With Martin Luther King’s message of human dignity on our minds, this seemed like a good week to focus on human resources.
When a credit union treats its staff fairly and designs a workplace to their benefit, it lays the groundwork to ensure its staff serves members in ways that speak to the movement’s values. So this week on CreditUnions.com, we’ve tapped four credit unions to share their best practices for compensation, benefits, complaint resolution, and much more.
In 2014, the Great Place To Work Institute ranked ESL Federal Credit Union No. 11 in its best medium-sized employer category. This nationwide rating was in no small part the result of the wealth of benefits the credit union provides its nearly 700 employees. According to data from Callahan & Associates, ESL employees bring in more than double the net income per individual than employees at credit unions of a similar asset size. It also maintains a stronger efficiency ratio while staying within industry averages for salary and benefit expenses. In this Q&A with Maureen Wolfe, the SVP of human resources and community relations discusses how ESL stands out from the crowd. Read “Give The Benefits, Save The Benjamins.”
Maintaining an employee base that understands the credit union's culture, values the membership, and respects the bottom line takes the right combination of talent and training. In Texas, Navy Army Community Credit Union reports an average member relationship that is more than $10,000 higher than at other Texas credit unions. It's clear its employees know how to maximize their opportunities, but what lessons can you learn from NavyArmy's approach to staffing, salary, and operations?
Credit union employees all work for a cooperative, but do they communicate like they are a part of one? Communication silos and similar breakdowns in the workplace put an organization at risk for things like lackluster productivity, inconsistent service levels, and high employee turnover. They can also cause critical missteps that jeopardize the institution’s reputational, financial, or legal standing. Florida-based Suncoast Credit Union and Tulsa Federal Credit Union each have their own ways of ensuring employees can thrive in their workplace. Learn more in “Ban The Comment Box And Build Something Better.”
If one of your 2015 strategic goals is build a working environment that is more inspired than downright tired, then check out the Graphic Of The Week, “Workplace 2.0.” It takes a look at the good (gym), the bad (traffic), and the just plain ugly (flu season) realities of the modern workplace with the goal of helping credit unions build a better alternative for their employees.
Finally, if you’re having trouble maintaining a full roster, you’re not alone. Employees quit for a host of reasons, but more often than not, it’s because they feel stuck — personally, culturally, or financially. According to a study from the Society For Human Resource Management, the top-ranking factor for job satisfaction in 2013 was overall compensation/pay. In 2010, this was only the fifth most important factor. More employees today view jumping ship as the best way to improve their financial standing. So how can you address evolving employee priorities? Start by reading “That’s It, I Quit” today on CreditUnions.com.