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How to Add Transparency and Ethics in your Business

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How to Add Transparency and Ethics in your Business

The success of any organization is built off of the trust of customers, employees and the general public. 

According to a recent study by Label Insight, up to 94 percent of consumers surveyed indicated that they were more likely to be loyal to a brand that offers transparency, while 73 percent said they were willing to pay more for a product that offers complete transparency. 

The best way to gain your customer’s trust is to demonstrate ethics and transparency in your business. Both of these qualities: transparency and ethics, share pros and cons. A transparent business, by definition, shares everything with the public; salaries, future plans, goals, and even failures. This means anyone has access to your company’s information, which can sound scary to some and ultimately why it makes people turn off this idea. 

You also need to be transparent with your employees as well. If you are using real-time monitoring software to monitor their productivity, be transparent about it. 

Some companies are afraid of these approaches and that they could pigeonhole a business into a niche market. However, that’s not necessarily true. 

Let’s dig into how you can develop both transparency and ethics in your business. And how the company will benefit from it. 

 

Truth in selling

When an organization makes a product or provides a service, it’s advertisement should reflect exactly what it is offering. Whether it is a television add or print media coverage, the product should describe what is delivered to the customer.  

For instance, you respond to a furniture ad and you went to their store and discovered that they were out of that particular item and the salesperson tried to sell you a similar but expensive item. 

The sting of “bait-and-switch’ experience will let you walk out of that store. That’s not a good way to grow the customer base. We owe it to customers to deliver what is promised. 

 

Don’t mask the price

Plenty of businesses try to hide or manipulate their prices. This is a huge no-no in the quest for transparency. Of course, the price can vary from industry to industry. But you should try to disclose everything you can about your price. 

Avoid using confusing language or a complicated system to withhold price information. If your prices are higher than other businesses in your industry., be upfront about your pricing. Explain what is included in your pricing. Or, consider lowering your prices. 

 

Share information with employee

Another way you can work towards transparency is to share information about your business “both the good and bad” with your employees.

Rather than withholding information from your employees, regularly keep them up to date with your business’s latest news. Try publishing articles for employees that lays everything out on the table. They will read the updates themselves, instead of hearing things from anywhere else.

 

Integrity

To add ethics in your businesses demonstrate personal integrity and courage of your convictions by doing what you think is right even when there is great pressure to do otherwise. Try to respond as principled, honorable and upright, and fight for your beliefs. Do not sacrifice principle for expediency, be hypocritical or unscrupulous 

 

Use of right tools

Many companies often use shrouded tools for the purpose of surveillance upon employees to track their productivity. Having an idea about productivity is the right of an employer. But it should be completely transparent. It is all about using the right employee monitoring software

If your employees will know that they were monitored through real-time monitoring software, they will themselves increase their productivity. And it will be a win-win situation for both worlds. Being transparent is in itself a part of being ethical. 

I am precisely described as a tech junkie working in content development and marketing. Stafftimer Literature lover by default. My interests range from politics to social issues, books to tech trends, gadgets, marketing techniques and so on. I love sharing my vision and experiences through writing.

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