SRC Electrical Celebrates Financial Literacy Training Program Success, 26 Graduates
On December 4, 2018, SRC Electrical recognized its second graduating class of their recently launched Financial Literacy Training Program at their large staff meeting. 18 proud associates stood before their peers and coworkers to receive medals, certificates of achievement and $100 gift cards.
The training program, launched in the summer of 2018, is designed to help employee owners navigate and interpret the financial statements so they may understand how they can contribute to the bottom line and financial health of the company – one of the fundamental principles of The Great Game of Business®. The program is a 12-week course that consists of weekly classes covering the following line items on the income statement:
Expenses
Margin
Profit/loss
Revenue
Standard costs
Variances
Bill of Materials (BOM)
Before associates begin their classes, they are given a study guide and take a pretest which is used to ensure that all topics are covered thoroughly and efficiently. The students take part in weekly “Lunch & Learns” where a peer instructor teaches the material over lunch.
The instructors – all volunteers – are SRC Electrical associates and executives with knowledge and experience in the company’s financial statements. The 2018 instructors include
Clint Ackerman, Senior Buyer
Doug Myers, Engineering Manager
Tim Stack, Executive Vice President
Steve Huffman, Director of Supply Chain
Throughout the training program, associates are given 5 quizzes to help the students track their progress. At the end of the program, the students partake in a review until everyone feels confident in their ability to pass the final exam. The students are also given access to a practice test to help them prepare.
The program has celebrated tremendous success in 2018 with two graduating classes achieving a 96% pass rate on the final exam. SRC Electrical plans to continue the program with its next round of students in February 2019.
