Financial Disclosure Engages Employees, Builds Trust
ENGLEWOOD, Colo., - Privately held companies that desire to closely guard financial information may claim 'What employees don't know, won't hurt them.' But InsureMe, a leader in the online insurance referral industry, is eroding the wall of concealment standing between management and employees with an entirely different tack: full financial disclosure-from the top down.InsureMe, founded in 1993 with a mission of "Do the Right Thing," believes the more employees know about their company's state of affairs, the better.
"Full financial disclosure leads to higher productivity, more educated decisions, better accountability and employee trust," says Mike Sajdak, InsureMe chief financial officer. "Employees are more motivated and fulfilled by their work, if they can see how their efforts contribute to the company's bottom line."
InsureMe keeps its employees abreast of sales levels, gross margin dollars, revenue, online conversion rates, profit-sharing, and other financial information through emailed reports, management commentary, and company-wide meetings.
Maintaining an open-door policy which encourages employees to ask questions and express fiscal observations, the company provides internally sponsored classes to help employees decipher detailed financial information.
"If we want employees to think and act like owners, we need to treat them that way. This means giving them complete financial information to help them make better decisions," Sajdak adds.
Wednesday, September 01, 2010
