Incentives Help Credit Unions Lead with Top Performers
MADISON, Wis. - When it comes to keeping top performers onboard and happy, it may be time for credit unions to get more creative with their incentive plans. According to a recent CUNA Center for Research & Advice 2006-2007 Incentives Survey, a majority of credit unions that offer employee incentives feel that their plans have increased employee satisfaction levels and/or improved employee retention. Some 82% of credit unions with $1 million or more in assets that offered employee incentives also feel that their programs have helped to improve the credit union's financial performance. In addition, the survey finds that money continues to top the list of offerings with nearly 40% of credit unions with $1 million or more in assets providing full-time staffers monetary incentive payments as of year-end 2004. While offering incentives may go a long way in retention and employee satisfaction efforts, the survey emphasizes that there is no one-size-fits-all magic bullet and if improperly executed can actually have negative effects on employee morale and the credit union's bottom line. The survey is designed to give credit unions an overview of the key points credit unions should consider before implementing any employee incentive plan. The report uncovers: * The current economic conditions that are causing credit unions to use employee incentives, * A general overview of the use of employee incentives in corporations, * Common expert suggestions and potential pitfalls that credit unions should consider when developing their employee incentive plans, and * Current trends in the usage of employee incentives at credit unions, including: the types offered, frequency of distribution, reasons for offering and if they are achieving their objectives, and the level of satisfaction credit unions have with their plans. For more information visit www.advice.cuna.org and enter in stock number 27242P in the search box.