By educating employees on how to tackle personal debt, the likelihood is that they will be able to get finances back on track, and therefore worry about it less. Employers can then expect a return to normal levels of concentration and renewed focus on work tasks, as well as a reduction in money-related sickness absence.
The provision of financial education also assures employees that their personal welfare is important to their employer. Organisations without the spare cash to award pay raises and bonuses this year will find communicating their appreciation for employees’ hard work much more of a challenge unless they can convince employees of their commitment to rewarding the workforce over the longer-term.
Organisations are best-placed to help millions of adults in the UK learn the skills required to make better financial decisions for themselves, their families, and their communities today and in future.
In tough economic times, those organisations making a concerted effort to improve employees’ financial capability will be more able to survive the financial downturn and prepare for growth when the economy begins its recovery.
For the employee…
- Opportunity to follow a structured learning programme that caters for a whole range of entry ability levels
- Access to a programme completely free of sales spiel and self-promotion
- Support from qualified (and independent) financial advisers, who are regulated by the Financial Services Authority (FSA)
- Ability to make use of specially designed, online learning aids such as calculators, case studies, talking heads, and financial games
- Chance to boost financial awareness in a way that can enhance personal and professional development
- Flexibility to study at home as well as / instead of at work; or anywhere that the user has access to an internet connection
- Freedom to learn at an individual pace, since the programme can be paused (except the exams) without losing data, enabling the individual to return to the same screen on their next visit
- Rewards: - with online star-ratings to demonstrate a progression through the educational modules
- Certificates: - for successful completion of each level of the programme
- Opportunity to build the confidence required for making more informed financial decisions in the future
For the employer…
- Opportunity to provide members of staff with financial training in the workplace
- Provision of personal, financial skills for life, which are transferrable to the workplace
- Demonstrating dedication to education by providing employees with on-going learning opportunities
- Empowerment of staff through a self-managed learning programme, that allows them to be personally responsible for the pace at which they work through the programme
- Confidence that all members of staff can achieve at least a basic level of financial education and awareness
- Control over setting the pass mark for each level of the learning programme (within a range)
- Promoting, and fulfilling, obligations of corporate social responsibility