Credit Union Benefits: Give Employees a Raise at no Cost to You

In times of economic uncertainty, it is important to be creative with the benefits offered to employees. One of the best benefits that a company can offer to its employees is a credit union membership. Many credit unions will agree to give memberships to the employees of a certain company. For a company, this is just like offering a raise, but at no cost to the company. It is a valuable employee benefit that is effective on more than one level, as it not only provides financial advantages, but also offers an emotional connection to the company.

On one level, the credit union membership as an employee benefit provides direct monetary advantages. Most credit unions offer lower interest rates on loans and higher returns on savings accounts. In this way, it is very like offering a raise to employees. Lower interest rates on mortgages and auto loans means more money in the pocket. Higher annual percentage yields on savings accounts and CDs also puts more money in the employees’ pockets. By providing a way for employees to better put their money to work, companies can offer a way for employees to keep more money, and it really is much like getting a raise.

There is also an emotional side to using a credit union membership employee benefit. When a company takes the time to find and recommend a financial institution that give premium rates and special services at lower cost, it sends a message that the company cares about the financial wellbeing of its workers. This translates into a more positive working culture, and one in which high quality is important, as employees who feel valued are more likely to work well.

Some of the other benefits that come with credit union membership and that can be seen as benefits to employees are things like special auto financing, low rate institutional credit cards, and free checking (often with no minimum balance). Additionally, many credit unions offer special deals to their members on things like amusement park entrance and hotel discounts. Also, many credit unions offer one-on-one personal service for loans, and make fast loan decisions.

Credit union membership is a low-cost benefit that anyone in your company can take advantage of, and it does not cost your business anything. Show your employees that you care by offering them a benefit that provides tangible financial advantages, as well as fun and convenient perks.

Nontraditional Employee Benefits

With an ever-increasing emphasis on quality of life, many companies are offering nontraditional employee benefits in lieu of more traditional benefits like raises. Additionally, some of these alternative benefits are offered in order to help reduce the sting felt by employees as insurance premiums go up, and employers find themselves unable to pay as much as they once did for health benefits. Here are some nontraditional employee benefits that can let employees know you care about their wellbeing, but that cost the company little (often less much less than an outright raise) to nothing.

Credit Union Membership. Joining a credit union gives you more options for helping your employees do more with their money. The benefits of membership include attractive loan rates for homes and autos; highly competitive interest rates on credit cards; and personalized services that address individual financial scenarios. Employees appreciate the benefits that credit union membership offers and it costs you nothing to give them access to higher yield CD’s and other savings/investment vehicles.

Optional unpaid leave. This is becoming an increasingly popular benefit. In addition to traditional paid holidays, some companies offer optional unpaid leave. This means that an employee can take some time off after paid leave is gone. A cap on days is necessary, of course, but many employers find that workers will take 6-9 days of unpaid leave at various times throughout the year, even though it means forfeiting some money. Offer it as a choice, and employee morale will improve when they know that they have additional vacation options.

Paternity leave. Paternity is a nontraditional employee benefit that is on its way to becoming standard in the corporate world. It is up to the employer to determine whether or not it should be paid, but it is something that lets workers know that the company understands and values the importance of family, and a man’s desire to be a good husband and father.

Discounted gym memberships. Many local gyms give discounts to companies who sign their employees up. This benefit can work one of two ways. The first is for the gym to offer a discount of anything from 15 to 30 percent to employees. The other is for the gym to offer a discount to the company for each membership, and then the employee pays half that while the company pays the other half of the discounted membership. The employee’s half can be taken directly out of her or his paycheck.

Free skill upgrade seminars. Arranging classes and seminars to employees that help them upgrade their skills or learn how to more effectively do their jobs can contribute to the employees’ self esteem while at the same time providing for a more competent workforce. Likewise, general classes on things like investing or family budgeting are also beneficial and can help employees feel more satisfied about working for a company.

The Costs of Frequent Employee Turnover

When a company experiences frequent employee turnover, it loses more than just skilled employees. It loses money. Retaining skilled employees is worth a little extra trouble, as the costs of keeping a competent performer in your company are much lower than trying to replace that person altogether. The cost of replacing a skilled employee is right around 1.5 times that person’s annual salary. Therefore, if you have a worker who makes $30,000 per year, replacing him or her will run you about $45,000.

The costs of replacing an employee include the money spent to advertise the vacancy, work lost due to the vacancy, time lost by management to interview prospective employees, and time to train the new employee. Plus, you have to factor in work lost during the new worker’s learning curve period. If you keep that employee by offering a raise, or by making your company a better place to work, then you can save thousands of dollars. If your company experiences frequent turnovers, imagine how much you could save by simply improving aspects of the job and retaining a majority of your employees on a regular basis.

Interestingly enough, frequent employee turnover has more to do with job satisfaction than it does with how much someone may be making. Unless a position in another company offers a significantly higher wage, most employees will stay in a company that offers better benefits or a nicer work environment. When workers are happy in their jobs, they tend to do higher quality work. Simply by fostering a positive environment, you can retain employees with desirable skills. Money will only motivate someone so far; after that quality of life comes in to play.

Luckily, there are a few things that can be done to improve the work environment that are not terribly costly. Purchasing plants can brighten a room, plus they improve air quality in confined spaces. Additionally, studies suggest that they can lessen mental fatigue. Offering benefits like credit union membership, optional unpaid leave, and gym memberships can also improve employee morale. Sincerely praising skilled employees for jobs well done and offering bonuses like a dinner for two or a gift card to a local store are little ways that show workers they are appreciated.

While employee turnover is a fact of life, frequent turnover can be devastating to a company’s profits. Most workers are happy to stay if they feel valued, and feel as though they get more out of their jobs than money. By providing a little extra incentive to employees, you can stop frequent turnover and retain skilled workers, thus maintaining quality and saving the company money.

The Sensitivity of the HR Role

There is much to be said about the human resources (HR) role in a company. Most people tend to dismiss the HR department, but this is a grave mistake. The HR department is an important part of the company. It is vital to creating a company that has an efficient and productive atmosphere. The idea behind the HR role is that people are, in fact, resources. The HR department is supposed to make sure that the company’s most important assets (its people) are working well. And sometimes that means observing morale trends and suggesting things that will boost morale.

The HR role is not just hiring and tracking progress. It is also making sure that the work environment is a non-hostile, positive place to be. The HR role requires sensitivity and discretion, as this is the department that handles drug testing, sexual harassment issues, employee disputes, and performance reviews. It is also the department responsible for helping employees understand available benefits, such as credit union membership, offered as well as making sure that a company’s non-discrimination policies are enforced. All of these jobs require a measure of human understanding and sensitivity to a person’s viewpoint and feelings. When an employee feels fairly compensated, treated and respected, she or he is much more likely to do a good job and to stay with the company.

It is true that many HR roles, such as payroll, benefits management, and even some hiring and performance tracking, are being increasingly outsourced. And while this can lead to more money for the company, it is also creating some problems. There is a wealth of sensitive employee information that is associated with HR functions. Additionally, an outside company may not fully grasp the unique feel of your company. When deciding whether or not to outsource HR functions, it is important to examine the sensitivity of the HR role within your company, and what you might be risking when you take it outside.

There is little doubt in the minds of most business owners that some sort of HR role must be present in a company. A competent HR director and staff can help the company achieve dynamism and play a significant role in the retention of skilled employees. The sensitivity of the HR role is such that it can help define a workplace culture. When that culture is poor, it can result in frequent and costly turnover and low quality. But, on the other hand, if the culture is good, there is no limit to what a company can accomplish.

Good Work Environment: It Starts at the Top

Good leadership is essential in any successful company. Good leadership is the kind of leadership that inspires employees to do well and it is the very thing that promotes a truly great work environment. The culture of a workplace is often what determines whether or not quality employees stay with a company. If a business wishes to foster a positive atmosphere around the office, it is imperative that the efforts start at the top. Good leadership must be present, and leaders must show that they are positive, and that they care about their employees.

Most employees leave a job because of the work environment. Skilled workers who know their worth do not long work for a poor leader if they do not have to. The moment a better job offers (even one that may pay a little less), they are gone. The employees who are worth having are employees who know that a successful company starts at the top with its leaders. When the top brass in a company makes the effort to create a positive work environment, then the employees will feel valued and follow suit. What results is increased creativity, productivity, and quality.

One of the essential characteristics of a good work environment is a pervading positive attitude. Now, everyone will have a bad day on occasion, but that does not mean that the over all environment cannot be a positive one. But it starts at the top. The company’s leaders need to show that they are positive. This means sincere praise for a job well done and encouragement during projects. It can also mean tactful and constructive suggestions for job improvement. A positive attitude does not mean always being smiley and bubbly and loud. What it is: approachability, respect for others, and eschewing negativity when possible.

Fighting for employees is another thing that fosters a good work environment. Offering nontraditional benefits such as credit union membership, family leave policies, tuition reimbursements, optional unpaid leave, and reduced childcare show employees that you are fighting for them, and that you care about the other things going on in their lives. They will appreciate this, and show their appreciation with company loyalty and continued high quality work. Meaningful benefits for employees start at the top, as it requires some careful thought on the part of leaders to understand needs and then to meet them. A good work environment is one in which employees’ feel they are accomplishing more than simply earning a paycheck. It starts at the top with a positive attitude and genuine concern.

Access to Credit Unions Is What Employees Want

There are a number of things which an employee craves when looking to obtain a new job. The first feature that many prospective employees consider prior to accepting a position with a new employer is salary range. Then perhaps benefits would come as a close second to salary. Following not far behind may be maternity leave, vacation time and office space. However, one of the features that is often overlooked by the employers is the attractiveness of access to credit unions which will help to draw a good candidate into the company.

Reasons Credit Unions Appeal to Employees

Having access to a credit union is very appealing to an employee. There are many factors related to credit unions that make this type of membership a must have on prospective employees lists. Credit unions are not-for-profit financial cooperatives that offer quite a few good benefits to the members thereof. The credit union is an institution which is owned entirely by its members. Credit unions offer low cost loans to its members by utilizing money that is collected from the savings of other members. Members will receive dividends once the credit union has taken care of all the necessary costs that are needed to be paid in order to keep the credit union up and running. Any left over money is distributed amongst the members as a type of bonus.

In order to join a credit union, you must be a member of a particular organization. Employees may fit into a category of this type if their employer is a member of a particular credit union. Once the employee is hired, he/she can obtain membership status and take advantage of the many offerings which the credit union provides to its members. Employees of a company that qualify for this membership may request low interest rate loans, receive dividends and be eligible to receive bonus dividends. Credit unions are also highly thought of by employees in that the purpose of such an institution is for the good of its members and not to make money. These are extremely attractive incentives for potential employees to consider when they are deciding whether or not to accept the job offer.

Employers should seriously consider offering credit union membership to their employees as this is a wonderful way to obtain good employees that will be happy to have credit union access offered as a benefit of their working at the respective company.

How to Motivate Employees and Make Them Love Their Jobs

Due to frequent turnover in various jobs and occupations, employers often wonder how they can best motivate their employees to do their best work, make them happy and therefore, convince them to stay with their company. Although not always utilized, there are a number of ways employers can do so. For the most part, employees just want to make a living and enjoy their jobs while doing so. The employers are the ones that can make this happen. 

Credit Unions as a Way to Entice Employees

There are the usual attractive incentives that make employees want to stay in a certain position or with a certain company such as a good salary, large amount of benefits, flexibility, and good work environment. Another incentive that often attracts employees like moths to a flame is that of access to a credit union. Credit unions are not-for-profit financial cooperatives. These cooperatives are owned solely by the members that are a part of the credit union and therefore provide a primary reason for individuals wanting to keep their money in a financial institution of this sort. Because credit unions work for the good of its members, the employees keeping their money in these cooperatives feel more confident that every move the credit union makes will be to take care of the people within it and not simply to make money. 

Credit unions provide many good benefits to the members within the group. Members are able to get low interest rate loans that are accomplished by using the money which has been put into savings by its members. Employees also like to utilize credit unions due to the fact that they receive dividends once all overhead costs are paid. Should there be extra money at the end of each designated statement period, the members may also receive bonus dividends or loan interest rebates. 

If employers have tried all of the other usual incentives besides credit union membership and are still falling short in the area of retaining good employees, perhaps the employers and companies should look into getting this type of membership set up. By dangling the offer of credit union availability before the prospective employee, the employer might just be sealing the deal. The added benefits that are concomitant with credit union membership may just make a prospective employee accept the job and a current employee stay with their employer. This is just one more thing that may make the employee a little bit happier on the job.

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The Top 10 Reasons Employees Leave Their Current Job

There are quite a few reasons employees leave the comfort of their current position and head out into the world of resumes and job interviews. As there are many personal reasons for leaving a job, this article will highlight the top ten reasons employees do so and give some helpful advice as to how employers can retain more of their workers by giving them a valuable incentive such as a credit union membership.

1. Salary Increase - Perhaps one of the most highly cited reasons why an employee will leave their company for another one is for a salary increase. With the increasing costs of living these days, salary is an important reason for choosing to move on to a different company.
2. Health Insurance Benefits - A second reason for leaving current employment is due to the lack of any health insurance benefits or the need for a better benefits package. 
3. Search for a Better Work Environment - Oftentimes an employee will choose to work for a different company in order to find a better work environment in which he/she may be able to work more efficiently within.
4. Vacation Time - Certain companies award vacation time on a less than speedy timeline and sometimes employees would like to receive more vacation time than what they are getting at their current company.
5. Sick Leave - Employees may leave their current company in search of a company that offers larger amounts of sick leave, especially if the employee has a specific health problem where sick leave is crucial.
6. Childcare - With the large amount of working women these days, access to company-provided childcare is a great incentive that may cause employees to switch to an employer that offers such a program.
7. Shorter Commute - If an employee has a long commute to and from work that is getting tiresome, the desire to switch jobs may become an issue.
8. Company Size - Sometimes an employee that works for a large corporation wants to make the move to a small company or vice versa.
9. Office Hours - If an individual is working a lot of overtime and is growing weary from doing so, shorter office hours at a different company may be too attractive a feature to resist.
10. Added Benefits - Employees may find that other companies offer larger amounts of benefits to their employees such as 401Ks, gym memberships and more. One important added benefit that attracts a number of employees is access to credit unions and this topic necessitates further discussion.

Access to credit unions is a highly desirable feature. When a company can provide credit union membership for its employees, that company is in some way giving their employees extra money in their pockets. With credit union membership, the employees can obtain low interest rate loans and dividends on savings. Furthermore, that individual feels secure in knowing that the credit union, which is run by its members, is working for the benefit of the employees and not to make money. These are reasons why credit union membership may help to keep employees from leaving the company.

The Top 10 Reasons Employees Stay On the Job

Employees choose to stay with their company for a variety of reasons. Sometimes it relates to personal reasons such as salary or benefits and other times it deals with factors surrounding the company itself, i.e., the company is a Fortune 500 company. Whatever the reason may be, there are companies out there that have a wonderful worker base and they seem to do a good job retaining their employees. It is important to highlight some of the reasons why employees want to stay with their current company and mention in more detail one particular reason why employees stay put which is access to credit union membership.

1. Credit Union Membership - Perhaps one of the more highly revered incentives for staying on with a particular employer is the offering of credit union membership. This is a wonderful benefit that many more employers should utilize. It provides comfort to the employee who knows that their money is in good hands, easier access to low interest rate loans, ability to obtain dividends on savings and bonus dividends from the credit union. The credit union is a not-for-profit cooperative and this fact alone makes credit unions a highly desirable institution. The employer that offers this type of incentive may just have an employee for life.
2. Health Benefits - It is usually a toss up between benefits and salary as to which is more important to employees; however, with the rising cost of healthcare these days, health benefits usually come in first when asking why employees stay on the job.
3. Salary - A close second would be salary range. If an individual is receiving a good salary, they are less likely to leave.
4. Good Coworkers - If an employee likes his/her coworkers, that individual will be more hesitant in leaving for another company where the coworkers may not be as nice.
5. Office Hours - This is an especially important factor for working moms who want to work outside of the home but need to be home at a specific time for their children. These types of employees are more likely to stay on with a company if that company is flexible with office hours.
6. Childcare - Certain companies offer childcare right on the premises which may be too attractive a feature to leave behind.
7. Vacation Time - When employees work for one company for a long time they often bank up a great deal of vacation time. If the employee were to leave for another company, they would be back to square one with regard to acquiring vacation days.
8. Sick Leave - Sick leave like vacation time is usually awarded with regard to number of years of service. Employees like to gain additional sick leave with their current company as opposed to switching jobs and starting over with two or three days of sick leave during the first year.
9. Distance from Home - Many times an employee will choose to work with a company and stay with that company if their office is close to home.
10. Popular Company - Sometimes an employee that works for a large, well-known company will be more inclined to stay on and build up years of loyal service so that when the time does come to change jobs, they are thought highly of by their new employer.