Our business director Adam Walsh explains why sharing the financials with our employees pays dividends

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As number 34 in the 2016 Sunday Times Best 100 Small Companies to Work For, we’re a great champion of keeping our communications transparent and sharing everything – including our bottom line figures – with our valued employees.

Indeed, we have found that sharing details of our business’ performance  continues to be instrumental in engendering trust, loyalty and commitment.

Many companies shy away from revealing their bottom line figures to their teams for many reasons – concerns that workers may ask for pay rises, fear of the details reaching competitors, or a natural reticence to openly discuss turnover and profitability.

We know that the ability to recruit, develop and retain talented teams with the right attitude and skills continues to be critical to growth. Our transparent culture – where financial performance figures are shared with our 60-strong team via quarterly business updates – is reaping a wealth of benefits. Such reporting has engendered inclusivity and buy-in – with our staff fondly referring to TRFC as their ‘second home’.

Regarding themselves as stakeholders in their companies, valued employees across all sectors are confident in the knowledge that they are integral to the future of the business.

We put the figures in perspective by ensuring that every employee understands how the wider business operates. New starters spend time with different departments, and non-commercial managers are involved in profitability discussions to understand their impacts on the wider performance.

Building and retaining happy, healthy and motivated teams also involves rewarding and incentivising them, and receiving our Sunday Times ranking and 3 Star Best Company Accreditation – the highest a company can achieve – for “exceptional” levels of employee’s engagement was our proudest moment to date.

Our focus remains on growing and retaining the people responsible for growing the business. Employee feedback reinforces how being open about our key performance indicators will go a long way to achieving our wider vision.

For more information on The Bayford Foundation and job opportunities available, visit http://www.bayfordfoundation.co.uk or call 0113 202 5129.

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