Transparency is one key principle of good governance.
1) It will help you get everyone on the same page and provides the foundation for clear expectation management alleviating any potential misunderstandings.
2) If leaders make their thinking and decision-making process transparent, it might provide guidance to employees in situations when they have to make challenging decisions.
Best practices include the following
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- Most employees appreciate clear communication on short/mid/long-term outlooks. Hence, dedicated sessions, where employees can anonymously ask the management any question that are then answered throughout an all-hands meeting.
To foster an open communication culture, Ledgy, for example, introduced a monthly “Ask Me Anything session”. Within this session all of the three co-founders are present and employees get the chance to ask them about any topic that is currently going on. These sessions are especially helpful when strategic decisions have been made (e.g. changes in the team structure).