MSU FCU Honored for Exceptional Employee Benefits Programs

EAST LANSING, Mich. – Don’t look for employee benefit cutbacks at Michigan State University Federal Credit Union. In fact, the $1 billion credit union was the only credit union listed on The Principal 10 Best Companies for Employee Financial Security. “It’s a great honor to be recognized,” said MSU FCU President/CEO Patrick McPharlin. “Our employees are our number one asset and we are committed to selecting, providing and managing benefits that work for them.” The Des Moines, Iowa-based benefits and insurance provider Principal Financial Group’s program recognizes those small to mid-sized businesses that are maintaining or increasing benefits to boost employee loyalty and attract new staffers. Principal received 1,870 nominations, with 280 companies going through the application process. Rounding out the 10 best list include DEF Industries; Delta Dental Plan of Iowa; Farmers Mutual Hail Insurance Company of Iowa; Hypertherm, Inc.; Lancet Software Development, Inc.; MEEMIC Insurance Company; Noesis, Inc.; Parr Instrument Company; and Strata Environmental Services, Inc. “At a time when many employers are having to cut back their benefit offerings, MSU Federal Credit Union has really stepped up to prove it cares about its employees’ long-term financial security,” said PFG Vice President Carey Jury. The average voluntary turnover rate at the 10 best companies was 4% compared with a national average rate of 12% last year. In addition, winning companies also focused on retirement benefits and used methods ranging from paycheck stuffers and newsletters, to seminars in efforts to inform employees about their retirement benefits. According to Jury, MSU FCU was selected because of “its outstanding employee and financial benefits, employee development and unique approach to communicating the importance of benefits.” Some of the MSU FCU benefit program highlights include offering employees 401k contributions up to 5% matched by the credit union; free dental insurance; and a choice of health plans where employees can either opt to have costs picked up by MSU FCU or stay with last year’s insurer and be responsible for a portion of the cost. In addition, staffers can carry over sick time and get reimbursed for any leftover vacation time. Those MSU FCU employees retiring with significant sick time accumulation are also reimbursed for at least half of total sick time accumulated. With a younger base of employees ranging from their late 20s to early 30s, the human resources team of seven does what it can to make employees feel appreciated. From sponsoring a fun FISH! Week where every department prepares and performs morale building skits and songs, to a “Pat on the Back” where employees earn points as reward for peer thanks, which can be redeemed for gift certificates or movie passes. “Our HR department really thinks up lots of ways to make it fun to come to work,” said MSU FCU Vice President of Marketing Joyce Banish. “The family environment we foster here is very important to keeping our employees happy and makes for a great work environment.” Recently the credit union celebrated reaching the $1 billion milestone by throwing a bash Willy Wonka style- complete with a lunch buffet and plenty of human resources staffers decked out as Oompa Loompas. “It was such a great way for us all to celebrate our success,” said Banish. “We always make sure that our employees know that we recognize and appreciate their hard work.” Banish says that even the little perks such as the free coffee, teas, juices and cocoa that are available to staffers every day or covering their parking fees goes a long way to employee happiness. In August, when students return and over 3,000 accounts are opened a week there is always time to squeeze in an employee appreciation day to rejuvenate staffers. In addition, every year employees get dressed in their finest for dinner and dancing at the Crystal Awards, which is like Oscar night says Banish. “It is lots of fun,” said Banish. “The crystal award recognizes an outstanding employee who is nominated by his or her peers, but we make sure everyone walks away with a prize or gift. After all their hard work we try to share the credit union’s success with them.” -