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CU Snapshot

 Feb '18Jan '18
# of CUs5,7575,758
Total Assets
($ billions)
Total Savings
($ billions)
Net Cap.
Loans to Savings82.6%84.1%
Loan Delinq.0.8%0.9%

         Credit Union Indicators

Reduce Turnover

Encourage employees to volunteer.

Volunteer programs can reduce employee turnover, according to credit unions that have implemented them.

First Tech Federal Credit Union in Mountain View, Calif., makes volunteering easy for its employees.

The $7.7 billion asset credit union provides incentives for community involvement by carving out paid time for employees to volunteer. By hosting companywide volunteer resource fairs and regularly sending out information on upcoming opportunities, it removes many barriers to participation.

The result? Last year, First Tech Federal employees logged more than 18,000 hours of community service—up from roughly 2,400 hours in 2011, when the credit union first started tracking the number.

"Every year, our employee satisfaction surveys show that employees are very passionate about the work we do in the community," says Chylon Pappas, First Tech Federal's director of community engagement. "They stay with First Tech specifically because of the work that we do. The ability to go out and use the hours makes our employees feel special."

First Tech Federal isn't the only credit union to recognize the benefits of volunteer initiatives. For the past two years, Mazuma Credit Union, in Kansas City, Mo., has offered the "40 Hours of Good" program, where team members get paid for working 40 hours in the community each year.

Brandon Michaels, Mazuma president/CEO, says the $510 million asset credit union decided to give team members the equivalent of a full work week to truly demonstrate Mazuma's commitment to the Kansas City area. Not only does the community benefit, the program also boosts the credit union's bottom line. Staff turnover has fallen substantially since the culture change—to 8% last year, Michaels says, compared with the credit union average of 13%, according to the 2015-2016 CUNA Turnover and Staffing Survey. That reduces the costly process of onboarding new staff.

"What I have seen is a remarkable change in team member attitudes," he says. "People are so much happier. What I hear all the time is, ‘Thank you.'"

(Via news.cuna.org)