One of the most significant issues continuously facing any company whether large or small is the retention of qualified and motivated employees. The following offers five ways to retain employees, and help your business succeed.
Encourage continued education
One of the most beneficial things an employer can do is to encourage their employees to obtain more education; it will benefit the company and those the company serves in the long run.
At Great Basin Federal Credit Union, employees are required to regularly attend classes that help them better understand products, services, and even philosophies of the credit union and credit union movement. Additionally, we offer an in-house cross training program that is available to all employees where they can earn an incentive while gaining knowledge about functions of other departments and how they inter-relate. Employees of both Great Basin Federal Credit Union as well as other companies such as OfficeMax are offered financial support for college classes that relate to a degree of study that will make them a better employee. Great Basin Federal Credit Union has even commissioned special classes, such as a Spanish financial education class taught by college professors on-site after hours for its employees to be better prepared to interact with their Spanish-speaking members.
Make room to move up
Minimizing turnover in entry-level positions is a top priority for many companies. As part of Great Basin Federal Credit Union's strategic plan, career path positions were created as an alternative to allow employees to develop without having to become a manager or supervisor. These "specialist" positions receive focused, specific education resulting in pay increases to motivate them to stay and grow with the company. Of course, the management path is encouraged for those who are interested.
By utilizing this retention strategy, a company will have a more experienced, educated, and motivated work force. OfficeMax also utilizes forms of this growth-promotion plan in creating specific paths for its employees with specific duties outlined for moving into another position.
Create a back-up plan
No plan is solid unless there is a back-up. As another part of Great Basin Federal Credit Union's strategic plan, all managers are required to constantly train and groom the next generation of leaders for the credit union. By doing this, changes in management are more subtle and the next generation is prepared to transition more smoothly when changes in management occur.
At both Great Basin Federal Credit Union and OfficeMax, part of this preparation includes empowering and helping build the confidence and knowledge of their upcoming leaders. Great Basin Federal Credit Union even brings in third party leadership professionals to help develop its employees into strong and capable leaders.
Make work fun
While it may seem contradictory to some, work should be fun. After all, employees spend most of their time at work, right? In addition to having a "Fun Committee", which organizes fun social and interactive activities both at work and after hours for the credit union employees, Great Basin Federal Credit Union has found ways to make mandatory learning, such as federal regulations, fun.
One example is a recent competition between all of the departments and branches to make the best video explaining these often complicated, and dare we say it, dull, regulations. By incorporating these fun activities into the workday, employees are not only educated, but entertained as well.
Have a (strategic) plan
Part of what has contributed to the success of many companies, including Great Basin Federal Union, is the development of a strategic plan, which gains its roots in the company's annual strategic planning session. All levels of management participate in this planning session, as well as non-management representatives from all levels of credit union operations, in addition to the credit union's board of directors.
In developing a strategic plan and direction for the credit union, all levels of leadership are taken into consideration, and the credit union is more focused on its goal and purpose heading into the future year.
Pamela Williard is human resources manager for Great Basin Federal Credit Union, which is headquartered in Reno.
