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Navigating a Credit Union Crisis: Top Ways to Boost Employee Experience

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Digital Transformation
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Navigating a Credit Union Crisis: Top Ways to Boost Employee Experience
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Navigating a Credit Union Crisis: Top Ways to Boost Employee Experience

AI & Automation
Digital Transformation
Service Desk
Navigating a Credit Union Crisis: Top Ways to Boost Employee Experience
Employee Experience

Welcome to the world of credit unions, where financial services are provided through a member-owned and not-for-profit structure. Credit unions have been a trusted source of financial stability for millions of individuals and businesses worldwide, thanks in part to their unwavering commitment to their members' well-being.As a service desk manager in the credit union industry, I can confidently say the significance of giving attention to employee experience in times of crisis. With over 300,000 people employed in the credit union sector alone in the United States, ensuring everyone is happy, motivated, and supported is critical.

Did you know that credit union employee experience and engagement are shockingly low? As reported by Gallup, only 36% of employees feel engaged in the banking industry. This lack of engagement can lead to decreased employee experience, productivity, low morale, and ultimately, a negative impact on customer satisfaction.

However, navigating these challenges and uncertainties can be daunting in times of crisis, especially for credit union employees, who are the organization's backbone. Credit union employee experience can be the difference between success and failure in a crisis. 

According to a report by the Filene Research Institute, credit unions that prioritize credit union employee experience and engagement are more likely to achieve higher levels of customer satisfaction and financial performance. The report found that credit unions with engaged employees outperformed those with disengaged employees in areas such as loan growth, asset growth, and return on assets.

In this blogpost, I'll be sharing some top tips for boosting credit union employee experience during a crisis. From effective employee support to strong leadership and employee recognition programs, there are many ways to keep your team engaged and motivated during difficult times.

So if you're a credit union leader or a helpdesk agent seeking for new ways to navigate a credit crisis and enhance your employee experience, this blog is a must-read. Let's get started!

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What is a Credit Union Crisis?

A credit union is said to be in a crisis when it is confronted with severe problems that jeopardize its ability to meet the needs of its customers, preserve its financial stability, and retain its good reputation. Several things can lead to this, including fraud, cybersecurity attacks, economic turmoil, natural calamities, or other unpredictable circumstances.

A credit union crisis may have severe ramifications for its customers, including the potential loss of savings and other financial services. The more extensive financial system may also be affected, especially if the credit union is large or has significant relevance.

What is Credit Union Employee Experience?

Employee experience in a credit union refers to employees' overall experience there. This includes all employees' communications, feelings, and perceptions about their job, colleagues, supervisors, and the credit union.

A positive credit union employee experience is where employees feel valued, invested, supported, and engaged. This can be accomplished in several ways, including offering chances for professional growth, competitive pay and benefits, fostering a positive and inclusive workplace culture, and developing a collaborative and supportive work environment.

A negative credit union employee experience can result in low employee morale, high turnover rates, and poorer member service. To draw and keep talented and dedicated employees who can support the credit union in achieving its objectives and providing top-notch member service, credit unions must prioritize the employee experience.

How Can Credit Union Employee Experience be Affected by a Credit Union Crisis?

The workplace culture of a credit union might be adversely affected by a crisis. Employees at credit unions may experience more anxiety, restlessness, and uncertainty about their employment prospects and that of the credit union during crisis periods. Decreased job satisfaction, low employee morale, and greater turnover rates can arise from this.

Also, credit union employees frequently serve as the firm's first point of contact and are crucial in maintaining customers' faith in the credit union. Employees could not offer customers the degree of attention and encouragement they require if they lack the necessary knowledge, resources, and support during a crisis, which might further damage the credit union's image and financial sustainability.

How Does Employee Experience Affect Overall Organizational Performance During a Crisis?

Here are some key ways in which employee experience can affect overall organizational performance during a crisis:

  • Employee Engagement 
    Engaged employees are committed to their work, feel valued by their employer, and are willing to invest more effort to support the credit union. In a crisis, engaged employees are more likely to step up and do what it takes to help the credit union weather the storm.
  • Job Satisfaction 
    Employees who are satisfied with their jobs are more likely to be productive and motivated, even during challenging times. Job satisfaction can help to minimize absenteeism, increase collaboration, and improve overall performance.
  • Communication 
    Open and transparent communication is crucial during a crisis. Employees who feel valued and respected are more likely to communicate openly and effectively during a crisis, which is essential for managing risk and addressing challenges. Clear and timely communication can also help to reduce uncertainty and build trust among employees.
  • Innovation
    During a crisis, credit unions may need to adapt quickly to changing circumstances and identify new opportunities. Engaged and satisfied employees are more likely to generate new ideas and solutions during a crisis, which can help the credit union to remain agile and responsive to the needs of its members.
  • Retention
    Employee turnover can be costly and disruptive, especially during a crisis. Prioritizing employee experience can help credit unions retain their top talent and avoid the additional costs associated with hiring and training new employees. By providing a positive work environment and investing in employee development, credit unions can retain their employees and maintain their expertise and institutional knowledge.

Unique Challenges Credit Unions Face During A Crisis

Credit unions face unique challenges during a crisis, and effective crisis management requires careful planning and preparation to ensure that members are protected, and the institution can continue to operate effectively. By being aware of these challenges and taking steps to address them, credit unions can better weather the storm and emerge stronger on the other side.

Here are some of the unique challenges that credit unions may face during a crisis-

  • Limited Resources
    In comparison to banks, credit unions usually have less funding, a smaller workforce, and less sophisticated technology. This can increase the challenge of handling the repercussions of a crisis, mainly if it demands an immediate response or additional employees. According to a report by the National Credit Union Administration (NCUA), as of September 2021, the median asset size for a credit union was $32 million, compared to $265 million for banks.
  • Customer Withdrawals
    Credit union customers could become worried about the safety of their deposits or their capacity to recover their money during a crisis. This can result in more withdrawals or fewer deposits, which might impact the credit union's liquidity and ability to fulfill its customers' obligations. According to a report by the NCUA, credit unions experienced a 31% increase in withdrawals in March 2020 compared to March 2019.
  • Regulatory Compliance
    A variety of regulations and compliance requirements are enforced on credit unions, and handling them during a crisis can be challenging. For instance, credit unions must keep sufficient capital reserves to ensure they can operate despite the recession. This can be incredibly challenging when there is a crisis since there is more ambiguity regarding the future. According to the NCUA, the average net worth ratio for federally insured credit unions was 11.7% as of June 2021, above the minimum regulatory requirement of 7%.
  • Economic Uncertainty
    Uncertainty in the economy brought on by a crisis can have a wide range of impacts on credit unions. For instance, credit unions can have greater difficulty providing loans to their customers or making money from their business operations. Therefore, forecasting future trends and making long-term plans could grow increasingly challenging due to economic volatility. According to a report by the Credit Union National Association (CUNA), credit union loan growth in the second quarter of 2020 was only 1.2%, compared to 4.7% in the same period in 2019.
  • Limited Access to Capital Markets
    Access to financial markets may be restricted for credit unions, which can hinder their ability to raise funds or manage liquidity during a crisis. This can be challenging when credit unions are coping with a rise in loan demand or customer withdrawal rates. According to a report by the Federal Reserve, credit unions accounted for only 2% of the outstanding debt in the U.S. corporate bond market as of 2020.
  • Cybersecurity Threats
    Financial institutions face recurring cybersecurity risks, which can be made severe during a crisis. For instance, greater remote employment or online transactions can increase the challenge of safeguarding customer data and maintain system security. Credit unions must exhibit extreme precautions to avoid being a target of cyberattacks during a crisis. In 2020, there were 1,295 data breaches reported to the NCUA, with losses totalling over $60 million.

Strategies to Enhance Credit Union Employee Experience

Communicating Effectively During a Crisis

During a crisis, service desk for financial institutions can provide valuable communication assistance to credit unions. 

Here are some ways AI-powered helpdesk for credit unions can help with communication during a crisis:

  • Quick and Accurate Information
    During a crisis, employees may have questions about changes to work arrangements, safety protocols, or other related matters. AI service desks for credit unions can provide quick and accurate information to employees, reducing anxiety and uncertainty. According to a report by Deloitte, over 60% of companies are planning to use AI and chatbots to respond to employee inquiries during a crisis.
  • 24/7 Availability
    Helpdesk softwares for financial institutions are available 24/7, which is particularly important during a crisis when employees may have questions or concerns outside of normal business hours. This ensures that employees receive timely and relevant information. According to a report by Salesforce, 64% of consumers and 80% of business buyers expect companies to respond to and interact with them in real-time.
  • Personalization
    AI service desks for credit unions can personalize communication to employees based on their role, location, or other factors. This can help ensure that employees receive relevant and targeted information. According to a survey by Accenture, 91% of consumers are more likely to shop with brands that provide relevant offers and recommendations.
  • Multilingual Support
    Helpdesk softwares for financial institutions can provide communication assistance in multiple languages, which is particularly important for credit unions with employees who speak different languages. This ensures that all employees receive the same level of support and information. According to a report by Common Sense Advisory, over 72% of consumers spend most of their time on websites in their own language.
  • Automation of Routine Tasks
    AI-driven service desks for credit unions can automate routine tasks, such as responding to frequently asked questions, which can free up HR employees to focus on more complex issues. Credit union IT support services powered by AI-powered helpdesk helps improve the efficiency of HR operations and ensures that employees receive timely responses to their inquiries. According to a report by Gartner, by 2021, 15% of all customer service interactions will be completely handled by AI, an increase of 400% from 2017.

Empowering Employees to Make a Difference

AI-powered service desk for credit union can help in empowering employees to make a difference during a crisis in the following ways:

  • Encourage Employee Input and Feedback
    AI-powered service desks for credit unions can encourage employee input and feedback by providing an anonymous feedback mechanism that allows employees to express their thoughts and concerns without fear of reprisal. By gathering employee feedback, credit unions can identify areas of improvement and take corrective action to address employee concerns.
  • Provide Access to Information and Resources
    Service desks for credit unions can provide employees with access to information and resources that can help them navigate the crisis. This includes information about government support programs, employee benefits, and mental health resources. By providing employees with the information and resources they need, credit unions can help employees feel more empowered and in control.
  • Enable Decision-Making
    AI-powered service desks for credit unions can enable employees to make decisions that can help the credit union navigate the crisis. For example, credit unions can use AI HR helpdesks to implement employee-suggestion programs that allow employees to submit ideas for improving the credit union's operations during the crisis. By empowering employees to make decisions, credit unions can boost employee morale and credit union employee experience.
  • Recognition and Reward
    AI-powered service desks for credit unions can be used to recognize and reward employee contributions during the crisis. Credit unions can use AI HR helpdesks to implement employee recognition programs that recognize employees who go above and beyond to support the credit union during the crisis. By recognizing and rewarding employee contributions, credit unions can boost credit union employee experience.

Providing Opportunities for Professional Growth and Development

Conversational microlearning, via an AI service desk for credit unions, is one of the modern approaches to digital learning where you can get your employees trained by providing them with limited training content. Instead of giving them lengthy manuals to read and making them take up courses that require them to spend hours at a stretch, microlearning involves providing them with bite-sized lessons on a daily basis. This requires users to spend no more than ten minutes of their time every day getting trained in specific skills. Users can access training modules in engaging multimedia formats such as audio, videos, text, images, quizzes and tests, infographics, games, eBooks etc.

AI-powered helpdesk softwares for financial institutions can gamify learning and development opportunities by creating challenges or competitions that reward employees for completing training courses or achieving specific goals. By gamifying learning and development opportunities, credit unions can make professional development more engaging and motivating, and enhance credit union employee experience. 

Prioritizing Employee Safety and Well-being

Employees could face increased stress, depression, and other mental health issues during an emergency. Given the negative stigma attached to mental illness, many employees could be reluctant to seek help for mental health issues. By providing mental health support throughout the crisis situation, you can enhance credit union employee experience. During a crisis, employees may require additional support to maintain their well-being. AI-powered service desks for credit unions can provide employees with access to a range of employee benefits, including healthcare benefits, flexible work arrangements, and employee assistance programs. These benefits can help employees manage stress and maintain their overall well-being.

Great IT Support

Credit unions can benefit greatly from excellent credit union IT support services during times of crisis. These systems can deal with a variety of IT-related questions and difficulties from credit union staff, including password resets, system faults, and software issues, by leveraging cutting-edge AI algorithms and natural language processing. Because employees may be obligated to work remotely or experience other interruptions to their regular workdays, credit unions may notice a rise in the amount of IT services for credit unions during periods of crisis. This increased volume of requests can be handled by IT Support For credit unions without requiring additional human assistance, which reduces the burden on IT employees and ensures that employees get immediate and efficient support.

Also, regardless of their location or time zone, all employees can get a constant level of support via AI-powered IT services for credit unions. This ensures that whatever their circumstances, all employees are paid the same degree of attention and assistance. 

Moreover, AI-driven credit union IT support services can offer insightful data on employee IT support trends and challenges, permitting credit unions to spot and address recurrent issues as well as opportunities for development. AI-powered IT services for credit unions can aid them in continually making improvements to their IT support procedures and guaranteeing that employees have the necessary tools to effectively perform their job responsibilities even in emergency cases.

Why is Rezolve.ai The Best AI-Powered Service Desk for Credit Unions?

Rezolve.ai is the best AI-powered service desk for credit unions for several reasons:

  • Personalized Member Experience
    Rezolve.ai's advanced conversational AI algorithms allow credit unions to provide a personalized experience to their members, making them feel valued and respected. The system uses member data and interactions to create custom responses and recommendations, improving member satisfaction and loyalty.
  • 24/7 Availability
    Rezolve.ai's chatbots are available 24/7, providing members with fast and efficient assistance at any time without human intervention. This means credit unions can offer uninterrupted support to their members, improving their experience and reducing operational costs.
  • Easy Integration
    Rezolve.ai easily integrates with existing credit union systems, making implementation fast and straightforward. Credit unions can quickly get up and running with the platform, ensuring minimal disruption to daily operations.
  • Enhanced Efficiency
    Rezolve.ai's AI-powered chatbots can handle various member inquiries and tasks, freeing credit union employees to focus on more complex and high-value tasks. This results in increased efficiency, productivity, and cost savings for the credit union.
  • Enhanced Security
    Rezolve.ai uses advanced security protocols and encryption to protect member data, ensuring that sensitive information is always kept safe and secure. This enhances member trust and confidence in the credit union's ability to protect their information.
  • Modern Case Management for HR
    Rezolve.ai has an HR helpdesk ticketing system purpose-built for HR teams. It enables easy HR helpdesk ticket creation, intelligent routing to the right HR team & powerful dashboard to track and manage work.
  • Automations Across Everything
    With more automations and integrations than any other HR service desk, Rezolve.ai can instantly help employees and save time for crucial tasks.
  • HR Expert Connect
    When needed, your employees can use live chat to get connected to HR experts instantly.
  • Empower Employees with HR Chatbot and Self-Service
    It enables employees to resolve common HR requests themselves, reducing the need for HR support and increasing overall productivity.

Conclusion

Credit union employee experience must be prioritized to maintain morale, productivity, and customer service during a crisis. Credit unions should build a productive work environment that equips employees to weather the storm by emphasizing communication, training, recognition, and support. Additionally, adopting innovation and technology like AI-powered service desks for credit unions can open new doors for expansion and efficiency while enhancing the employee experience. Credit unions can emerge from a crisis more vital than ever if they handle employee experience holistically.

Invest in Rezolve.ai Helpdesk to Enhance Your Credit Union's Employee Experience

FAQs

  • How can credit unions prepare for a potential crisis?
    Credit unions can prepare for a potential crisis by developing a crisis management plan, conducting regular risk assessments, ensuring adequate resources and staffing, and establishing clear lines of communication and decision-making.
  • How can credit unions maintain their mission and values during a crisis?
    Credit unions can maintain their mission and values during a crisis by prioritizing their members' needs, communicating transparently and honestly, being proactive in addressing issues, and ensuring their employees feel valued and supported.
  • How can credit unions effectively communicate with employees during a crisis?
    Credit unions can effectively communicate with employees during a crisis by providing frequent updates on the situation, being transparent about the impact on the organization and its members, and offering resources and support to employees who may be affected. Additionally, credit unions should provide a forum for employees to ask questions and share concerns.
  • What role do managers and leaders play in boosting employee experience during a crisis?
    Managers and leaders play a significant role in boosting employee experience during a crisis by providing clear guidance, offering support and resources, recognizing employee contributions, and fostering a positive workplace culture. Effective leadership is critical in maintaining employee morale and engagement during a crisis.
  • How can credit unions evaluate the effectiveness of their efforts to boost employee experience during a crisis?
    Credit unions can evaluate the effectiveness of their efforts to boost employee experience during a crisis by conducting employee surveys, monitoring turnover and absenteeism, and soliciting feedback from managers and leaders. It is essential to regularly review and adjust strategies to ensure they meet employees' needs.
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