For some, the scariest topic in workplace conversation starts with the letter $. So, at the risk of creating panic, should companies share financial information with their staffs?
I say yes. In eight years of experience with two companies practicing open book management, I’ve found that the more people know, the better they are at their jobs. Business decisions seem less arbitrary, and less threatening. Reasons for making or postponing necessary purchases are better understood. People feel they are part of the picture instead of being a puzzle piece, creating an environment where the best ideas can come from people who previously weren’t even asked the question.
Interested? Consider the following rules of the game: Be honest. Don’t share salaries. Get your staff involved. Be consistent in what is presented, and how. Ask for feedback. Answer questions. Keep it simple. Accept that some people will tune out. And be prepared to share the bad news along with the good.
Does OBM instantly change everything for the better? No. But it takes what is, to many, an elusive frightening beast and puts it in a cage. It may be no less scary, and it may bite you if you’re not careful, but at least you know exactly what it looks like, and where it is.

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