Last week, we asked: How financially educated are the members of your team?
- They understand our business’ economics very well: 15.67%
- They generally understand our business’ economics: 52.61%
- They’re somewhat unclear on our business’ economics: 19.4%
- They’re clueless about our business’ economics: 12.31%
Show them how they matter. It’s hard to be engaged and fulfilled if you don’t understand how your work has an impact on the broader organization. Helping your people understand the basic economics of your business is the first step in helping them see the impact their work has. Once they understand your economics, then they’re better able to align their activities with driving the financial results that are important to you. Invest the time in educating them on the dollars and cents – the return on that education can be tremendous.
Mike Figliuolo is managing director of thoughtLEADERS and author of “One Piece of Paper: The Simple Approach to Powerful, Personal Leadership.”