I’ve always been a big believer in sharing information. As a college professor, I used to give out the final exam on the first day of class—and spend the rest of the semester teaching students the answers. Why did I do this? I shared this information so that my students could master the material and get an A. After all, the point of education is to give people knowledge, not to sort them into some normal distribution curve.
The Benefits of Sharing Information
Business leaders should also strive to give people knowledge. Just as giving my students the final exam and teaching them the answers allowed them to master the course material, giving employees the information they need empowers them to find solutions and make informed business decisions.
Today’s most successful leaders know how to create a partnership with the people they lead. They view people as working with them rather than for them. Managers skilled in SLII® don’t just tell people what to do; they actually provide resources and information to help people do their jobs.
When employees learn more about the organization, they can see where their individual work fits into a larger context. They work faster and smarter, because now they have access to organizational resources and knowledge. Knowing that their tasks have meaning and connect to a larger purpose boosts people’s motivation and increases their job satisfaction.
Transparency Creates Trust
Being transparent with information about your organization—even information on sensitive topics such as future business plans and strategies, financial data, industry issues, or problem areas—communicates a sense of “we’re in this together.” This kind of information sharing builds trust and improves morale. It also encourages people to act like owners of the organization, which ultimately improves the bottom line.
More and more organizations are realizing the benefits of sharing sensitive information. A study from Robert Half Management Resources found that 56% of private organizations provide at least some employees with regular updates on the company’s financial performance—a 32% increase over 2012.
Sharing sensitive information has benefitted our own organization. When the events of September 11, 2001 created a crisis in our company’s bottom line, the leadership team opened the books to show everyone how much the company was bleeding, and from where. This open-book policy unleashed a torrent and ideas and commitment to increase revenues and cut costs—and the company emerged from the crisis stronger than ever.
Information Sharing in the Age of COVID-19
Fast-forward to 2020, as organizations around the world adapt to the challenges of the COVID-19 pandemic. Our new president, my son Scott Blanchard, has been living his value of forthrightness by writing weekly updates to the entire company about how COVID-19 is impacting our business. Scott candidly shares information about our company’s finances and survival strategies—and the news often isn’t pretty. “It is a cruel irony that the values I cherish are not only being tested but pushed to the limit,” he wrote in an all-company e-mail. “While I can’t foresee what will happen ultimately, I remain committed to these values and to the values we have leaned on in the business during the most trying of times.”
When leaders share information about the organization, they multiply the number of intelligent minds working to solve problems. In our own company, this has led to a revolutionary transformation from classroom to digital learning. As Scott puts it, we’ve shifted from surviving to thriving—and it wouldn’t have happened without the commitment and brainpower of our associates.
That’s why I so often say: “No one of us is as smart as all of us.”