How a rewarding work environment serves as a differentiator for getting and keeping employees
Employees from the country’s best credit unions report high satisfaction with their institution’s compensation and culture, according to the recently released Best Credit Unions to Work For. The awards program finds that winning credit unions garner 92% employee satisfaction scores, with 77% of employees saying that good work gets rewarded. Even more, the winning credit unions create impactful wellness and work-life balance programs for employees. “Attracting the next generation of young professionals, while ensuring an organization goes above and beyond for its current employees, is a priority for any forward-thinking leader,” according to American Banker.
Effective employee programs are even more important as competition for talent remains high. “While the workforce continues to shrink, top talent is continually drawn to industries like tech and healthcare,” according to Invo Solutions, which reports that the financial services workforce has contracted for 13 consecutive years. “The competition for top talent has never been fiercer, making it more difficult for financial institutions to offer competitive opportunities to attract and retain the best candidates.” For credit unions, creating a welcoming, warm and rewarding work environment is a differentiator for talent acquisition and retention.
Ranking #29 on the list of Best Credit Unions to Work For, 5Point Credit Union has an on-site relaxation room and gym to support mind and body balance for employees. The fun, family-like atmosphere encourages community involvement and give back. At #56 on the list, Ascend Federal Credit Union has created such an effective employee coaching and development program that 43% of staff members were promoted in the last year. Embracing continual education, Ascend partners with Middle Tennessee State University for an 18% discount on courses, in addition to its ongoing tuition reimbursement program.
Landing in the top-10, Innovations Financial Credit Union has a core value right in its name. To foster innovations internally, the credit union held the first annual “Spark Tank” competition among employees in six branches. “The initiative led to the implementation of six major process improvements, saving more than $100,000 for Innovations,” according to American Banker. Another institution with a values-based name in the top-10, Leaders Credit Union offers financial certifications for its employees. The program prioritizes learnings on financial health to help staff provide better advice and counsel to members. More than 50 employees are already certified.
To see the entire list and learn more about the country’s best workplaces and what sets them apart, visit the Best Credit Unions to Work For landing page. For credit unions interested in participating in next year’s awards, submit an application to the American Banker competition.
If you’re a credit union leader looking to cultivate culture programs for your institution, get in touch with the brand experience experts at Adrenaline. And be sure to follow Believe in Banking to stay up to date with the latest news impacting the banking and credit union industries.