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Economic uncertainty can test the strength of any workforce, and credit unions, with their member-focused missions, face unique challenges compared to larger financial institutions. But we also know members may not be the only ones facing hardships at any given time and those within their workforce may also face challenges. Through efforts that uphold their values, credit unions can ensure their workforce remains resilient in uncertain economic times by developing thoughtful programs and benefits that address employee financial and mental health.
Unique Challenges and Creative Solutions
Credit unions operate within a framework of limited resources and cooperative principles. Unlike larger financial institutions, they cannot easily raise capital, making it difficult to fund significant initiatives during periods of economic strain. Economic uncertainty also causes member needs to spike, which puts the emphasis on employees to deliver compassionate, high-quality service while also managing their own well-being. The challenge lies in maintaining staff morale and service quality.
To overcome these hurdles, credit unions can support their workforce in creative ways. One strategy is to offer financial wellness programs tailored to different life stages. Rather than providing the same financial education for staff of all ages, workshops can focus on budgeting for younger employees, college savings for parents or retirement planning for those in the middle of their career. Establishing peer-led financial clubs builds a sense of community while enhancing financial literacy, creating an environment where employees can openly discuss and address financial challenges.
Efforts can also be made to assist staff at a deeper, more personal level. For example, Affinity has its own food pantry program, a free and open resource for any employee who may be experiencing food insecurity. The program is fully-funded and supported through monetary and supply donations from Affinity employees. Those who receive the donations remain anonymous.
Another practical approach is to develop a workforce emergency savings fund. Employees could be encouraged to contribute, with the credit union matching these contributions up to a certain amount, promoting financial preparedness and reducing the stigma associated with financial assistance. Institutions can also form cross-functional “resilience teams,” joining staff from different departments to collaborate on boosting morale, streamlining workflows and introducing new skills to individuals across the organization.
The Impact of Community Engagement
Community involvement is another key area where credit unions can build workforce resilience. At Affinity, it’s a cornerstone of our identity. We encourage employees to lead or take part in service projects that align with their passions and the needs of the communities they serve. We also hold an organization-wide community “Impact Day,” where employees from our 20 branches in New Jersey, New York and Connecticut volunteer to assist in various team projects that include park clean-ups, serving soup kitchens and supporting efforts for centers that support the homeless.
Impact Day brings a boost in morale and camaraderie across our teams, while providing meaningful experiences that extend beyond day-to-day work. Volunteering develops key skills like collaboration, problem-solving and leadership, which employees can bring back to their roles, enhancing overall resilience. The emotional rewards of giving back to the community can also boost morale and mental well-being, contributing to a more engaged and fulfilled workforce.
Investing in Well-Being and Skill Development
Investing in employee well-being goes beyond financial support. Organizing annual well-being retreats or workshops focused on mindfulness, stress management and team-building offers a chance for employees to recharge and reconnect with the credit union’s mission. Guest speakers can lead impactful sessions on resilience and mental health, providing tools and insights that leave a lasting impression.
A skill-sharing platform, where employees teach each other new skills like public speaking or creative problem-solving, further fosters continuous learning and mutual support. Performance reviews could be reimagined to emphasize adaptability, recognizing those who excel during periods of upheaval and including discussions about the personal goals and support employees need to thrive.
Creating a Culture of Open Communication
A resilient workforce also depends on open communication. Leaders must set a tone of transparency, sharing updates about the credit union’s financial standing and plans for the future. Establishing safe spaces for employees to voice their concerns and ideas helps build trust and ensures that workforce needs are met effectively. These open conversations can lead to actionable changes that strengthen the organization and foster a culture of mutual respect and understanding.
Building a resilient workforce requires more than just financial support. It’s about building and maintaining a culture of continuous learning, open communication and meaningful community involvement. By investing in their employees holistically, credit unions can ensure their teams remain strong, adaptable and committed to serving members with unwavering dedication.
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