What is Open-book Management?
‘Open-book Management’ refers to the business practice of sharing financial information with the employees in order to get their input as well as take their feedback.
It is a well-known fact that employees are more productive if they get to know they are being valued by their company and their inputs and feedback are being acted upon. Hence, it makes sense to help them understand the financial nuances of the organization as it will help them be more involved with the business.
Open book management also helps the employees understand why they are being asked to perform a certain task as well as expose them to the overall goals and how each small task contributes towards the fulfillment of the same.
