Building Trust Through Transparency: Enhancing Workplace Culture with Reporting Practices
It’s estimated that the average adult in the United States will spend roughly one-third of their life at work. Given this, it’s clear that prioritizing employee well-being is crucial. According to the International WELL Building Institute’s 2023 State of Workforce Well-being Poll, which surveyed over 1,000 full-time U.S. adults aged 25 and older, 87% of employees believe that employers have an ethical obligation to create a work environment that promotes health, safety, and overall well-being¹.
For employees to truly thrive, a strong focus on their well-being within the workplace is essential. It’s equally important to recognize that employees are a company’s most valuable asset.
Shifting Workplace Dynamics
Recent studies highlight a shift in workplace power dynamics. For instance, 2023 reports show 53% of workers open to quitting² and 55.5% of employers struggling with hiring and retention³, underscoring that while employers make hiring decisions, it’s employees who ultimately decide whether to stay.
The Importance of Workplace Culture
Research from Great Place to Work², analyzing data from over 1.3 million employees, has identified three critical factors that significantly boost employee retention: Purpose, Pride, and Fun.
Additionally, Deloitte’s research⁴ reveals that Gen Z, in particular, values empathy from bosses and strong mental health support.
Enhancing Transparency
It can be challenging for job seekers and employees to get a true sense of a company’s culture, as the interview process often presents an idealized view. So, how can companies be more transparent in their cultures and make it easier to attract and retain engaged employees?
Regular, honest communication about company culture and initiatives builds trust with both current and potential employees. Sharing progress and celebrating milestones not only highlights your dedication to creating a positive work environment but also keeps employees informed and proud of their contributions.
Companies should consider implementing a reporting practice to regularly share updates and celebrate achievements. A comprehensive report could include:
Honest and regular updates from leadership: Keep employees informed about company decisions and directions.
Company values: Clearly articulate the principles that guide your organization.
Employee benefits and initiatives: Detail programs like 401K, stock options, and other benefits.
Opportunities for training and advancement: Highlight pathways for professional growth and development.
Health and wellness programs: Showcase initiatives that support employees’ physical and mental well-being.
Community involvement: Share your company’s contributions and activities in the community.
Forward-looking statements: Provide insights into future plans and goals.
Employee feedback: Include input and testimonials from your team to show their voices are heard.
Available resources: List tools and support available to employees to help them succeed.
Frameworks from third-party programs can also guide you. For example, the JUST label⁵ from the International Living Future Institute and the WELL Equity Rating™⁶ from the International Well Building Institute provide benchmarks for assessing social justice and equity practices. The JUST label evaluates areas such as diversity, equity, and worker benefits, while the WELL Equity Rating covers user experience, responsible hiring, inclusive design, and more.
Culture as a Brand Foundation and Amplifier
A strong company culture is not only the foundation of your brand but also a powerful amplifier. Companies with robust cultures have experienced a fourfold increase in revenue growth. Aligning your culture with your company’s values from the start is crucial. Authenticity is key—walking your talk internally helps build a healthy, thriving brand.
“The time to work on a culture is when you’re starting, not when you’re at the seed stage. So the time to focus on mental health in the workplace on gender, and ethnic diversity is when you start and it’s good business to do it. It’s not just something that you’re supposed to do.⁷”
– Nigel Morris, QED and Capital One
Moreover, companies featured on Fortune’s annual 100 Best Companies to Work For list enjoy higher average annual returns, with cumulative returns reaching 495%, compared to 170% for the Russell 3000 and 156% for the S&P 500⁸. By sharing detailed information about your culture, you differentiate your company and enhance your brand, creating a strong, positive image that resonates with both employees and stakeholders.
Conclusion
By regularly communicating about your company culture, employee opportunities, and values, you create a transparent and welcoming workplace. Openly sharing your progress on diversity, inclusion, mental health, and career development shows that you genuinely care about your team’s well-being and growth. Highlighting efforts in sustainability and community engagement strengthens your employer brand and attracts like-minded talent. Regular reports and feedback loops foster a culture of continuous improvement, ensuring employees feel seen, valued, and engaged.
Ready to showcase your company’s commitment to a positive workplace culture? Let’s talk.
¹ International WELL Building Institute 2023 Annual Report
² Unlocking the Secrets of Employee Retention
³ Results of the 2023 US and Canada Turnover Surveys
⁴ Hey bosses: Here’s what Gen Z actually wants at work
⁷ How a Consumer-Credit Visionary Turned Fintech Pioneer Democratizes Financial Services
⁸ Culture Is A Company’s Single Most Powerful Advantage. Here’s Why
