technology it produces, letting everyone know exactly what’s going on. It’s something we at IntellaPro make a priority in every interaction, and urge others to follow suit.