Work Smarter And Harder

Credit unions across the industry have deployed various tactics to achieve their desired earnings during the economic downturn, and this week is dedicated to highlighting the approaches that will work in good times as well as bad.

 
 

This week on CreditUnions.com, it’s all about productivity in the workplace — how to get it, what it looks like when you have it, and the benefits that extend beyond the bottom line. In Our Best Today, Even Better Tomorrow, writer Aaron Pugh talks about how Indiana-based Heritage Federal Credit Union invests in benchmarking, scorecards, and training — among other things — to build a stronger, more productive Heritage. So how does the credit union determine which issues are the most important to motivate its 150-plus employees and serve its roughly 45,000 members?

"You have to have a process to take all of that feedback … and see what makes sense for the organization," says Steve Bugg, chief marketing and member service officer. Read more today.

Have you ever wondered what it takes to double your assets while holding expenses steady? Motorola Employees Credit Union accomplished such a feat by focusing on increasing its share of wallet. Using that strategy, MECU has not only grown its assets bus also found a way to post impressive productivity numbers that best its asset-based peer group in assets per FTE, members per FTE, loan and share accounts per FTE, and loan income per FTE. Learn more in Do More With Less, available free to all readers this week only.

In this week’s Q&A, A Balanced Approach To Achieving Long-Term Efficiency, Mike Tomko, senior vice president of operations for Jacksonville-based Community First Credit Union of Florida, talks about how the economic downturn in 2009 helped it reaffirm its community roots and make fundamental changes in the way it conducted business. Changes the credit union implemented at that time helped it reduce its efficiency ratio from 68.7% to its current 65.7% and earn more in net income per employee than its asset-based peer group.

Productivity doesn’t just have to be about hitting a hard number and demanding more from employees. Many companies have found ways to make their work environments more appealing to drive the bottom line. For examples of three modern, engaging work environments to emulate, read Forget Chutes And Ladders, Focus On What Matters. Writer Leigh Anne Terry looks beyond free food, foosball tables, beanbag chairs, and tai-chi classes for more realistic ways to deepen your talent pool, drive positive brand exposure, and exemplify cooperative, community-oriented values. Sure, the examples outlined here are from outside the financial services sphere, but credit unions can easily implement a practice or two that will make them the envy of their city.

And finally, in Mind, Body, Soul, Finances, writer Erik Payne outlines how Allegacy Federal Credit Union uses its holistic wellness program to encourage employee productivity. That program embraces the link between financial and physical health — smart financial decisions lead to less stress and, thus, healthier employees — and the credit union is proud of the life-encompassing improvements it’s been able to encourage among its staff. And in January, the credit union earned a spot among the year’s "100 Healthiest Workplaces in America."

 
 

March 17, 2014


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