There is an endless list of the number of human resource best practices that are applied in different companies. Although many best practices are shared among many organizations, there are some practices that are found in a select few organizations. Some of these practices include open-book management styles. As the phrase implies, it is a style that, loosely defined, ensures that there are mechanisms through which all the company information is available to all employees. Some of these best practices that are not universally employed by all companies are referred to as contemporary practices. This paper elaborates on the open-book management style and how it may be applied by HR professionals in the current business environment.
Open-book management is a style that helps employees to understand the overall position of the company. This has many positive consequences on the productivity of employees at the workplace. This management style plays a role in improving the effectiveness of the company’s staff. The increased effectiveness arises from the employees’ desire to improve the condition of the organization, which they are already aware of. The primary purpose of this type of management style is to ensure that the staff feels that they are part of the company (Axelsson et al., 2017). This style of management furnishes the employees with all the relevant information, especially the financial aspect of the organization. This motivates them to make the soundest decisions in their daily practice.
A big part of this practice is that it encourages the sharing of knowledge within an organization. Sharing of knowledge in the workplace is an essential aspect of prudent decision-making by the staff. The professionals in the human resource department typically focus on techniques through which they can encourage the sharing of knowledge and the transfer of the same to new and younger employees (Nnaji & Agbaeze, 2017). Open-book management also makes it possible for employees to make new innovations that can enable the company to achieve its targets. In the practice of open-book management, the company is also motivated to come up with new ways through which it can share all the relevant information with its entire staff. Proper understanding of the company’s position by the employees makes it possible for them to go out of their way to ensure that the organization succeeds in business, as well as meets its intended targets and objectives.
Today’s human resource professionals should consider incorporating the open-book style of management for their organizations. This is because this style plays an integral part in the success of an organization. This approach enables the employees to move the relevant numbers in a direction that steers the company forward. Additionally, the fact that open-book management informs the employees on the standing of the organization it enables them to share in the prosperity of the company. This creates a sense of belonging to them, and, therefore, motivates them to seek the best for the company. Finally, teaching the employees the principles on how the success of the business is measured makes them capable of evaluating their own contribution.
In conclusion, it is clear that open-book management style is an important human resource practice. It enhances the sharing of knowledge and improves learning in the work environment. The sharing of the position of the company with the employees empowers them to make the right decisions for the benefit organization. Today’s human resource professionals should consider integrating this management style in their organizations.