Financial literacy in our country is very low. Many, many Americans don't have $400 in hand for an emergency.
A while ago, I read an interview with Thasunda Brown Duckett, CEO of Chase Consumer Banking. Ms. Duckett was asked, "How do you make the case that people should save more without making it feel judgmental?"
That is a common situation for owners of small businesses who have employees possibly living beyond their means and, consequently, paycheck-to-paycheck. The resulting stress of all involved can affect the success of both the employees and the business.
Ms. Duckett answered, "I start with the question, 'What are you saving for?' Last year, I asked that of our own employees, and it went viral internally. People told me their hopes and dreams. In our branches, employees put vision boards together in the break room that said, 'What are you saving for?' And people had pictures of houses, and cars, and trips, and pools and education. It's a question that everyone will answer."
What a wonderful environment to work in that must be, with everyone sharing what they are saving for. Being motivated to pursue one's goal becomes easier when one is part of a group of people doing the same thing. And such a group of employees will perform their work better as a team.
Try asking your employees, "What are you saving for?" and see what happens in your company. I bet you'll be surprised by what you hear and what happens.
