Creating a Family-Friendly Workplace at Your Credit Union
The financial services business has changed. Employees no longer choose to join a financial institution based solely on position and salary. We have learned that employees are looking for something different. They are more interested in how their job is going to fit into their personal lives along with their careers.
Credit union branch and department managers should be aware of what this actually means to employees or they may spend time and money training people who decide to leave. We have identified ways to hire the right people who want to stay at the job and work hard. Retention increases when team members feel personally supported by the organization and their work and family lives have been addressed properly.
Thus, a family-friendly workplace is smart business for any credit union or financial institution. If you consider your employees to be your strongest assets, it is not only wise to invest in their professional growth, but also their personal development by recognizing their real-life situations. Outside of work, they have families and responsibilities. We have the ability to provide resources to help them become better employees through understanding their needs and working together to create a supportive environment.
This can take time, intention and resources. If your credit union does not have the internal resources, industry associations, chambers of commerce, organizations like Family Friendly Workplaces have the tools to help create a supportive work environment. For example, in New Mexico, we work with Family Friendly New Mexico (FFNM). It is a nonprofit that recognizes and supports employers that adopt and implement family-friendly policies so that businesses, employees and their families can thrive. It even has a business council that informs FFNM to tap into different size businesses to learn best practices and receive practical assistance from seasoned professionals.
At U.S. Eagle Federal Credit Union, we recognize that our employees have needs outside the workplace. They are more than what they do for the credit union. Based on our cooperative principles, I have included five tips to help create a workplace that’s meaningful and has a culture where people mean more, with little or no cost to the financial institution.
· It Begins with Communication
As team members have individual needs, it’s important to find out what a family-friendly workplace means to them. Employees bring their whole lives to work and it’s helpful to learn how to enhance their experiences. By engaging directly with those most affected by the work environment, you will better understand their needs. It works best to have open conversations with staff and remain consistent, equitable and inclusive on all workplace decisions.
· Start Small and Grow as Needed
It’s okay to start small. You do not have to change your workplace in one fell swoop. It’s good to set a specific family-friendly goal and work towards its completion. If there is one thing that employees need, it is predictability as it impacts their lives at work and at home. A family-friendly workplace provides the employee with consideration such as creating a planned work schedule in advance of the work week, offering job sharing opportunities, and providing flexibility by working onsite or remotely.
· Be Intentional with Staff
When developing a family-friendly workplace, it’s critical to be intentional. Once you have determined the activities that are preferred by your employees, it’s important to follow through with actions delivering on their requests. We recommend making corporate decisions by looking through a family-friendly lens. If you view your choices through a supportive perspective, employees may work harder, remain loyal, and help grow your workplace to become more productive and collaborative as they know you have their back.
· Provide Necessary Economic Support
At all companies, pay equity is important. In a family-friendly workplace, economic support is taken to new levels through childcare, diversity, educational opportunities, and contributing to the community. From employee volunteering opportunities to partnering with local non-profits, these are some ways for a credit union to support other families in the community. It’s part of a credit union’s charter to improve the quality of life in the communities we serve.
· Utilize Outside Resources for Assistance
In New Mexico, FFNM has a website full of useful family-friendly resources such as toolkits, sample policies, topical blogs, workplace webinars, continuing education credits, and networking events to help businesses create a positive family-friendly work environment. We encourage credit unions to visit similar sites or work with organizations in your market that provide comparable resources. They may even have local awards programs where you can participate. For us, FFNM’s annual Family Friendly Business Award honors organizations whose family-friendly workplace policies improve businesses, the workforce and the communities it serves. It helps us to align our core values with its policies, improve the health and wellbeing of our team, improve employee retention, productivity and quality while reducing costs associated with turnover, healthcare, and lost productivity.
A family-friendly workplace is important. It allows employees to balance their work and family life. This leads to increased employee satisfaction, loyalty, productivity, and retention. Ultimately, it benefits the credit union by attracting top talent and creating a positive work culture. It also promotes equality by enabling all employees to actively participate in the workforce without sacrificing family responsibilities.
I’m sure we all agree that our employees can make or break us. By following these simple steps, I feel you can create a positive and family-friendly workplace that is intentional, lets employees know they are being heard, and attracts and retains the best team members.
About Author:
Maggie Tannen is the Chief Human Resources Officer for U.S. Eagle Federal Credit Union and a member of the board for Family Friendly New Mexico.