According to Sharon Dye, business leaders are reluctant sharing their company’s numbers with employees. But that attitude misses a significant opportunity for business growth.
If the store owner doesn’t share the store’s data, all the clerk knows is whether he/she beat his/her personal best in stocking shelves or checking out customers. Without a deeper understanding of the business, he/she can’t help the store compete.
By sharing your business’ data, you increase your chances of driving discretionary effort among employees – those extra ideas and actions that help your business grow stronger and bigger.
You move them from the mindset of “just earning a paycheck” to actively finding ways to improve the bottom line.
The first step to sharing company information in a useful manner requires answering a question: What are we trying to accomplish?
Are you trying to motivate the sales team or decide on a new health insurance policy? The answer determines what you share. Know “why” and you’ll know what to share.
For example, say your company seeks employee feedback on some planned change intitiative.
You’ll need to start by giving employees a baseline for understanding the choices you face, provide relevant data to help employees make well-informed recommendations that will in turn help you make better decisions.
Keep in mind your audience and the objective you want to accomplish.
Consider the sales funnel and how knowing more about it would help departments other than sales.
In this example, you could explain the value of warm leads versus cold leads, or days from initial contact to a final sale. To help them understand that cold leads cost the company more, take longer to close and therefore reduce revenue.
Show where your company falls in relation to its peers through benchmarking. Benchmarks can also generate the desire to compete and beat industry norms.
Once you get good data, you and your team may find unexpected ways to improve your performance.