4. Embrace transparency
According to Forbes, workers see management transparency as the number one factor that determines happiness at work. A transparent company shares information on procurement, pricing, performance and internal processes.
Over 50% of employees say transparent leadership has a positive impact on their motivation and productivity. Plus, an honest and straightforward business is likely to have a good reputation and increase your customer base, says Forbes.
You can encourage transparency in your business by having regular meetings or by having managers relay information, good or bad, to their teams.
Instead of hiding negative news, formulate a constructive way to communicate it to your employees. Otherwise, they’ll likely learn more through the rumor mill and develop a culture of gossip instead.
Just a word of warning – don’t become so transparent that you put your business at risk or lose your edge over your competition. You can consider having a confidentiality agreement with your employees to protect sensitive information and draw the line between what can be shared and what cannot.