By Karen Bucks, iCIMS Blogger
With the memory (not so long-term) of corporate scandal nipping us all in the back, we, the rest of the world A.K.A. the good guys, try our best to show the world our bare bones. What is Corporate Transparency?
Well, according to our good old friend, Wikipedia, Corporate Transparency is the concept of “removing all barriers to – and facilitating of – free and easy public access to corporate, political and personal information and the laws…and processes that facilitate and protect those individuals and corporations who freely join, develop and embellish the process.”
This only being one of many definitions, applying this concept, as it is rather vague, can be difficult. Since doing nothing is unadvisable, the only other option is to create your company’s own strategic plan to make your corporate actions visible. Articulate your mission, articulate your goals. Let the world know what you are doing and how you are doing it or how you are going to do it. There are a variety of customary venues to use to inform the public on corporate activity, such as press releases, SEC filings, news stories, etc. And, since it’s the future, there are many more outlets to funnel information, such as the internet and social media. Anyway, it is doable, I promise.
An important aspect in corporate transparency is to be proactive, not reactive. So what are you doing?
Some corporate executives are using social media to articulate the latest news. Take “the See-Through CEO”, Glenn Kelman of Redfin, an online brokerage firm. According to news reports, the company was struggling when Kelman acquired the post of CEO back in 2006. So how did Kelman propose solving this problem? He blogged! By opening up about Redfin’s practices, he was able to show the public that the company wasn’t all that bad. Kelman believes that it was through his “tell-all” strategy he was able to save the company.
Other companies are using the internet as well to get out real-time announcements and ensure the public is well informed of corporate activity. Not to talk about ourselves, but iCIMS is also a good example of being proactive. Take our Customer Care Site. Originally a site made for clients only, iCIMS recently revamped the CCS and made it available to the public. The site gives all viewers, whether client or non-iCIMS user, access to the latest iCIMS news and real-time announcements. By creating this information venue, the public is able to understand iCIMS goals, missions and business activity. iCIMS also utilizes the site to give users the chance to learn up-to-date technology information about iCIMS’ candidate and employee management system, the Talent Platform. Last week, iCIMS launched a publicly available user-propelled forum to enable all readers to be well informed on iCIMS products and practices. Be sure to check it out!
How about Twitter? Twitter does not have to be detailed, but it can give up to the minute news. Do you have announcement that may not be descriptive enough for a press release? Here’s an informal way of telling the world.
Many companies are utilizing the internet and social media for some of their corporate transparency initiatives. With technology still improving at a fast rate, what do you think the future of corporate transparency will look like?