Be strategic when deploying resources. Every community has critical needs, and even the largest credit union cannot afford to assist with all of them. Choose causes that align with the mission, values and business needs of your organization, staff and members. But don't be afraid to buck the status quo if it is the right move for all stakeholders. When choosing the causes to support, consider:

Who will benefit from these efforts?
What do you currently know about this target population and what assumptions are you making that need to be re-examined?
What long-term benefits are you expecting for your credit union?

Find the right partner. Credit unions are not alone in seeking to transform their communities for the better. Credit unions are typically most successful when they partner with other non-profit and local government actors with the expertise, capability and footprint to target a particular need or population. Local credit union leagues, the National Credit Union Foundation, partnerships with the Children's Miracle Network Hospitals (often through the CU4Kids program) and United Way are common examples of such collaborative efforts. Many credit unions have also found important partners in local organizations that know their communities best. When partnering, consider:

In what ways does your credit union already reach your target population? How can you align efforts across your organization and between organizations?
How might your credit union address social needs in ways that create shared value?

Focus on logistics. Effective philanthropy requires strategy, designated staff, and transparent protocols for selecting partners and causes. Consider:

What evidence do we have that our efforts can produce the change we expect? Does our model use strategy to drive outcomes?
Have we carefully reviewed similar programs, perhaps across other industries, to learn what strategies worked under what conditions?

Measure and report. It is not always easy to measure the effectiveness of philanthropy, but it is critical to try. Ask partner agencies to weigh in; they're the experts. If you're faced with a situation where metrics are difficult to gather, stories can be a good substitute. Once you have captured your impact, share it!

How can we communicate the "why" behind our work?
How can we aggregate and report results to align with the reporting of other credit unions and outside industries?

Get – and keep – employees on board. Their support and engagement fuel program success and create a virtuous circle that can attract and retain good employees. Their participation can be influenced by examining these elements of your culture:

Is our organization collecting and acting on employees' feedback surrounding our philanthropic strategy? Have we explored organizing an employee committee to help lead our strategy?
What benefits – paid volunteering hours, employer donation matches – can we provide to increase engagement?
Does our organization make it easy to track and aggregate volunteering hours?

Engage members and tell your story – thoughtfully. Look for ways to involve members in your efforts and ensure the causes you embrace matter to them. The best social impact programs are authentic and intended to honor your members and support their communities. Show how your efforts impact all stakeholders – partner organizations, members, employees, the community, government players and more – in an engaging, transparent and quantifiable way. Use your annual report to share impact in real-time through social media. Use traditional press, communications with policymakers and community leaders, and aggregated results with your peer credit unions through your state league, the National Credit Union Foundation, or CU Social Good, for example, to amplify your story.

Instant Insights /

'Concern for Community' Calls for New Actions From Credit Unions

Related Stories

Recommended For You