Replies on financial acumen in organizations
Reply 1
Hello Vignesh, your post demonstrates how important it is for an organisation to establish a solid financial acumen within itself and its employees. For instance, you have emphasised on the importance of financial acuity among employees. It is a skill that enables them to drive the company policy and strategy by understanding what needs to be implemented. I concur with the opinion that training an organisation’s staff on financial acuity is important as it improves the financial awareness of the employees, helping them to be better decision-makers in the company.
Further, you have highlighted the importance of employees’ understanding of the organisation’s goals and cash flows to align their daily activities to the company’s strategies to accomplish these objectives. As demonstrated, investing in giving employees financial education is not in vain for any business, since it equips the employees with skills that will eventually benefit the organisation. Another significant factor that you highlighted in your post is the effect that financial acumen has on employee performance and the overall performance of a business. Financial acumen improves employee performance which subsequently improves the performance of the business.
Reply 2
Hello Vishal, your post is on financial acumen and cash flow management in businesses. You have opined that any business needs financial acuity to manage its finances appropriately. What is financial acumen? Financial acumen is the ability to understand the financial status of an organisation from the numbers of the company, consequently using such information to make reasonable financial decisions for the company. Financial acuity also encourages prudence in resource allocation and utilisation. Through this understanding, financial acumen is a vital skill that any organisation should establish and develop.
How can an organisation and individuals establish and develop financial acumen in their organisation? Financial acuity is a skill that can be learnt through experience. Businesses can facilitate their employees to get financial literacy classes and encourage financial acuity engagement of all the organisation’s employees. Financial literacy should not only be a subject imposed only to the personnel in the finance department. Financial literacy improves employees’ fiscal judgement and decision making.
Reply 3
Hello Sumanth, your article dissects some articles on financial acumen in organisations. One common element that can be derived from the articles it the importance of financial acumen in organisations and how it helps on organisational success. The first article, financial acuity, was demonstrated to be essential in case management. Case management calls for impeccable judgement skills and sound decision making, hence the significance of financial acuity. However, the second article does not provide the needed information on financial acuity in organisations; rather, it provides for acuity tools for patient management. The third article looks into the financial acuity of black and white families and how financial acumen affects the livelihoods of white families and black American families. Financial acuity is quite low in black American families, and this affects a very large part of their financial livelihoods since financial institutions also tend to discriminate against these families. Regardless, any person can establish and develop financial acuity, and it should not be a case to disadvantage any person in term of race or colour.