Consumer Sentiments And Employee Insights From Third Quarter 2014

Real comments from online review sites can help credit unions refine their employee development, defuse member conflicts, and understand how to become more than a business.

 
 

Comment

The credit union recently announced superstar pay raises to top performers, with a minimum of $3,000 and maximum of $15,000. You can get your insurance license, investment license, and tax certification and they will pay you an additional $1,500 for each of these designations. Work hard and this is the reality. Wait for a handout and the reward will (and should) go to someone else.
— Current Employee, Glassdoor.com

Lesson

Compensation reigns supreme in terms of employee satisfaction, yet few credit unions can afford to go all in on an unproven asset. That's why many now also offer merit-based incentives that open the door to timely wage increases and career development, but also weed out those looking for top gun pay on autopilot performance.

Comment

The credit union contacted the credit bureaus and reported a $5.46 charge-off on my account. They contend that I owe them for checks they ordered and told me were free at the time I opened my account. When I closed my account, I was not informed I owed anything. Now my credit report is messed up for seven years.
— Alabama2013, depositaccounts.com

Losing a member is never fun, but failing to help them make a clean break can certainly increase the likelihood of additional brand blowback. To avoid unnecessary complications, consider devoting at least a minuscule portion of the comparable time and effort spent on bringing new members into the fold on managing the end of such relationships as well.

Comment

On New Year's Eve, there were two tellers working the counter and they were extremely slow. But then it became obvious why: both were trainees! When it was finally my turn, it took the new teller 20 minutes to try and move money from checking to an interest variable money market account. She couldn't do it and suggested I call customer service for help.
— lucy08, depositaccounts.com

There's no substitute for real world experience but there's also a time and a place for it. If the efficiency of your training program comes at the expense of the member experience, a little more time in the classroom may end up costing you less in the long run.

Comments

I was a victim of “Super Storm” Sandy. With the help of [my credit union] along with The New York Credit Union Foundation I was awarded a grant to help me with the loss. Now that's something I don't think any mainstream bank or financial institution would do for a customer.
— GeorgeA, depositaccounts.com

After Hurricane Katrina I lost my job, I was unemployed for about three weeks and had a lot of financial loss. They deferred all payments (with no penalty) for three months. This was a huge help for an unfair situation that could have easily cost me my credit score.
— Anonymous, CreditKarma.com

Don't view opportunities to respond to cases of extreme need as charity, view them as a big part of the reason you exist. Standard business activities may take up the vast majority of a credit union's operational hours, but it is those opportunities where the organization can become more than a business that truly define the cooperative difference.

Comment

Organize a “real” succession planning committee. You have some amazingly talented employees that are being under utilized. You should conduct 360 reviews on all management and then put action plans in place for the people that score poorly.
— Current Employee, Glassdoor.com

Cronyism is a major complaint in almost every industry, including financial services. And while it makes sense for executives to still retain the final say, adopting a more open, colleague-driven review process can help you separate the builders from the blockers, in whatever level of the organization they may reside.

Comments

I use a debit card and they pay me 10 cents a shot. A dime doesn't seem like much, but I try to pay everything with it, and that little lumpette they drop into my account every Valentine's Day is like extra icing on the cake.
— Anonymous, CreditKarma.com

I was frustrated that my rent check took over a week to clear and was excited to find that the credit union offers one free cashier's check each day. By paying rent with a cashier's check, the money is immediately removed from my account with no waiting.
— Anonymous, CreditKarma.com

Every business relationship is a give-and-take, and with competition and regulation growing faster than opportunity in many markets, it's easy to prioritize the latter at the expense of the former. Still, if you look hard enough, there is almost always a little extra wiggle room to thank member-owners for their business in dollars as well as in words.

 
 

Jan. 5, 2015


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