November 7, 2017
Are profit and cash the same? If you’re not sure, you’re not alone. In one study, 57% of managers didn’t know the difference between the two, and 62% thought discounts offered by sales reps had no impact on gross margin. Because managers’ decisions invariably impact the bottom line, it’s crucial for them to understand the financial implications of the actions they take.
There’s an additional hidden benefit of employees having financial literacy. Employees who understand the effects that their jobs have on the success of the organization are more engaged, leading to better performance, higher retention, and even more positive outcomes on the bottom line.
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