Employees who are well educated about financial responsibility tend to make better decisions that impact their finances. As an employer, understanding your role in inspiring financial responsibility among your employees is vital to leading them towards smart spending and saving habits. To achieve this goal, you must first educate yourself so you can speak to your employees in a manner they will understand and positively respond to and prepare them for the future.
As an employer, you offer benefits, bonuses, and incentives to attract top talent. You must also educate your employees about financial responsibility. Without a doubt, your employees are intelligent and capable people who have much to offer. The challenge is not in what they know but how they approach money management. They might feel overwhelmed by debt or reluctant to learn more about personal finances because they don’t want to face their debt problems. They might not know how to begin or understand why it is important to learn about financial responsibility. Here are a few tips for encouraging fiscal responsibility among your employees and getting them on track to meet their money goals.
1) Communicate Your Passion For Fiscal Responsibility
The first step in helping them develop good habits is showing your employees that you are passionate about financial responsibility. If you take an interest in their personal finances, they will be more likely to listen to your advice and act on it. Showing them that you care can come by soliciting their opinions first before lecturing or preaching at them.
2) Give Acknowledgement For Efforts
The path to financial responsibility is a personal journey. You can support them by acknowledging the progress they make, whether it’s saving money or paying down debt. Every little bit adds up towards their goal, and you can show your encouragement with small tokens like gift certificates to restaurants or stores of your choosing.
3) Provide Information That Will Help Them Learn About Financial Responsibility
One of the best ways to help your employees learn about personal finances is by developing a work library. They can borrow books on budgeting, debt relief, and other relevant topics. You could also make it easier for them by providing links to blog posts and online courses that interest you and might help them.
Financial responsibility is not an easy subject to study, but it’s necessary for achieving financial goals. As an employer, you have a responsibility to your employees to help them learn about how money works and how they can manage their finances properly. With these tips, you will be well on your way towards achieving that goal through education and encouragement, so you can help your employees pursue financial freedom.
Kimberly Springsteen-Abbott is the CEO and sole shareholder of Commonwealth Capital Corporation in the Tampa Bay Area of Florida. She is an innovative figure in the equipment leasing and finance field with over four decades of experience who strives to promote and empower female entrepreneurs like herself.
Kimberly Springsteen-Abbott was the recipient of the 2012 SmartCEO and SmartCEO Best Company Award, ranked in the Top 500 Women-Owned Businesses in the U.S. in 2013, and the 2018 Enterprising Woman of the Year Champion.
Since 1997 Kimberly has been the CEO, sole shareholder and has been elected to the board of directors of the parent corporation, Commonwealth Capital Corporation. On a day to day basis she oversees the Portfolio Advisory Committee, the Audit Committee, the Disaster Recovery Committee and the Executive Committee of the Board. Over the course of her tenure at CCC Kimberly has completely overhauled the business plan to increase revenue, has grown the company’s capabilities, entered new equipment markets, and expanded the company to new locations. Kimberly Springsteen-Abbott has executed her duties flawlessly and consistently discovers ways to improve business strategy and efficiency. Her additional duties include risk management, business strategy, product development, due diligence and parent-company compliance.