Some recent news articles have been aimed at helping women with financial planning and retirement education. I do not think separating women, in this case, is needed. You see, women control the bulk of the household dollars spent in this country every day. To think that women are not thinking about and even planning for retirement is almost insulting. Of course they think about these things. I believe most think about it, and when the time is right, many think AND plan.
An article titled, Gender-Specific Retirement Education Fills Void states that, “Just 9% of women under the age of 45 making less than $50,000 a year are on track to reach their retirement goals, according to research from Financial Finesse” (http://ebn.benefitnews.com). I think, regardless of sex, any person making $50,000 a year or less is not thinking a lot about the future; about retirement. They are thinking more about what are they going to do to survive today. Many companies help you create goals for retirement or at least provide you the tools to do so. But, these companies are generally hiring people at more than $50,000 a year.
Is there an advantage to the people in the middle class compared to those below that? Yes. Many in the middle class have access to all these financial management tools through their employer. If you work for a fast food restaurant as a cashier or something low paying, access to these kinds of tools are not needed or are not available. If they are, they are not utilized by most employees.
Financial education should be a priority for most people, period!!
Having a hefty budget allocated to develop your company’s diversity is fine, but companies have been spending lots of money for years and few have accomplished anything significant. They do things like having conferences to talk about all of the great things they are doing to improve workplace diversity and sponsoring multi-cultural youth programs. It has been primarily about fluff, and here we are many years later, in a boat we were in 30 years ago. Nothing has changed much.
One of the most important things that your budget should go toward is for paying salaries and bonuses of your talented employees. Great employees deserve a competitive salary and the opportunity to earn bonuses for their positive performance.
Second, allocating funds for the creation of your company’s vision and developing active steps and measurement tools is important as well. Create a vision. There are many different ways of doing this and many different products and professionals that offer their services. In some circumstances, creating new positions and hiring more employees may even be necessary.
After that, another portion of the budget should go toward employee support groups (black, LGBT, women’s groups, etc). This helps to engage employees across the board. It also enables you to extend the company’s progress from the employees, all the way to senior-level management.
Last, and probably the least costly, are Diversity and Inclusion study groups. This is also something of substance that can be used to develop workplace diversity. These study groups are often formed from employees within a company. These groups are used much like a focus group is used. They give their opinions on the workplace and how to develop diversity within the company, but on a regular basis. Much of the time, the Diversity budget allocates money to pay the group’s supervisors for their employee’s time out of the office. However, you can have each supervisor waive the inter-office fee to help free up some of the budget.
While these are just a few main points, there are many other things that can be considered. These points also have many, intricate details. I strongly suggest you do your research before deciding to delve into your funds.
Have a question about your company’s Diversity plan? Ask in the comment section below. I have created Diversity and Inclusion plans for budgets of all kinds. No budget is too large or too small!