Recently I heard that Russell Group director of retirement services Linda Elkins had given staff at her own company an opportunity to attend a presentation about superannuation. When she first suggested it she was told everyone would already know everything and no-one would attend. However, she suggested she be humoured and the seminar was arranged. It was a hugely successful initiative with staff asking the same questions that people outside the investment company would ask, she says.
Financial literacy in the workplace was an initiative launched by the Financial Literacy Foundation last year with a booklet and online resources for businesses to give their staff. Companies that have taken up the initiative include ANZ, Australia Post, Commonwealth Bank of Australia, Flight Centre, QIC, Unilever and Westpac. According to foundation chairman Paul Clitheroe, adopting this is more than being a good employer that values employees; apparently they believe financially literate staff are better employees. Flight Centre has made it compulsory for all Flight Centre employees to get a financial plan because it believes that if an employee uses rewards effectively they will be seen as better employees, Clitheroe says.
ANZ boss John McFarlane wants his staff literate so they can better help customers. Is everyone in your workplace financially literate? Could helping them help your business? According to Clitheroe, a typical employee will spend more time on footy tipping then a personal finance budget. Even if they win the pool, it's important they know what to do with the booty.
