Hitting workers over the head with a piggybank

Jane, Richmond, VA — Tue, 19 Aug 2008 19:01:13 GMT

I think this is an awesome benefit and certainly will at the very least help workers to have a realistic view of their finances- provide the best case scenario for those who can't right all the wrongs, but can improve the situation-- and remove the "rose colored glasses" some have thinking they are prepared for the long lives that they will most likely live with limited resources.

Hitting workers over the head with a piggybank

Michael, Grand Rapids, MI — Tue, 19 Aug 2008 19:06:56 GMT

That's a great idea and I'm glad to see other Michigan businesses taking things seriously. (Sad to see it's Pricipal at the controls--expensive, low performing funds--but hey, something's better than nothing.) The only way Michigan will be able to survive this downturn is through product/service innovation and investment in people.

Hitting workers over the head with a piggybank

Chad Barnwell, Baltimore, MD — Tue, 19 Aug 2008 19:35:31 GMT

It's essential that people learn to respect money. I believe it's one of the key components to being financially responsible. Reckless behavior with money can lead to dire consequences in your personal and professional life.
Tweak your thinking about real estate..enjoy the benefits of homeownership(www.BuyorSellinMD.com)

Hitting workers over the head with a piggybank

Andy Smith, Dallas, Texas — Tue, 19 Aug 2008 19:37:28 GMT

I think this is a terrific idea and I wish more companies would do this. I also wish more companies would spend the time educating their employees on the finances of their company too. All too often, employees are left in the dark it seems about how their company actually makes money and manages it's cash.

Hitting workers over the head with a piggybank

Joe, Tucson, AZ — Tue, 19 Aug 2008 19:39:26 GMT

This sounds like a great idea. Employee personal financial mis-management can cause huge problems for firms, and, not just in the case of lost employee productivity (i.e. debtors calling the job phone numbers all the time looking for the employee). Companies that have large numbers of defense contracts, with their employees holding security clearances, can be especially vulnerable to espionage. Historically, the number one motivator for people 'selling secrets' has been to resolve personal financial problems. It has also been the number one motivator for employees who choose to embezzle from the company.

Hitting workers over the head with a piggybank

SM, Minneapolis, MN — Tue, 19 Aug 2008 19:58:02 GMT

Its a good idea in practice, but it should not be made mandatory. If a worker already has excellent control over their finances, they shouldn't be forced to waste time talking about their finances with a stranger for no reason.

Hitting workers over the head with a piggybank

No Security Here, California — Tue, 19 Aug 2008 20:11:42 GMT

As this is a wonderful idea, it's difficult to see this with larger international companies. I work for a international telecommunication company, and despite their best efforts to provide this knowledge and support, it's difficult to implement. Real world experiences shows that they offer these services, but don't provide the time or awareness for them. On a side note, this company has migrated two major departments to the Philippines and Buenos Aries from the states. What does that tell you.

Hitting workers over the head with a piggybank

Kham Phanyavong, Ft. Worth, TX — Tue, 19 Aug 2008 20:26:07 GMT

Providing financial education to your employees is sound investment and employees will benefit by making better decisions that will likely transfer to the workplace. In addition to the one-on-one sessions, Spiratex should provide a follow-up session 6-12 months down the line to ensure their employees are going in the right direction.

Hitting workers over the head with a piggybank

Bill Widner Blytheville Arkansas — Tue, 19 Aug 2008 20:31:14 GMT

I wish my employer would offer something like this. But I feel that something more than an hour would be better. Something along the lines of what Larry Burkette used to do, and what Dave Ramsey is doing now. Teach people how to get out of debt, how to budget, and how to save, and how to invest. It's surprising how many otherwise intelligent people can't manage their finances. A little(or a lot)of help should always be appreciated.

Hitting workers over the head with a piggybank

No Name, Albuquerque, NM — Wed, 20 Aug 2008 00:47:34 GMT

What about teaching employers some money sense? Why do stock prices go up and CEO's get huge pay raises when employees get pink slips? When companies roll the dice in this casino economy and win big, they keep the profits. But when they lose big, the tax payers bail them out. When we stop shopping and start living with the pay we bring home, the economy goes down the toilet. Get sick and even if you have insurance your savings can evaporate. You can't loose something you don't have. We don't value saving in this country. Everything is about growth and profit. It's about stuff and more stuff.

Hitting workers over the head with a piggybank

RW — Wed, 20 Aug 2008 12:40:47 GMT

We get offered this at my job, however the advise is biased an often more in the companies best interest instead of my own.

Hitting workers over the head with a piggybank

Still Learning — Wed, 20 Aug 2008 13:52:44 GMT

Great idea! Something like this would have helped me through some lean years. However, financial education is so important it should really start so much earlier. Starting in middle school, for example would give children a great head start to being fiscally responsible adults. This is when children typically get more conscious about the inexpensive things they have and the expensive things they don't have (I will NOT buy $80 jeans and a $300 cell phone for a 12 year old)...What a perfect time to introduce financial matters. Children who don't learn about managing limited resources turn into adults who don't manage limited resources well, or at all.

Hitting workers over the head with a piggybank

John Doe, Seattle, Wash. — Wed, 20 Aug 2008 17:12:10 GMT

Yup, gotta agree with all of them. But what no one seems to have mentioned is that people who have financial problems are less productive since they are distracted, and those same people can be the ones to misuse or steal company assets. So this is a way to proactively address this in a positive way.

Hitting workers over the head with a piggybank

KJ, Richmond, VA — Wed, 20 Aug 2008 21:04:12 GMT

No doubt! People with debt seem to not be as happy at work as people with no debt. Debt creates worries and worries effects job performance

Hitting workers over the head with a piggybank

jimbo — Sat, 23 Aug 2008 18:11:32 GMT

This is a great idea! I once made the mistake of hiring a friend for my business. Seems like it was everyday this guy was asking for a raise. His raise demands would be punctuated with stories about how he went out to some nice restaurant with his wife or how they went out drinking or how they always throw big parties at the house they could not afford. Oh, I don't want to forget about their plans to start a family- that's why it's really important that I give him a raise. There was never an answer when I asked what he did to justify a raise. How did he increase profits so that I could afford giving him a raise? What about my family and house and how I never have time to go out because I'm too busy keeping the business afloat? Some third-party advice about your workers' bad spending habits is a great way to put their salary in a realistic perspective. I'll try it if I ever decide to hire employees again.

Hitting workers over the head with a piggybank

ps42,everywhere,fl — Sun, 24 Aug 2008 11:07:49 GMT

finally, stand up and be counted. I pray it catches on postive people are good worker's.

Hitting workers over the head with a piggybank

ps:42,everywhere,fl — Sun, 24 Aug 2008 11:09:16 GMT

finally, stand up and be counted. I pray it catches on postive people are good worker's.

Hitting workers over the head with a piggybank

Doug, California — Tue, 26 Aug 2008 14:37:25 GMT

My wife's company also has Principal doing these same meetings - - she says it has a huge impact on all of the workers. They meet with everyone - not just those making the dough, which is pretty cool. And what really irks me is that her funds are outperforming mine! But more importantly, she knows what she needs to do to retire-

Hitting workers over the head with a piggybank

Yevgeni, Pleasanton, CA — Thu, 28 Aug 2008 00:30:23 GMT

Why did they go from optional group meetings to mandatory one-on-one meetings in one bound? Why not optional one-on-one?

I don't want my employer to be my father or, more specifically, my Big Brother (who is watching all the time...)

Sorry, I had Big Brother! It was called the USSR.