Engagement technology helps credit unions motivate employees
New interactive tool combines feedback, focus and fun to show measurable results
MADISON, WI (October 18, 2016) — Credit unions see employees’ productivity, profitability and interaction improve with a new, real-time engagement tool that utilizes game mechanics. Shared at CUNA Mutual Group’s seventh annual Discovery Conference, attendees saw first-hand the new tool designed for the company’s Lender Development Program.
“According to Gallup, only 34 percent of the American workforce feels engaged at their job,” said Patrick McElhenie, director, Lender Development Program, CUNA Mutual Group. “The three key elements of gamification technology – feedback, focus and fun – are the same elements credit unions need to reshape their culture and improve engagement,” McElhenie added.
The new engagement tool features leaderboards, peer-to-peer rankings relative to progress goals as well as rewards, coins and badges for high achievers in employee duels. In addition, credit unions have access to real-time metrics, online coaching and training interaction, and team building through online competitions.
Early results from CUNA Mutual Group’s pilot with a small group of Lender Development Program credit unions are strong. Pilot participants indicate a 5 to 11 percent improvement in protecting members’ loans with payment protection products, such as credit insurance and debt protection.2 In addition, 78 percent of loan officers agree that seeing real-time feedback helped them feel more engaged and motivated to accomplish their goals, and nearly three-quarters of the pilot participants reported that their rank against peers helped improve their performance.
“Today’s millennial workforce has grown-up with online gaming and real-time interaction via mobile devices,” said McElhenie. “Bringing technology into the workplace to improve participation levels translate to better employee recruitment and retention, and ultimately, creating better connections with members.”
To learn more, watch McElhenie’s Discovery Conference breakout session, “Credit Union Gamification: Why the Future of Work is Fun,” on-demand.
The Discovery Conference is an annual, web-based event sponsored by CUNA Mutual Group. It attracts a national and international credit union audience of more than 1,300. Content is geared toward credit union CEOs and senior leadership teams, and is available on-demand at no cost.
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