One of the main concerns business owners have when first introduced to open-book management is related to what information will be shared. They fear that revealing details of the company’s financial picture will create stress and tension within the organization. For example, owners are often concerned about whether employee salary information is to be revealed. They even worry about the competition gaining access to their financials.
Salary Information Remains Confidential
The goal of the open-book strategy is to create accountability and responsibility in staff members by showing them their impact on numbers that are important to your organization. Financial information such as salary and bonuses paid to individuals is not relevant to that goal, nor to the financial literacy training, and consequently is not shared with employees.