4 minutes
In a 2014 study, human resource consulting firm Aon Hewitt identified a correlation between employee engagement and financial performance. The best employer companies (those marked by strong leadership, reputation, performance orientation and employee engagement) were proved to outperform the total shareholder return of the average company by an average margin of six percentage points. That same study also found that only 65 percent of employees in North America are engaged.
How can you lift employee engagement in your organization? Providing opportunities for employees to give back and participate in their community can be an excellent method to keep them happy, motivated and engaged while also invigorating the surrounding community. Think of it as credit union social responsibility, or CUSR.
At First Tech Federal Credit Union, we believe community involvement is a critical piece of the employee experience. We place a high value on practicing social responsibility and make it an integral component of our company’s culture.
Practicing social responsibility is a commitment made at all levels at First Tech FCU. From executive leadership to branch representatives, CUSR is important to everyone and permeates all aspects of the work experience. Employees are passionate about supporting their communities and causes through charitable giving and community service.
To engrain this philosophy into our culture, First Tech FCU integrates community involvement into regular credit union activities. Since beginning our CUSR program in 2011, we’ve identified the following best practices.
Set goals and follow up regularly. Establish a community service-hour goal for credit union employees, and then report overall progress in regular staff meetings and communications, highlighting select individuals who go above and beyond. We share these stories via our intranet, on social media and in our annual giving report.
We also offer up to 16 hours of paid community service time per employee per year, and encourage our employees to do even more.
Host annual onsite community service fairs. These provide employees a chance to speak with several nonprofit organizations while at work, and learn about the organizations’ missions and how employees can become champions for their causes. This is a great opportunity to help employees who may be unaware of where to volunteer; it encourages engagement and assists them in taking control of how and where they choose to volunteer.
Dedicate one day a month as ‘Community Service Day.’ On this day, branch employees wear volunteer shirts and discuss community service activities with members. This helps members connect the dots with what their credit union is doing both locally and credit union-wide, helping build member relationships and encouraging them to give back as well.
Create a community service portal and share opportunities. Whether online or on the traditional office bulletin board, publish regular internal communications regarding upcoming volunteer opportunities, recaps of past events and reminders about ongoing programs such as fundraisers and drives.
In 2014, we collaborated with Profits 4 Purpose to launch a customized giving portal. This portal creates an effortless giving experience by making it easy for employees to find volunteer opportunities, record community service hours served, share photos and stories about their experience and make cash donations.
Match employee monetary contributions. At First Tech FCU, we match employee contributions up to $250 per year, per employee, making the process simple by automatically matching qualified donations submitted through our online community service portal. Last year, we donated a total of $19,488 through the match program, supporting 119 different organizations.
Through these fairly basic yet vital efforts, First Tech FCU has seen recorded community service hours rise nearly 700 percent in three years. In 2014, First Tech FCU increased employee giving by 55 percent and had 400 employees (out of a total 900 employees) volunteer 16 hours or more.
Developing a robust CUSR strategy has also aided in attracting new talent. We’ve found that potential employees instinctively seek out institutions that demonstrate a commitment to philanthropy that closely matches their personal values.
It has also helped reduce employee turnover. In 2014, 85 percent of First Tech FCU employees who logged community service hours remained with the CU, compared with 62 percent retention for those employees who didn’t record hours.
The choice is clear: Fostering community connections is a sure way to boost employee morale, recruitment and even performance. Don’t delay in starting your own CUSR program.
Chylon Pappas is director/community engagement at $7.35 billion/400,000-member First Tech Federal Credit Union, Mountain View, Calif.
