Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.