Shamit
Khemka, the managing director of SynapseIndia, has always
emphasized the significant role of transparency in business. He says
that in order to maintain a desired level of transparency, business
leaders should remain open about major business information. That
information may include areas like a business's long-term goal, its
history, operating model, and profits, etc. According to findings of
a number of studies, customers are highly likely to stay loyal to a
brand or a service provider that offers transparency.
However, maintaining external
transparency is not enough for a business that aims to be completely
transparent, says Mr. Khemka. Internal transparency of an
organization is equally significant. This involves the practice of
maintaining an open line of communication employees and adhering to
business ethics. Such practices have been found to be closely
associated with employee morale and organizational productivity.
Transparency also helps build a stronger relationship between
employees and their employer. They feel associated with an
organization with higher ethical standards.
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