More and more, employees are requesting greater transparency from the companies they work for. A recent poll showed that 71% of employees felt that managers do not spend enough time explaining goals and plans. Additionally, 50% of employees cite a lack of company-wide transparency when it comes to the factors that are holding their companies back.
At the same time, a growing number of business leaders are beginning to understand the power that transparency has in building an innovative and committed company culture. Keith Rabois, entrepreneur and previous executive at tech companies PayPal, LinkedIn, and Square, believes that transparency is the key to building high-performing companies. He states, “If you want people to make smart decisions, they need context and all available information. And certainly if you want people to make the same decisions that you would make, but in a more scalable way, you have to give them the same information you have.”
Improving organizational transparency not only affects employee innovation and engagement — open communication from a company’s leadership can positively impact the bottom line. According to a 2005 study, the companies with the most effective communications programs financially outperformed companies with less effective programs by 57%.
In response to the growing demand for company transparency, many companies are turning to “town hall” style meetings that increase the opportunity for discussion between employees and senior leadership. According to William Hubbartt, town hall meetings are an important part aspect of management style that enable leadership to be accessible and responsive to employee concerns. These meetings, typically held on a quarterly basis, offer a more informal environment in which senior leadership can share company performance and responses to competition, in addition to answering questions from their employees. They can be used to share milestones, discuss new plans, and clarify topics of concern.
If you’re interested in holding a town hall at your company, here are some best practices you’ll want to consider in order to ensure the most productive meeting possible:
Panopto’s enterprise video platform makes it simple to record, live broadcast, and share town halls, conferences, and other meetings — no specialized hardware needed. If you’re interested in trying Panopto for yourself, contact our team for a free, full-featured 30-day trial today.