more-arw search

Improving relationships through corporate compliance

It may be too much in some corporate landscapes to try and kill two birds with

It may be too much in some corporate landscapes to try and kill two birds with one stone in terms of handling internal issues. Often the problems that businesses have in engineering better communication are associated with a variety of shortcomings anchored in transparency issues, wherein the complexity or improper security deployments associated with a particular process or department makes it impossible for other areas of the organization to work effectively with that resource.

This can be a big issue in terms of creating corporate performance management tools, improving investor relationship strategies or encouraging advanced transparency across all levels of the firm. By keeping employees and investors in the dark, businesses may be hurting their retention and revenue rates, making it most important for them to establish resources that work with current demands from their internal personnel and external investors alike.

Opening the books
Financial matters are one area that companies feel entitled to keep close to their chests, but federal reporting compliance requires that some of these statistics be available on a regular basis. What's more, as Inc. Magazine pointed out, is thatproviding this data on an applicable level to personnel will create better lines of communication and feel like their firms trust their workforcemore. These elements give workers the impression they're more valued and trusted, helping to boost retention and engagement rates.

As the source warned, though, neither staff members nor investor relations will benefit from giving these individuals only a fraction of corporate financial information. They will sense they're being cheated out of the bigger picture, causing seeds of dissent to form among the workforce. That said, if businesses want to translate revenue goals or loss reduction targets into percentages and graphs, that may feel like a safer way of communicating this sensitive data, but neither public or internal sources will be satisfied by abstract information.

Thinking like a customer
IBM recommended to Enterprise Irregulars that companies should try thinking about problems like they were the customers or associates themselves. What would they want to know, why would they want it and how would they want to access this information? Investor relations strategies usually have an officer or resource in place for these people to ask about corporate wellness, but is that tool providing enough data? Does the workforce have any similar resources available to them?

With the rise of mobile and cloud deployments, so too have the number of ways that firms can interact with their human elements. IBM stated that it's important to focus on these assets, since retention can be a major stumbling block for companies when their data security protocols occlude the transparency of internal files that should be viewable to a certain degree. Not only can this amount to a federal compliance issue, it could have far-reaching negative impacts on employee performance reviews, quarterly investor confidence surveys and other forms of feedback that companies use to gauge their success and perception.

Products and Companies: