Can money motivate credit unions to up their ante for advocacy?
The Cornerstone Credit Union League, which launched a monetary reward engagement program last year, is trying to find an answer to that question.
And in January, the Credit Union Association of the Dakotas mimicked Cornerstone's program in the hopes it would increase engagement from its 78 affiliated credit unions.
While it's unknown whether this program will improve member engagement, it is attracting attention from other league CEOs. However, they're taking a different approach when it comes to keeping their credit unions engaged.
Michael A. Delker, senior vice present of credit union relations for the Cornerstone league, said the MEP was designed to make its 534 affiliated credit unions aware of their current engagement level, educate them about the league's benefits and services, and grow engagement levels by providing an incentive for credit unions to use more services.
Credit unions in Arkansas, Oklahoma and Texas earn points for participating in league and CUNA programs, events and activities in 20 different areas under five categories of advocacy, regulatory/compliance, education/training, initiatives/outreach and products/services.
For example, a credit union can earn one point for registering one person to attend a major conference and up to five points for registering more employees from the credit union for the conference.
Credit unions with point totals in the top 20% in each asset category then receive a $500 credit that can be used the following year toward league dues or new services. Credit unions also can donate the $500 to the Cornerstone Credit Union Foundation.
Jeff Olson, president/CEO of the Dakotas association, said he is hoping his organization's newly launched reward program will also help move the member engagement needle.
Even though the overall engagement of the Dakotas association's credit unions is strong in many respects, some areas of engagement need improvement, he said.
"I think it's an effort that we put forth with the board's support and blessing to offer our members by saying, 'Hey, we have some great programs. We appreciate your continued support and we want to give you the opportunity that by staying engaged and by getting more people involved you can save your credit union some money,'" he said.
Patrick LaPine, president/CEO of the League of Southeastern Credit Unions, said he is intrigued by the reward member engagement program and plans to develop a similar program for Florida and Alabama credit unions.
"I think it's a great idea," LaPine said. "I'm looking at more data on it to understand what can be achieved, how to track it and how to reward. It's on our to-do list for the year."
But LaPine said because every league is different, he doubted a rewards-based membership program will become a trend. For leagues that already have a high level of engagement, a rewards program wouldn't be needed, he noted.
For example, the Northwest Credit Union Association, like other trade groups, boasts a high level of engagement from its credit union members.
"We have a saying here internally that engagement is everybody's job 100% of the time," Northwest Credit Union Association President/CEO Troy Stang said. "We look at engagement in a live setting on a regular basis."
Last year, the Northwest association recorded 7,300 touchpoints or engagement in advocacy, community awareness and program activities with its 160 credit unions in both Oregon and Washington.
"I think our members of the association are more engaged because they get that we produce strong advocacy, which leads to strong results and a better operating environment," Stang said. "We couldn't do that if our members weren't engaged in our programming."
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