Transparency in Business
We are living in an era where everyone wants to see the world change for the better and many industries have taken the action to address global issues in multiple dimensions. A problem that affects the integrity and inequality of society is corruption. Anti-Corruption is one of the United Nations Global Compact's Ten Principles to underline that acting ethically by demonstrating transparency is the foundation of creating sustainability for businesses and ultimately, the world.
TRANSPARENCY AS A FOUNDATION TO CREATE SUSTAINABLE BUSINESS
Having transparency throughout business operations is no longer an optional choice for businesses. In fact, it is the essential element for sustainable business operations in the modern world. Transparency defines accountability and duty for all stakeholders. In other words, this subject matter can bring about changes and new outcomes. According to Forbes, developing trust and expanding relationships with stakeholders—particularly consumers and employees—are crucial to maintain business as consumers and employees seek to support brands that are transparent and accountable for their products, services, and operations. Forbes has also reported that 94% of consumers are loyal to brands that operate with complete transparency.
Patagonia, a well-known sustainable clothing brand, has become one of the most successful in earning consumer confidence through brand transparency of its Footprint Chronicles project. As part of the initiative, Patagonia publicly informs its stakeholders of the origins of their suppliers — including the raw materials assessments, the locations of cotton cultivation, and the storage facilities. In addition to creating trust, Patagonia’s yearly business performance has grown sustainably. In terms of collaboration, transparency is one of the most important components for internal stakeholders in determining employee satisfaction in the workplace. The clarity in business operations and a clear corporate direction affect employees’ attitudes toward the organization. Glassdoor, the worldwide leader in insights about jobs and companies, states that transparency in the workplace helps create trust between employers and employees, improve morale, and boost employee happiness and performance.
Being transparent helps businesses enhance their shared values not only with customers but also other stakeholders. In addition, it is the foundation for businesses to become sustainable and have the ability to expand and produce positive outcomes for people and the world in a truly sustainable manner.
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