Improving performance through transparency
Create a culture of transparency
Transparency is a popular buzz word on Wall Street these days, and many investors are demanding it.
However, transparency doesn’t only serve outsiders trying to understand the strengths and weaknesses of a company, transparency can play a valuable role inside the company walls, as well and is an important element in performance management.
Increase employees’ sense of ownership
Organizational culture can make or break business success. A viable product is only as good as the people who possess the aspiration and drive to make it better – for the company and for the customers. Without a employees giving it their all, organizational culture can quickly morph into more of a social toxin than a social treasure.
In many cases “great culture” has become synonymous with foosball tables, subsidized lunches and lots of parties. Yet parties, picnics and perq’s are never what truly engages employees over the long-term. New research has found a surprisingly stronger correlation between happiness and transparency.
Organizational culture can make or break business success – it is time to embrace transparency!Click to tweet
By sharing numbers with employees, not just executives, you can increase employees’ sense of ownership.
However, being open is not enough. You need to be sure your employees are trained to understand financial statements and have enough insight into their own jobs to know how to affect the numbers.
The more a company shares information, the more employees feel like a team and have a shared responsibility over the success of the company.
While a company culture built on perq’s and parties may be a good way to foster social connections and to relieve stress, the links to true engagement are tenuous. However, creating a culture of transparent, frequent two-way feedback has strong, lasting effects. Fortunately it’s something any company can implement.
Do remember to celebrate milestones once they have been reached. Taking the time to celebrate is important because it acknowledges people’s hard work, boosts morale and keeps up the momentum. If you want something to grow, pour champagne on it.
High performance and success are not dependent on one simple factor or as a result of one or two things. The entire context you operate in greatly impacts your results.
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Improving performance through transparency – performance management — http://www.torbenrick.eu/t/r/lcy
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