How Credit Unions Can Lead With Diversity, Equity & Inclusion

Credit unions are increasingly recognized not just for the services they provide to enhance the financial well-being of their members but for their role in fostering community well-being and social progress. Building and sustaining a workplace for everyone to feel welcome and thrive requires a commitment to understanding and addressing the diverse needs of both members and employees. This can transform organizational culture, and enhance employee and member satisfaction and loyalty.

One tangible way credit unions can make strides in equity and inclusion is through the development of specialized roles and programs focused on financial well-being. At Affinity, we recently launched our Certified Wellbeing Coaches program. Over 40 employees have been trained to provide judgment-free support and guidance on topics including credit, foreclosure, bankruptcy, taxes, insurance and identity theft – all possible roadblocks a member may approach in their financial journey. Our coaches become allies to members, guiding them through financial challenges and decisions with empathy and understanding. Outside of the walls of our branches, we engage with the broader community through financial reality fairs and partnerships with local higher education institutions.

By championing diversity and inclusion, we send a powerful message of solidarity and safety to our members, encouraging an environment where open dialogue and mutual learning are routine. When members feel seen, heard and respected, they are more likely to develop a deep, lasting connection with their credit union. This is particularly true in an era where consumers increasingly seek out organizations that align with their values and offer more than just financial services.

In isolation, member-focused DEI initiatives can enrich the culture among the staff, but additional efforts focused on employees can provide a wide range of benefits that ultimately trickle down to the service provided to members. At Affinity, creating an environment where employees are encouraged to be their authentic selves and share their diverse experiences has led to a more engaged, innovative and fulfilled workforce. We’ve established Employee Resource Groups (ERGs) and a Diversity, Equity, and Inclusion Council. Through regular seminars, workshops and educational sessions, we’ve fostered a culture of continuous learning and openness, which has significantly contributed to our team’s well-being and our collective success. By valuing authenticity and diversity of thought, we’ve created a fertile ground for innovative ideas and creative solutions to flourish. This environment not only drives our organization forward but also enhances the quality and creativity of the services we provide to our members and the community.

Our efforts to promote equity and inclusion extend to organizations that rely on support of the community. We partner with Deirdre’s House, a New Jersey-based nonprofit that supports victims of child abuse and neglect, as well as Market Street Mission, which provides services and support for the homeless, poor and those struggling with addiction. I’m always humbled to hear stories from staff members who make the time to support organizations throughout New Jersey, New York and Connecticut. Our community service initiatives further cements our institution’s role in the areas we serve, fulfilling our mission of “people helping people.”

The pivotal role of leadership in championing these values cannot be overstated. The example set by credit union leaders, through their commitment to diversity and inclusion, is instrumental in embedding these principles into the fabric of an organization’s culture. I believe the approach taken by our leadership to DEI has not only inspired our entire team but has contributed to the benchmark set for the credit union industry, demonstrating the profound impact of leading with empathy and inclusiveness.

We recognize that the landscape of equity and inclusion is continually evolving, presenting new opportunities and challenges all the time. As credit unions, our commitment to staying ahead of these changes is guided by a philosophy of listening and learning. By providing a platform for our staff and members to express themselves and feel valued, we are not merely responding to emerging trends; we are actively contributing to a more inclusive and empathetic future. Credit unions must also remain agile, continuously seeking new ways to enhance equity and inclusion efforts to better serve members. This might involve embracing new technologies, exploring unconventional partnerships, or simply creating more opportunities for members and employees to voice their needs and experiences. By doing so, credit unions can stay ahead of societal trends and ensure they remain relevant and responsive to their communities.

Our journey toward greater equity and inclusion is a testament to the belief that these efforts are not just beneficial but essential for the enrichment of our community, the enhancement of our services, and the success of our organizations. As we embrace these values wholeheartedly, we lay the groundwork for a future where every individual has the opportunity to thrive – a future that mirrors the best of what we stand for.

Pam Cohen is Chief Administrative Officer for the $4.2 billion, Basking Ridge, N.J.-based Affinity Federal Credit Union.