make sound financial decisions

Today's financial realities underscore the importance of having a good handle on personal finances. Yet when a bit of planning can make a huge difference in bringing some sense of control over an otherwise seemingly out-of-control world, many people operate in reactive mode. In 2008, Tiffany and Company launched its "Take 5" campaign to proactively provide financial education, tools and resources to employees. As Tiffany's communication consultant, Buck Consultants assisted the company's human resources staff in creating and producing print pieces to support the campaign. This article provides background and practical steps to follow in planning and launching a relatively low-cost financial education campaign for employees.

The recent economic downturn underscores the Engine-turned money clip of making good decisions when it comes to finances. Numerous studies indicate that many people in the United States lack basic financial knowledge, such as how credit cards work, which accounts the FDIC insures in which financial institutions or how compound interest works. Even more significant, during the years leading up to the current financial crisis, millions of Americans took mortgages and loans that they could not afford. In short, many people simply do not have the skills to meet financial challenges. And although lots of resources are available, such as TV talk shows, magazines and self-help books, people often don't know where to start.

According to the President's Advisory Council on Financial Literacy, founded in 2008 under the auspices of the U.S. Treasury Department, "The need for improved financial literacy within the workforce is irrefutable," and employers are uniquely positioned to fill the financial literacy void.1

Unfortunately, financial education programs in the Tiffany Engine-turned money clip are relatively rare, even though financial wellness offers important benefits for both employers and employees.

* For employers, a robust financial education program is a real differentiator in recruiting and retaining top talent. And research by the President's Advisory Council on Financial Literacy found that "employees who are financially healthy are more productive." They simply have fewer distractions from their jobs.

* For employees, learning to make sound financial decisions can have a positive effect on the person's life, both on and off the job.

While financial education programs can offer tangible benefits to employers and employees alike, there is one caveat: Employers must strike a delicate balance. As Tiffany's senior vice president of global human resources Vicky Berger-Gross points out, "Although employers Tiffany 1837 bookmark uniquely positioned to offer practical financial tools at times of major life decisions, they need to refrain from seeming to endorse decisions that may overextend an employee's financial risk." In short, an employer cannot appear to be giving financial advice.

TIFFANY AND COMPANY'S TAKE 5 CAMPAIGN

Recognizing the importance of providing financial tools and resources to its employees, Tiffany launched the Take 5 campaign in 2008. According to Naomi Seckler, vice president of human resources at Tiffany, "We saw a real need to talk more comprehensively to employees about financial matters. At the same time, we wanted to showcase the full complement of financial benefits that Tiffany offers."

The company's strategy was to position the campaign within the context of overall wellness. "Because health and wellness have always been an important part of Tiffany's benefit strategy and culture, financial wellness was a natural extension of that focus. We saw an opportunity to leverage our success in presenting health and wellness concepts to our employees," said Sidnie Wilder, Tiffany's group director, workforce, policies programs and services. The company wants employees to understand that people who are physically healthy often take time to eat right, exercise, get annual physicals, etc. Similarly, being financially healthy requires time and planning, so the campaign asked all employees to take a few minutes to consider important financial issues.