ACCA member: Why you should share financial info with employees
Are you the kind of company owner who freely shares how the business is doing with your employees or do you prefer to keep that information confidential?
If you’d rather not share such details, you’re missing an opportunity, according to Tim Gray of Frigi-Temp Temperature Solutions in Youngsville, N.C. He was the presenter during “Change Your Ways With Open-Book Management,” one of the “learning labs” the Air Conditioning Contractors of America presented during its March 16-19 annual conference in Grapevine, Texas.
“The team members need to understand the financials of the situation,” Gray said. “They need to be able to connect the dots between what they do — whether in the office or in the field — and the health of the company.” You need to trust your employees with the information and earn their trust. Such transparency builds confidence, he added.
“If we can’t trust our people with that type of information, they probably don’t belong” in the company, Gray said. Since the company started being upfront about money matters, profits have soared, he pointed out. “I’ve come to believe open-book management — as long as you’re not tearing it down in other ways — will build a culture of trust within an organization,” he said. Even the number of call-backs have dropped.
“The techs know that we’re not hiding, we’re not holding out on them,” Gray said.