Subscribe to my Feed
« Back to business as usual? Let’s hope not! | Home | Business apology tip #5: Say you’re sorry - sincerely! »
How financially savvy are your employees?
By Lauren | April 29, 2009
Employers have traditionally offered a tremendous range of benefits to their employees, from 401(k) plans to paid vacations, daycare, and even drycleaning pickup. With the recent economic downturn, many employers are looking for ways to trim expenses, so a lot of those benefits may vanish soon (if they haven’t already). But one thing that employers shouldn’t cut, and should add to their employee benefit packages if they don’t already offer it, is basic financial education.
Here’s why:
Recent studies show that Americans are drowning in credit card debt, have little (if any) money saved for retirement, and often don’t understand how to manage their finances. That’s a recipe for disaster. Employees who are under severe financial pressure are much more likely to engage in unethical conduct at work, so one key employee’s financial problems can turn into a nightmare for an entire company, ruining goodwill and maybe even bringing on a lawsuit.
Fortunately, there are many excellent sources of personal finance education available free online. I especially like http://mindyourfinances.com, a “one-stop shop” of great information to help your employees become more financially literate. It’s well worth taking the time and trouble to teach your employees how to handle their money. The reputation you save may be your company’s.
Topics: Business Ethics, Lauren Recommends, business communications, corporate responsibility, ethics |
April 29th, 2009 at 10:15 pm
A friend of mine just emailed me one of your articles from a while back. I read that one a few more. Really enjoy your blog. Thanks