For most HR professionals, the science of human behavior is familiar territory. Yet it is difficult for most organizations ? particularly transaction-based ones ? to focus on the behavioral path to performance success versus just the end result. This is where operational and senior leaders are faced with trying to balance the results they want to achieve with other goals like performance development and organizational culture.
Most operations leaders want a quick, effective, and proven way to get to their results. Meanwhile, credit union HR leaders are searching for the best way to leverage behavioral science to improve the bottom line of the organization. Too often, these two tasks are treated like counterbalances on a scale, or at best, parallel strategic paths. The power of combining both elements into one highly effective approach is rarely realized.
A solution can be to link performance results back to the science of human behavior in a very specific, measurable way. This is music to the ears of those responsible for organizational culture, talent management, and overall development, as well as for those responsible for the bottom line financial performance of the organization.
All organizations depend upon their customer base for growth and profitability, so all functional groups typically have very clear goals for engagement including the number of transactions, average dollars per transaction, share of wallet, products per customer, average visits per customer, etc. But in order to achieve sales, growth, and profitability targets, there has to be a very clear plan for actualizing these results through the existing and future customer base.
Because credit union growth and profitability depends upon creating highly engaged members, the focus of behavioral science in the organization has to center on what drives this engagement. New and existing members have a significant amount of choice in how and where they transact. The secret to success is finding the key elements in their decision making process that encourage them to stay with the credit union, grow their transactions with the organization, and refer others. Support companies calls this process of retain, repeat, and refer the R-factor.
PHD research has helped identify the key behavioral dimensions that an organization must create to impact and drive the R-factor. Through a laser beam focus on the R-Factor elements, credit union can align themselves with the key behavioral dimensions that directly impact growth at any organization.
This path ? from transaction, to interaction, to relationship building, to growth ? requires triggering the series of behaviors in the right order. The sequence has been supported by the Harvard Business Review’s examination of the service profit chain and Support Financial has undertaken its own industry wide research that supports the impact of these behaviors especially with regard to Return on Assets (ROA).
But having the answers to the engagement test is only helpful for pointing the way forward. What many organizations need is something to guide their way and teach them how to navigate on their own. This is where having a suite of tools linked to these specific behavioral dimensions is an invaluable resource.
Credit unions should have a toolkit that not only spotlights where to go and why, but measures behavioral performance at the individual level, links specific behaviors to actionable improvements in performance, and drives a specific impact to the customer experience.
HR is a pivotal part of any credit union and this department deserves to be more than a checkpoint in making key decisions. With the right tools, HR professional can become a critical strategic partner in the long term, sustainable success of culture and performance at your organization.
Support Financial acts as a catalyst for organizations, engaging their teams to creating a performance-based culture that is based on actionable behavioral insight. We have consistently created service leaders and front runners in overall financial performance for the industry and help your employees deepen their impact not just to the culture, but to the bottom line. For a free webinar and more information about the R-factor, please contact The Support Companies at 1.800.444.5465, ext. 123 or email email@example.com.