Redefining the Credit Union Workplace

The work paradigm has experienced a significant transformation, evolving rapidly in recent years to adapt to changing times. This evolution has prompted businesses to embrace more flexible work models, including remote and hybrid options. Credit unions are no exception.

This statement is not a surprise for those of us working at credit unions during the pandemic. At the onset of the pandemic, the credit union industry proved it could quickly adapt, putting systems in place to carry out essential operations to care for members, even during the most challenging times. We all learned through that experience how to better prepare employees to perform their tasks without always being physically present in the office.

Now, it’s crucial for credit unions to fully embrace these flexible work models. Doing so is not only beneficial for cost-savings and business continuity, but essential for culture and cultivating an attractive workplace for a sustainable future.

Cost Savings and Operational Efficiency

Let’s start by looking at the hybrid work model from an enterprise perspective. When credit unions allow employees to work remotely regularly, the need for extensive physical office space is greatly diminished, allowing them to allocate those financial resources elsewhere rather than investing them in cubicles and other office furniture.

Establishing a hybrid work model also means that at-home computers and other equipment should be considered “sunk costs.” Adopting this perspective empowers credit unions to strategically allocate dollars elsewhere as they create a more flexible and adaptive working environment.

Face-to-face conversations remain vital, but the hybrid work model challenges the notion that every interaction must happen within the physical confines of an office. Having said that, it is a good idea to design collaborative spaces for meetings and other in-person interactions for employees who need or want to be in the office environment.

Business Continuity

One of hybrid work’s most often overlooked benefits is its role in business continuity. In the face of natural disasters or unforeseen circumstances, like an unprecedented worldwide pandemic, credit unions can continue operations seamlessly to meet the needs of their members. In today’s unpredictable world, the ability to instantly shift to conducting work remotely is necessary.

Culture, Recruiting and Retaining Staff

Embracing a hybrid model goes well beyond improving your bottom line and enabling business continuity. More importantly, it brings many benefits related to recruiting and retaining staff, making credit unions more attractive workplaces.

The pivotal factor lies in work/life integration – recognizing that a harmonious balance contributes to employee stress relief and reduced turnover rates, saving time and money in the long run. As we’ve seen across many industry sectors since the pandemic, employees excel in hybrid environments, having the best of both worlds. This shift can catalyze long-term employee satisfaction, increasing loyalty and commitment.

Strategic Considerations for Specific Roles

While advocating for hybrid work, it’s crucial to acknowledge that not all positions can seamlessly transition to a remote setting. Member-facing roles, especially those in branches, demand a physical presence to provide personalized service. However, it’s possible for management and sales teams, with a mixture of independent and collaborative work, to maintain the same productivity levels without being tethered to a desk.

For example, the onboarding process for new hires, particularly young employees new to the workforce, may necessitate in-person training and interactions for at least an initial period.

In short, recognizing the nuances of different roles allows credit unions to tailor their hybrid work policies accordingly.

Adapting Management Strategies

The key to completely (and successfully) embracing the hybrid work model requires one key element: Trusting your teams and allowing flexibility without confining them to a rigid structure. For many roles within a credit union, their location is independent of their ability to perform the tasks at hand.

The shift to hybrid work requires a fundamental change in management paradigms. Managing hybrid teams demands a focus on productivity rather than presence, and clear articulation of performance expectations is vital.

Allowing flexibility in employees’ schedules is not just an option; it’s a necessity. Recognizing the realities of contemporary family life (childcare, senior care, etc.) and adjusting timelines and work deadlines accordingly fosters an environment where employees can survive and thrive.

Managers and decision-makers must consider alternative avenues, such as flexible schedules, to adapt to the changing norms.

Forming Your Hybrid Work Policy

If you are considering adopting a hybrid work policy or need to fine-tune one that is already in place, below are some best practices to keep in mind.

Set ground rules: Define conditions employees need to meet in regard to what is expected, including dress code, workspace and overall work environment. Outline the hybrid schedule that works for your specific credit union, specify the number of remote workdays and the designated days for remote work, and outline the core working hours for your employees. To provide structure, we set parameters for onsite presence during critical periods like onboarding, the first 90 days and specific team meetings.

Collaboration: In a hybrid work environment, it’s essential for everyone to collaborate efficiently and maintain productivity. Our credit union leverages business communication platforms like Microsoft Teams to facilitate seamless collaboration. To ensure effective communication, we prioritize one-on-one meetings and daily huddles, and provide feedback for specific tasks using project management tools. This integrated approach enhances teamwork and keeps our team well-connected.

Eligibility: From a logistical point of view, not everyone at your company will be eligible to participate in a hybrid work environment. Before rolling out a hybrid work policy, define and communicate which roles are eligible and why.

Security: Work with your information technology team to outline expectations and equipment that your team members will need to keep data secure. This ensures a seamless integration of security measures and provides necessary tools for safeguarding sensitive financial information.

Preparing for a Sustainable Future

The trajectory toward hybrid work for credit unions is not just a response to a global crisis but a strategic decision with long-term implications. By navigating the complexities of remote work, credit unions can continue to position themselves to create sustainable and adaptable workplaces.

Enhanced employee satisfaction, cost savings and operational efficiency position credit unions at the forefront of a transformative era. Embracing hybrid work is not just about adapting to change; it’s about redefining the credit union workplace for a more resilient and prosperous future.

Keith Hrnyak is CFO for the $754 million, Houston, Texas-based Members Choice Credit Union.