A new employee value proposition

“The Great Resignation,” “Quiet Quitting,” and “Bare Minimum Mondays” are just a few of the workforce phrases we learned, heard, and worked with over the past several years. They compelled managers, leaders, and organizations to rethink their formulas for attracting, keeping, and engaging the workforce. Altering those methods asked that leaders address more than material aspects of a job and, instead, focus on what workers needed to thrive over the long term.

In the January-February 2023 issue of Harvard Business Review, the article “Rethink Your Employee Value Proposition” details how material offerings should be balanced with opportunities to grow, connection and community, and meaning and purpose. It joins the need to balance the short-term with the long-term, as well as the individual and collective. In working with dozens of credit unions and their strategic talent-focused initiatives, many are finding ways to win the War for Talent by following such a model.

Specifically, they are:

Rewarding their employees with Material Offerings like competitive compensation packages that pay employees for their contributions and expertise. They offer reasonable salaries, vacation, paid time off, performance-based incentives, retirement plans, and comprehensive healthcare benefits. They also emphasize additional perks such as flexible work, wellness programs, tuition reimbursement, fitness memberships, and (drumroll, please) – housekeeping services. Sometimes, you have to get creative (it’s a hit, by the way).

They also create Connection and Community opportunities right away to involve employees in credit unions’ activities in the community. Yes, it’s paid time in the community because it is strategic in value and executives have realized that strategic initiatives in the community require investment – time, resources, and people. One CEO shared, “We discovered that paid time in the community led to better performance in the office. Staff realized that time out of the office necessitated better training, time management, and communication.”

Longer term, Growth and Development plans focused on enhancing success with increased knowledge and skills of their employees. They committed to continuous learning and professional development with opportunities for training, certifications, workshops, and conferences. They offered career advancement programs, mentoring, and coaching to help employees reach their full potential. A senior HR executive said, “As we encouraged employees to take on new challenges and grow within the organization, their excitement and commitment grew. Our investments have ranged from weekly web-based training to a doctoral degree. In each case, helping employees get better – at their level – created improved results.”

Meaning and Purpose was the glue that held the puzzle of employee engagement together. Working for a credit union offered employees the opportunity to make a positive impact on the lives of members and the communities they serve. They understood and embraced missions to create and deliver financial well-being for all through products, services, education, and experiences. A CEO explained that “Our staff saw the difference we made in so many lives and small businesses. From an extra $100 per month in a young family’s budget to an extra $75,000 per year in a small business’ cash flow (which helped fund a new job), we sought to deliver meaningful experiences to our members – one member, one dollar at a time. It all added up and our entire team understands the whole of the individual differences we make.”

We talk a lot about delivery in credit unions. Delivery is not just digital and branch. Delivery is also human – member-facing and internally with colleagues. Attracting and retaining top talent helps deliver your credit union’s mission, vision, values, and strategic initiatives to your members and among your leaders. Consider adding some long-term to your short-term in your employee value proposition, as well as balancing individual growth with collective opportunities. Like many credit unions, you will discover a new level of member satisfaction, professional commitment, and capacity for growth with the team you lead.

© 2023 by Jeff Rendel. All rights reserved.