Transparency: 3 Ways to Cultivate a More Purpose-Driven Brand
As a company and a partner to our clients, nonprofits, and volunteers, Deed works hard to be transparent. As a team, we start with our ‘what, why and whens:’ what new features are we developing; why do we recommend partnering with a nonprofit like First Tech Fund; when will your matched donation be dispersed?
This open line of communication is important in any sector, but we feel particularly passionate about it as a tool in cultivating a more socially-conscious, purpose-driven brand. We’re excited to share some thoughts and recommendations around how transparency can improve your business.
The world is unanimously calling for more transparency. Consumers in particular are demanding more clarity on every level of the global market, and they want it through high-quality and authentic information.
The 2019 Corruption Perception Index (CPI) highlights this need for additional transparency. Out of the 180 countries surveyed, we can see that even the top transparent performers are failing to keep clean records. These cases of corruption make it clear why consumers, voters, and employees are asking for radical transparency during these unprecedented times. Failure to disclose what goes on behind closed doors from the onset can cost businesses and institutions credibility.
Exploring 3 Ways Transparency Can Improve Your Business
1. Activate Storytelling
At the heart of corporate purpose are the employees. Transparency allows businesses to use their internal stories as distinct competitive advantages. Employee empowerment is an opportunity to create stronger business outcomes as a result of higher engagement, participation, and loyalty. It is now more essential than ever to improve the work lives of our most essential stakeholder group – our employees.
Every business has intimate stories, whether it be tales of a typical day at the office or big wins that occur behind the scenes. These employee-driven stories illuminate the corporate culture and validate employee experiences, which can be used to promote business CSR communications efforts. According to this “From Risk to Responsibility” study, participants were particularly keen on seeing more transparent communication from CEOs.
Individual values and the character of a corporate leader clarify the corporate impressions of its brand. Employees are also more motivated to share and advocate authentically for their employer when their CEO is active on social media.
2. Share Your Metrics
Data is central to transparency. Stakeholders are eager for more detailed financial reports. Consumers feel brands lack clarity when they withhold information, ignore questions, or lack public accountability (and we’re sure employees don’t favor those practices either!). Open data and corporate accountability are the most effective recruiters of new investors and employee talent.
As Management Consultant Peter Drucker said, “you can’t manage what you can’t measure.” Corporate social responsibility and sustainability initiatives need to be measured and reported. Both internal and external stakeholders require measurable data to piece together an authentic corporate character and brand. Without the numbers, CSR and sustainability efforts aren’t leveraged and appear to be only promises rather than concrete efforts to generate a quantifiable strategy for social impact.
3. Facilitate Action With Deed
With Deed, you can easily showcase you company's values and engage employees in actionable ways. Deed’s user-friendly and modern design prioritizes your employees and is an all-in-one solution for your corporate social responsibility efforts and stakeholder-focused objectives. Deed also offers storytelling features that allow your community to galvanize around cause areas. In addition, Deed provides metrics and data to ensure all stakeholders understand your scope of impact.
Find out more about Deed here.