Transparency has become a transformative force in our lives today. Yesterday, Entrepreneur Magazine highlighted this phenomenon in their article, How Transparency Became a Top Priority for Businesses, and Why You Should Care, explaining what’s behind the shift, while challenging businesses to prepare for this new reality.
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Benefits abound. According to a recent study by Label Insight, up to 94% of consumers surveyed indicated that they were more likely to be loyal to a brand that offers transparency, while 73% said they were willing to pay more for a product that offers complete transparency.
And the benefits don’t end with your external customers. According to the article, internal transparency -- the practice of maintaining open lines of communication with employees, and remaining honest about company operations -- is positively correlated with higher employee morale and higher productivity.
Regardless of the benefits you’re seeking from becoming a more transparent organization, it’s clear that this “trend” has become much more than that - it’s here to stay.
With companies such as Patagonia, Whole Foods and Unilever leading the charge and thousands of others lining up to follow suit, the time is right to prepare your business for the future of transparency.
How are you working to improve your transparency?