Dear credit union executives: Why you’re not getting the most out of your people
Publisher’s Note: CUInsight is hosting a free webinar Wednesday, February 28 titled, “DEAR CREDIT UNION EXECUTIVES: Why You’re Not Getting the Most Out of Your People”. We hope you’ll join us! Register here.
Dear Credit Union Executives: Do you understand the sentiment of your employees? Would you say you have a great culture at your credit union? There’s a theory called “The Iceberg of Ignorance.” The concept is that the higher you are within an organization, the less you know about the problems (broken systems, employee frustrations, office drama) throughout your organization. It’s said that 96% of company problems are hidden from executives.
“These hidden problems stop leaders from finding and solving the real issues within an organization, which inhibits the growth of the company. Maybe worse, when employees don’t (or can’t speak up, it keeps them stuck in bad circumstances, resulting in self-inflicted outcomes.”
And as for credit unions, a poor employee experience can often lead to a poor member experience. So how do you ensure you are getting the most out of your people for your employees’ sake and your members’? Amongst most organizations, there are 3 factors that are either creating the problems or causing the problems to be kept from higher leadership: loneliness, psychological trust and safety, and communication.
Loneliness: Probably not the first topic you expected, is it? The U.S Surgeon General stated that loneliness is a nationwide epidemic and listed social connection and workplace wellbeing as two of the six nationwide priorities. His data shows that 1 in 2 American adults report experiencing loneliness. The impact? Harvard Business Review reported that “employee disconnection is one of the main drivers of voluntary turnover, with lonely employees costing US companies up to $406 billion a year.”
As a credit union executive, by making social connection a strategic priority in the workplace at all levels (administration, management, and employees), you can improve employee and member experience. Shane London, CEO of DFCU said “The impact of Motivosity is that people are more engaged with each other. I think we were always a cohesive team, but Motivosity has expanded that beyond departments and branches and impacted us company wide. Motivosity has brought us closer together and made us more committed to achieving the mission of the credit union.”
Psychological safety: Another problem is that 85% of employees feel unable to raise a concern with their bosses. The lack of connection and relationship building within organizations hinders the psychological safety and trust employees feel. This starts with the executive team and trickles down to hiring and training the right leaders throughout our organization. Nihar Chhaya shared in the Harvard Business Review that “Executives who connect rather than correct remove fear in the workplace, replacing it with meaningful dialogue that helps to co-create a shared definition of success.” Lack of trust can lead to lack of engagement, and in turn, higher turnover.
Communication: With only 7% of US workers feeling that communication is accurate, open, and timely at work, our employees are feeling more disconnected than ever. However, when our employees feel connected to the company, they have a better chance of being more engaged, providing a better member experience, and are at lower risk for turnover.
To find solutions to these common problems, join the Motivosity webinar titled DEAR CREDIT UNION EXECUTIVES: Why You’re Not Getting the Most Out of Your People. Hosted by CUInsight and delivered by Logan Mallory of Motivosity, the webinar will help leaders solve these core problems – all in an effort to help improve their organization’s member experience. The free event will take place on February 29th and you can register here.
