When times get tough, tough organizations get transparent.
More companies have moved in that direction since the economic downturn. It makes good business sense, says Quint Studer, author of the new book Straight A: Alignment, Action, Accountability.
The more connected employees are with the financial big picture, the better they can generate revenue-boosting ideas.
Is your C-suite boss seeking new ways to engage front-line employees by keeping them informed? Here’s how you can support his efforts:
Schedule a weekly, one-hour block of strategic rounding. In strategic rounding, leaders touch base with employees, make a personal connection, and find out what is (and isn’t) working well (like doctors making daily rounds).
Use your company newsletter to let employees know how they can make a difference to the company’s bottom line. Skip the standard photo ops, and instead fill the pages with articles about important external changes and the company’s response to them.
Post a bulletin board in a common area that conveys an ever-changing “snapshot” of the company’s bottom line. Include monthly and year-to-date financial reports as well as how the numbers break down by department. You can also include info about industry changes, new hires and community impact.
Update your employee handbook to reflect your company’s reality. Consider having employees rethink and revise them. It’s a great way to get people deeply engaged in thinking about the new reality and how they can best respond to it.