Sharing your company’s financial information is a decision that can’t be taken lightly. Corporate financial transparency can help you improve not only the relationship with your employees, but also to simplify decision-making processes, and to make your company more competitive. Learn about these 4 benefits that financial transparency can have in your company.
Make difficult conversations easy
Transparency makes challenging conversations, or conversations involving sensitive data, easier. Leaders can educate employees about operational decisions, budgets, investments, and all other decisions that relate directly, or indirectly, to the company’s finances. By creating simple, easy-to-understand financial transparency sites, as well as training programs to understand the basic principles of finance, managers can improve communication with employees when having difficult conversations.
Create simple negotiations
Any negotiation in the workplace is a challenge; whether it’s a raise or a promotion, a cut to budget or a change in investment policies, there will always be disagreements and discussions. But any negotiation becomes easier by having information and facts. Financial transparency initiatives that use current and historical data reduce the need to review budgets and staff reports or consult business systems to obtain data.
There are different platforms to implement financial transparency in a simple and practical way, such as Glass Business. By sharing information about costs of assets, suppliers, and even payroll, it’s possible to create an open position for purchase or sale negotiations. Sharing this information can encourage price competition among providers: knowing what is being paid to competitors and getting cheaper alternatives.
Strengthens the community
Companies need critical infrastructure and stable financial policies. A well-designed internal transparency site helps communicate current budgets for every potential project. with current and potential companies.Glass Business allows to achieve this level of financial transparency, in a platform already established, and with all the advantages of a mobile application. Long-term financial plans and annual budgets help share medium and long-term financial expectations with employees to promote a more united community and strengthen teamwork.
Implementing financial transparency practices in your company may seem risky, but the benefits you can get are very large. Find out everything you can achieve with financial transparency by joining Glass.