A missing link

On the surface, our business partners and SEG HR leaders understand the value a credit union partnership offers their employees and business, but there is a missing link – the impact report. While business development strives to be a valuable partner to our SEGs, we are often considered at best a second- or third-tier benefit. Given the effect financial stress has on employee engagement and productivity, we can level up by doing a better job of sharing our impact.

HR leaders will tell you that whether it is retirement, employee assistance for mental health, or workplace fitness programs, their employee wellness partners share reports on the usage and value of the benefit. Sharing data can help us strengthen the partnership and will open more doors for us to communicate how we can help their employees.

We know the importance of storytelling in building awareness. A nicely designed, relevant impact report can create a visual story that reinforces the difference your credit union is making with core SEGs and business partners. Start with an accurate picture. For example, instead of relying on SEG membership codes, use direct deposit numbers to determine where your members work. Consider which data points demonstrate the greatest value delivered. Drill down, share new memberships over the past year, loan totals, mortgage data, even volunteer hours if your team supports mutual causes. How much are SEG employees saving compared to national data or area bank data?

First Financial Federal Credit Union in Baltimore shares an impact report with the Baltimore County Public School System, their founding and core SEG.  In addition to providing stats of new members, participation in the BCPS Summer Pay Program, and the number of people they are helping with their lending needs, the report includes the many ways they support the school system. Sprinkled throughout the report are beautiful community photos capturing meaningful moments, from the credit union-sponsored college scholarship recipients and school supply donations, to financial literacy presentations and more. Shared with everyone within the school system, the report has helped build an understanding and enthusiasm around the partnership.

Every area of our credit union movement is leaning into data. Business development will benefit from jumping in as well. The numbers are at our fingertips. Let’s share the impact and elevate from a lower-tier SEG vendor to a true partner. The result will be a win for everyone.

Julie R Ferguson

Julie R Ferguson

Founded by Julie R Ferguson in 2009, JRF Consulting concentrates on growth and member engagement. Julie is very passionate about helping credit unions create and execute focused and results oriented ... Web: www.jrfconsultingservices.com Details

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