August 30, 2022 — The Great Resignation has made it difficult for businesses to retain and attract talent, but the institutions on this year’s Best Credit Unions to Work For list have figured out what it takes to be a great employer.
Seventy credit unions made the list this year. The institutions are headquartered in more than two dozen states and Washington, D.C., and range in size from just 28 employees at Southwest Financial Credit Union in Farmers Branch, Texas, to more than 3,000 at America First Credit Union in Riverdale, Utah.
The winners were selected through two different surveys with the help of Best Companies Group. The first survey examines employee satisfaction and covers eight areas, including leadership and planning, corporate culture and communication and overall engagement. An institution needed at least a 40% participation rate in the survey, and on average at least 80% of respondents had to answer “agree strongly” or “agree somewhat” across the different topics.
This data found that the employees at the credit unions that made the list were happier in a variety of areas compared with the institutions that didn’t make the cut. For instance, employees at the winning institutions reported having a better work-life balance, receiving more effective corporate communication from management and being given more authority to make necessary decisions. Overall, these staff members were more willing to recommend working for their credit union to a friend.
The second survey evaluates the benefits and policies of each credit union. Some of the winners lavished employees with monetary perks, such as picking up the tab for monthly health insurance premiums or providing significant matches to retirement plans. Others created a fun work atmosphere with frequent parties and friendly competitions. Some also focused on professional development by offering leadership courses or reimbursing tuition payments for those continuing their education.
#1 Credit Union: Colorado Credit Union
President and CEO: Mike Williams
Assets: $310.1 million
No. of employees: 62Interesting fact: The credit union uses Fond, a recognition platform similar to social media. It allows employees to recognize each other publicly or privately. Their colleagues can then see these recognitions and comment and like them. All the recognitions are tied to Colorado Credit Union’s values and come with points that can be redeemed for gift cards, charitable donations or swag and other items. Through the platform, the credit union also hosts quarterly awards and wellness initiatives.Unusual perk: Staff members receive free will preparation through the employee assistance program.
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