The American Institute of CPAs and the Society for Human Resource Management have joined up to recognize employers that are contributing to the financial education of their employees.
The Workplace Leader in Financial Education Awards will be handed out in October to employers that offer financial programs that improve the well-being of the staff.
“Employers have a vested interest in developing a financially literate workforce,” said SHRM Interim President and CEO Hank Jackson. “Organizations that invest in financial education can reduce turnover, limit money-related distractions and increase employee engagement. SHRM is proud to join with the AICPA to recognize employers who have created exceptional financial education programs.”
The AICPA and SHRM have been working with the President’s Advisory Council on Financial Literacy; its subcommittee on Workplace Financial Education suggested the award’s creation. According to a 2009 SHRM survey, 64 percent of employers offer financial education to their staff.
“CPAs are committed to improving the financial well-being of Americans, making this partnership between AICPA and SHRM a natural fit,” said Barry C. Melancon, AICPA’s president and chief executive officer. “Human resource professionals have unique insight into the needs of workers, and CPAs have deep understanding of the topics adults need to understand to manage their finances wisely.”
All corporate, not-for-profit and government employers with offices in the United States are eligible for the award and can submit applications through July 1 to www.wlife.org. The website includes a toolkit and information for companies to set up their own financial education programs.
Applicants will be evaluated on the scope of the program, tactics, results and innovation by a judging panel that includes members of the President’s Advisory Council on Financial Literacy and the National CPA Financial Literacy Commission, human resources professionals and CPAs.