It’s not just Star Trek fans who should know how important transparency is. You probably remember the year 2286, when all the oceans evaporated and the Earth was threatened with extinction as a result – bad time, bad weather. It was only through the efforts of the brave crew of a Klingon starship, who managed entirely without Klingons because they were actually members of a Federation starship, that this disaster was averted. Phew… And surely you’ve been paying attention in history and know that we ultimately owe the rescue to a conscience material that we “smuggled” into the 20th century so that Scotty ‘s clever plan could work. Transparent aluminum! Because only then was the water tank stable enough to transport the humpback whale. Logical.
If you want to read the case data again, you can do so in the time document.
But actually, I just wanted to make it clear how much transparency matters to us. And this is clearly visible in the first quarter of our Year of Values when we focus on “Strive For Clarity” and emphasize the transparency of our communication.
Why is this so important, you ask? Well, in today’s business world, transparency is an essential component of successful companies – and we are one of them. Transparency means that information is communicated openly and clearly, both within the company and to the outside world. This openness extends from the management to the clusters to the employees and customers. Companies that establish transparency as a core value reap a multitude of benefits, including increased trust, improved employee retention and increased efficiency.
Building and maintaining trust
Transparency is key to creating an environment of trust between all employees of the organization (I have already written about trust separately). When employees feel that they are informed about the company’s goals, decision-making processes and financial performance, they develop a deeper trust in the organization. This trust is crucial for motivation and the willingness to fully commit to the success of the company.
Retention Management
Transparency also helps to strengthen employee loyalty. When all colleagues feel that they are included and informed, their satisfaction and commitment to the company increases. This leads to lower turnover and higher retention, which in turn reduces recruitment and training costs and promotes continuity in the teams. Transparency is therefore also an important part of our retention management and ensures that we grow together as a team and recognize each other in the corridor, rather than seeing lots of new faces and having to remember new names every few days due to high staff turnover.
Improved communication and collaboration
Transparent communication breaks down barriers between different clusters and levels. Employees feel encouraged to share ideas and feedback because they know that their opinions are heard and valued. This fosters a culture of collaboration and innovation as teams work together more effectively to achieve common goals.
Promotion of an open corporate culture
Transparency creates an open corporate culture in which honesty and integrity are highly valued. When both management and employees speak openly about challenges and mistakes (Fail Fast, Fail Forward!), they also encourage all other employees in the company to do the same. This creates an atmosphere of understanding and support where everyone feels safe to try out new ideas and develop innovative solutions. In a stellar time where trust and credibility of companies are key, transparency plays a crucial role. Not so much the aluminum, but the value. Because companies that recognize and promote transparency as a fundamental value reap a multitude of benefits, including increased trust, improved employee engagement and a more efficient way of working. By creating a culture of openness and honesty, virtual7 lays the foundation for long-term success and sustainable growth.
