Financial literacy for staff = business growth

Hands up who HASN’T worried about money from time to time?

Whether you are a business owner, managing a divisional budget or an employee, it’s worth remembering that people often go to work with financial worries still on their mind. Employees’ financial worries can have a significant impact on the workplace in the form of reduced productivity, reduced engagement and absenteeism.

I’ve seen a number of employers take an interest in their employees’ financial health and their level of financial literacy which I believe to be a really smart move.

Why? Because they understand that an employee who is on top of their own financial position will have the time and the capacity to engage more fully in their work but also have a better understanding of the machinations of corporate and business financial

Think about it this way – the workplace is an obvious place for individuals to learn money skills and increase their financial literacy. It is in the workplace that people are faced with everyday financial decisions about how to manage pay, superannuation and other benefits. Individuals might be exposed to budgets, salary percentages and sales targets. Without knowledge of the basics, it is difficult for employees to not only support the culture within the organisation but to manage their own financial security.

Financial education and training in a workplace can be offered in a number of ways. I’ve found that the best way to deliver financial literacy training is to present it in the context of opportunity, as opposed to expecting staff to ask for help themselves. Because lets face it, asking for help with your financial health can be a hard thing for some people.

Supporting your employees to develop and manage their own financial health and to improve on their own level of financial literacy can be an achievement for employers and employees. In developing employees’ financial skills, employers will increase the financial security of their staff, which will benefit their health and resilience, which translates into a healthier workplace culture and better productivity.

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January 4, 2018