By Sarah Snell Cooke, Principal, Cooke Consulting Solutions

The time has come for the credit union community to think about its mortality. The credit union community comprises human beings, and we all have one thing in common: Eventually we all move on. The more seasoned among us have a wealth of knowledge that must be passed down to the next generation of credit union leaders, so we need to ensure we attract and retain the Gen Xers and millennials to carry on the torch, even if it’s not quite as we would have it, after we’re gone.

Younger people sneak a peek at your board and employee composition, one credit union board member pointed out during the Feb. 25, 2018, Underground Collision in Washington, D.C. Building trust is critical with the younger generations, and they want to trust your company is actively seeking diversity in every form. Plus, well-rounded organizations have been shown to be more stable and safe.

Read more of what was discussed regarding aging and diversity at the Underground Collision in Washington, D.C., here.

When you have up-and-comers working hard for your credit unions, you must work to keep them engaged. It is difficult, but it is essential. One Gallup survey found just 13% of employees are vigorously engaged at work, which means 87% of employees are not engaged. Disengagement leads to greater absenteeism, higher stress levels and more expensive benefit programs. “Your Mother Was Right,” a book by Sandra McDowell, she wrote that more than $350 billion a year is lost to disengaged employees in North America. An Aon Hewitt report, she added, found a 5% increase in employee engagement correlates to a 3% increase in revenue.

A Hay Group study reported highly engaged employees are 87% less likely to leave, which we know is an expensive proposition. And, according to Gallup, engaged employees are 21% more productive than those who are not.

Regularly and consistently conveying the corporate strategy is a good place to start, but it must be done in a way that recognizes the wants and needs of your audience. It will mean different thing to different parts of your organization. Carefully consider how it should be conveyed from executive management to senior management to mid-level and to your credit union’s front line. If the strategy is a bunch of MBA-style jargon, it does not mean anything to the teller at the drive-thru or your digital marketing manager. What is going to make it real and meaningful for them? Managers must be prepared to explain how each employee's role ties back to the corporate strategy.

The Underground Community is all about helping credit unions forward by looking back to their roots. If this sounds like you, please join us for FREE by clicking here!

According to Gallup, employee engagement programs fail for two key reasons, either the managers are not provided the proper education and development beyond key performance indicators or companies are not choosing the right managers. Success at a lower level or time with the company does not qualify someone to lead a team. Only 10% of people are naturally wired to be strong leaders, Gallup reported, so executives and managers must be picky! The company added that employers only hire the appropriate talent 18% of the time, but that can be improved through psychological assessment, better interview questions and other means.

Officevibe data show that lack of recognition is the No. 1 matter affecting their engagement at work. The next key factor affecting engagement at work is wellness and work’s impact on their personal lives. In fact, 57% of employees WOULD NOT recommend their employer as a good place to work! The factors contributing the employee engagement was not only about what they can get from the company, but also how they can grow within the company through good work. More than half of employees don’t believe they have advancement opportunities. Other issues included manager and colleague relationships, lack of regular feedback, general happiness, job satisfaction and the company’s alignment with their personal values.

A main focus of the Underground Community is helping credit unions create a brighter future, and that includes for the employees! If you’re interested in becoming involved, please join us for FREE by clicking here!

Ironically, more than 80% of TalentKeepers’ survey respondents have ranked employee engagement as a top strategic priority, according to EHS Today, yet employee engagement budgets have been slashed across America for the third straight year. Some level of funding covered 71% of employees in 2014, but at the same time leaders have claimed it’s a top priority employee engagement funding covered just 61% of employees in 2016. Credit unions, no doubt, have a better chance of personal value alignment with employees than most companies, but the next time you say your employees are your credit union’s greatest asset, consider whether you’re demonstrating that by investing in them.