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Madison, Wis. — Economic downturns can be the equivalent of a “perfect storm” for human resources managers charged with boosting performance and maintaining morale while instituting cost-saving measures that hit employees in their pocketbooks, according to a new CUNA HR/TD Council White Paper.
“Employee Relations and Performance Management During An Economic Downturn” is based on information gathered from human resources leaders at six credit unions as well as an expert from a nationwide consulting firm.
The white paper explores how credit unions can use a performance management approach to develop a system for evaluating performance and offering rewards even as they adjust compensation and staffing during an economic downturn. Key issues include the need for strong executive leadership, transparent communication, well-defined strategies for adjusting compensation and staffing levels, and maintaining morale with recognition and reward programs.
Participating credit unions say tough times have an unexpected benefit in forcing organizations to examine their values and their operations, including how they relate to employee compensation and performance management. Making difficult decisions about compensation and staffing levels can bring an unexpected clarity to the principles that guide policies, which can then be articulated to employees and members alike.
CUNA Council members are entitled to complimentary copies of these and more than 200 white papers; non-members may purchase the white papers for a price of $50 per copy.
Press contacts can download the white paper here (until 5/21):