It's Time To Revisit Employee Productivity in Credit Union
As the world continues to evolve, so do the expectations and demands of your members. This means that as credit unions, you must constantly work to give your members exceptional support, service and value while ensuring that your business is effective and productive. Employee productivity is a key part of organizational productivity. It goes without saying that motivated and engaged employees are more likely to be productive, which boosts the credit union's overall success and profitability. As per the report of IBISWorld, the number of businesses in the Credit Unions industry in the US has grown on average 0.6% per year from 2018 to 2023.
But the Credit Union industry has been impacted by various economic and industry trends, including inflation and a challenging environment for hiring new employees and retaining the existing ones. These factors have made it increasingly difficult for Credit Unions to attract and retain skilled employees, resulting in higher labor costs and decreased operational efficiency. Therefore, it is time to review employee productivity in Credit Unions.
In this blog, we will discuss the value of employee productivity in the Credit Union sector and tips to enhance employee productivity.
What is Employee Productivity in Credit Union?
Employee productivity in Credit Union can be defined as the level of output or work performed by employees in relation to the resources and time invested. It is a measure of how efficiently and effectively employees are performing their job responsibilities within the Credit Union.
Employee productivity can be evaluated through various metrics, such as the number of transactions processed, the amount of time taken to complete tasks, the level of member satisfaction, and the overall profitability of the Credit Union.
By measuring employee productivity, Credit Unions can identify areas for improvement, implement strategies to optimize performance, and ultimately enhance the quality of support and service provided to members while maximizing operational efficiency.
Tips To Enhance Employee Productivity in Your Credit Union
Here, we have added some top tips that will help Credit Union sector to enhance employee productivity to next-level.
Implement a Robust Knowledge Management System
Knowledge Management Systems (KMS) is the foundation of your intranet portal. Knowledge management is defined as: “the process of creating, sharing, using, and managing knowledge and information at an organization.” It refers to making the best use of knowledge to achieve organizational objectives.
Your credit union probably offers a set of business practices that generally works for you. There are probably countless handbooks and binders to ensure compliance and to meet regulations, so on the one hand. There is no sense in changing this. On the other hand, on the one hand, there is no need to change it on the other.
Invest in Service Desk Automation and Report Automation
Automation tools will function as if you have additional employees in place all the time. Setting up follow-up emails, managing campaigns, and managing member data lists can be tedious at first but highly impactful and efficient in the long run. Personalized birthday emails to members will make the member feel better. Sending marketing eBlasts tailored to a member's spending and saving habits will significantly increase those products and services.
Reporting that is automated should be able to provide members with compliance information and be insightful by sending notices and warnings when established parameters are met.
How Rezolve.ai Boosts Employee Engagement?
Imagine your credit union team maintaining 100% compliance and an error-free week. With an intranet in place, this is not far-fetched. A chatbot integrated with Microsoft Teams gets positive results. Rezolve.ai tool is being used in several credit unions, where it sees positive results.
Employees become complacent when completing the same tasks day after day. Workflows integrated with Microsoft Teams will ensure standardized procedures are always completed correctly. Rezolve.ai solves this problem with workflows. These are pre-established automation that ensures each step of a process is completed in order. For example, if every loan application gets sent to an underwriter, then when approved, to a manager, then approved again to the original employee, a workflow can streamline and automate this process. The workflow provides each step to the correct person, thereby eliminating mistakes or forgotten steps.
Your security measures, such as the type of documents that employees can view, will remain as they are. However, if you need help choosing these options or implementing them, our team of experts will help you build a credit union intranet that meets your needs.
In one of our webinars, our COO, Manish Sharma, spoke in depth about the many topics in credit unions and banking. Topics included the challenges financial institutions must overcome, how legacy frameworks' weaknesses hold back evolution and new models for credit unions and banks.
Check out the webinar or read the blog post containing information on the webinar.