2. Implementing an employee communication channel for employee monitoring and feedback; and

3. Working toward a third-party certification.

Align With Your Overall Purpose

Purpose, mission and values are strategic business guideposts that help organizations achieve their goals. Organizations that clearly define their purpose or mission, and activate values to support them, are well-positioned for long-term success in our rapidly changing world.

Your credit union has the opportunity to define the "why" behind your organization's existence. This will help you to activate values-aligned behaviors and decisions across your organization, including socially responsible investing, giving back to your local community or focusing on environmental impacts.

A clearly defined purpose or mission positions your organization for long-term success when it comes to attracting and retaining great talent and differentiating your credit union. Regularly assessing how well your organization is aligned with its purpose, mission and values informs how well-equipped it is to navigate change, disruption and rising expectations.

According to Forbes, one of the reasons people choose to work with a credit union over a traditional bank revolves around community involvement. "Nearly 50% of credit unions have a specific mission to serve low-income communities. No matter what kind of neighborhood, city or town people live in, credit unions intend to connect their local community with affordable financial services."

Individuals today are already choosing credit unions because of their values and the fact that they add a community aspect to banking. These individuals expect and value purpose-driven actions.

Implement an Open Communication Channel for Feedback

Employees must be given the opportunity to provide feedback, input and opinions, and to anonymously and confidentially ask questions through a secure communication channel. This process is important both before and after developing your impact strategy.

A feedback channel provides employees with the opportunity to share input as it relates to what they are currently seeing from the company, as well as where they hope to see the company grow. This offers your organization the chance to use feedback as a tool to develop your CSR initiative, but also to assist with recruitment and retention and to implement suggested changes to build trust with current employees.

Secure Third-Party Certification

Working toward a third-party certification to validate your impact work holds your credit union to a higher standard of business. Third-party certification strategies can include B Corporation, Benefit Corporation or Social Enterprise certification.

Third-party certifications help organizations set actionable goals and to use their businesses as a force for good. Additionally, they help to demonstrate a positive impact and attract talent. According to the Paleo Foundation, businesses that acquire a third-party certification tend to increase brand trust as well as their overall sales/customer base.

By aligning your impact strategy to your organization's overall goals, implementing a communication channel for employees to provide feedback and securing a third-party certification, your credit union will be able to activate and share powerful, impactful work that strengthens your reputation and supports your community.

Nicki Gibbs

Nicki Gibbs is chief strategy officer for Beehive Strategic Communication in St. Paul, Minn.