Dr. Marta Ra is a sustainability expert. She is the president of the international association Women in Sustainable Finance (WISF).
As the United Nations’ 17 Sustainable Development Goals (SDGs) become increasingly important, it’s wise for companies to align their corporate strategies with these global objectives, focusing on long-term sustainability, inclusivity and impact. I believe the key is financial literacy, as it empowers employees at all levels to contribute to achieving the SDGs.
When employees understand financial data, they can also track progress and ensure resources are effectively used to achieve sustainability objectives. Increased financial knowledge also allows everyone in the company to contribute to creating a more inclusive and equitable work environment. For business leaders, this means that by empowering employees with financial knowledge, you can not only improve your bottom line but also address critical societal issues.
To move from the broad objective of enhancing financial literacy to specific, actionable steps, here are five things any company can do, with examples of existing initiatives to help inspire you:
1. Incorporate gender-sensitive financial training.
Integrating gender-sensitive financial literacy into training programs can help bridge the financial knowledge gap, empowering female employees to take on leadership roles in financial decision-making and driving inclusivity.
Goldman Sachs’ “10,000 Women” Initiative
Goldman Sachs launched its 10,000 Women program to address the gender gap in entrepreneurship and financial literacy. This initiative provides women around the world with business education, financial management training and access to capital. By equipping women with the skills needed to navigate financial systems and make strategic decisions, Goldman Sachs empowers female entrepreneurs to grow their businesses and participate more fully in the global economy.
2. Measure your impact on gender equality and inclusion.
Tracking progress by monitoring women’s representation in financial decision-making roles, pay equity and participation of marginalized groups in training programs can ensure your alignment with SDG 5 (Gender Equality) and SDG 10 (Reduced Inequalities).
Accenture’s Gender Diversity And Pay Equity Reporting
Accenture has set ambitious goals to achieve a gender-balanced workforce by 2025, and the company regularly measures progress toward this goal. They publicly share detailed reports on these metrics as part of their sustainability reports and use these metrics to adjust internal policies and training programs as needed.
3. Encourage financial knowledge sharing in your community.
Promote financial literacy beyond the organization by encouraging employees to participate in community outreach programs or partner with local educational institutions, contributing to SDG 4 (Quality Education) and strengthening social responsibility initiatives.
Citi’s Support Of Teach Children To Save
Citi actively supports the Teach Children to Save (TCTS) campaign by the American Bankers Association Foundation that is designed to teach basic financial skills to young people in underserved communities. Through partnerships with schools and nonprofits, Citi employees volunteer to deliver workshops on budgeting, saving and managing credit. This program fosters financial inclusion by equipping young people with essential financial knowledge that helps them succeed in adulthood.
4. Foster a learning culture through e-learning tools.
The flexibility of existing e-learning platforms allows employees to learn at their own pace, ensuring widespread participation and ongoing education that supports long-term strategic alignment with the SDGs.
Microsoft’s LinkedIn Learning
Microsoft encourages lifelong learning through its LinkedIn Learning platform, which provides employees everywhere with access to a wide range of courses, including financial management, sustainability and leadership training. By making these resources easily accessible, Microsoft helps ensure that its workforce and others’ can continually improve their skills.
5. Partner with other organizations.
If your resources are limited or you want to join forces for more impact, collaborating with other organizations to develop financial literacy programs can allow you to empower your employees to make informed financial decisions and support personal and organizational growth.
Unilever’s Partnership With UNITAR
Through its partnership with UNITAR, Unilever developed tailored training programs aimed at increasing financial literacy, particularly for women and employees in emerging markets. This partnership has fostered a more inclusive and knowledgeable workforce that aligns with SDG goals.
These examples show that financial literacy is not just a skill for leadership; when employees throughout the organization understand financial principles, they can actively contribute to making decisions that balance profitability with sustainability. However, changing culture and improving financial literacy is a decision that needs to be made by management. Achieving the SDGs by 2030 requires leaders that can navigate complexity, foster collaboration and bridge divides in an evolving world.
Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Read the full article here
