An employer's greatest asset is its employees, and keeping them healthy, engaged, and productive should be the goal of any successful organization.
Credit unions are doing just that. From new living wage compensation systems to the public reporting of health and wellness metrics, this week CreditUnions.com profiles a number of ways institutions are investing in their human resources.
The hometown of California Coast Credit Union is an expensive place to live relative to much of the United States; however, as in any city, building a productive, engaged workforce is an imperative.
One way to do this, according to the credit union’s board and senior managers, is to provide a living wage.
“We realized we were paying some of our entry-level tellers — the front-line people serving our members most directly — less than some of those great kids they hire at In-N-Out Burger,” says California Coast president and CEO Todd Lane. See how the San Diego credit union is implementing a new compensation system and considering the living wage measure in "California Coast And The Living Wage," by Marc Rapport, Callahan's senior writer.
According to estimates from Callahan & Associates’ FirstLook program, which includes year-end financial information for more than 6,000 credit unions, the industry average for annualized revenue per full-time employee is projected to have increased 3.2% in 2015.
At which credit unions did employees post the highest gains in fourth quarter 2015? Find out in this week's Graphic Of The Week, "10 Leaders In Annual Revenue Per Full Time Employee" by Sam Taft, Callahan's director of industry analysis.
For the past 18 months, Allegacy Federal Credit Union has participated in a Vitality Institute working group of 16 organizations and experts — including IBM, Johnson & Johnson, and Harvard University — whose goal is to determine best practices for reporting workforce health metrics.
"Employees spend 36% of their adult lives at work," says Garrick Throckmorton, Allegacy's assistant vice president of organizational development. "We have the ability and responsibility to create an environment that helps them be their best by influencing their well-being in a positive way."
In "Allegacy's Guide To Improve Employee Well-Being," Throckmorton discusses being the first company to publicly release its health records, implementing a culture of health, and spreading community awareness.
Employee evaluations, pay raises, and even whether to stay or go at Northwest Community Credit Union is now a collaborative journey that began with a newspaper article.
The 102,336-member institution has abandoned the traditional annual review and now uses the Active Performance Management (APM) program to improve the quality and frequency of its evaluations. To see how the collaborative approach to staff reviews rather than traditional performance evaluations works and improves upon the traditional approach, read "A Credit Union Solution To The Dreaded Annual Review," by Marc Rapport.
Finally, to see why three credit unions are turning to team-based learning to develop current and future leaders, read Callahan contributor Sharon Simpson's "Team Education Is A Big Idea For 2016."