Wednesday, October 21, 2009

The Golden Chain: Engaged Employees, Customer Response, Credit Union Growth

In a highly competitive environment, a credit union must have the right people in place doing the right things at the right time to continually create value internally that is felt externally. When this is the norm in procedures and practices, members will gain an intrinsic sense of value in doing business with the credit union and will stay with you, buy more from you and tell others about you.

Engaged employees doing what they do best and achieving results are the right people. They are the makings of the initial link of the golden chain that will launch a credit union into revenue growth and profitability. Without this golden chain (engaged employees performing in an engaging manner resulting in members responding more loyally) profits and future growth will simply be compromised or worse yet, nonexistent.

Defining engaged employees is actually a bigger dilemma than most think. and if not done properly, the result can very much be a false sense of, “We’re good.” So the first task in the golden chain is the arduous task of identifying just what do we want our employees to be engaged in? Further, do we focus our efforts toward employees at large or do we streamline our efforts towards high-performing employees?

While initiatives towards employee engagement are most often all-inclusive, employee engagement surveying and resource allocation for change should be designed with high performers in mind. High performer engagement drivers include: challenging work, decision-making authority, customer focus, career advancement, company’s reputation as an employer, teamwork and collaboration, resources, decision-making input, management interest and vision. Read more...

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