MADISON, Wis. (3/25/14)--With their history of serving select employee groups, credit unions have long understood the correlation among financial literacy, employee productivity and a business' bottom line. WalletHub addressed that relationship in a recent article.
"When people know what to do with their money and wind up with a bit of money to save each month instead of an ever-larger balance, the prism through which they view their compensation is decidedly more positive," the March 24 article stated.
WalletHub asked university and industry experts in the fields of management, marketing, human resources and finance for tips on how to establish a personal finance employee training program.
"The most relevant economic literacy is not a training course, but an ongoing transparency of financial, marketing, and performance information shared with employees so they know how their personal choices impact business results," said Dave Ulrich, professor of management, University of Michigan, Ann Arbor, and a partner with the RBL Group.
Financial literacy can also be offered as lunch-and-learn program with interactive question-and-answer formats, suggested Wayne F. Cascio, Robert H. Reynolds Chair in Global Leadership, University of Colorado, Boulder.
"There's an entire financial services industry that is always looking for new clients," said Julian K. Saint Clair, professor of marketing, Loyola Marymount University, Los Angeles. "I'd bet good money that they would give seminars and provide educational materials free of cost in hopes of earning new business."
Community CU, Rockledge, Fla., offers 12 at-work financial literacy classes that can be presented during employees of local business during lunchtime.
Local Government FCU, Raleigh, N.C., provides free, on-site financial wellness seminars to any North Carolina local government unit.
Brandon Michaels, president/CEO at $490 million-asset Mazuma CU, Kansas City, Mo., also recently wrote an article about the link between corporate social responsibility and personal finance.
"Employees who are knowledgeable about their own finances feel more in control and are, therefore, less stressed, better able to work, and happier in general," Michaels wrote. "This boosts the bottom line for the employer."
To read Michaels' article in its entirety, use the link.