Best practices for improving employee retention, from experts at other credit unions

Darian
By Darian Mavandad
April 13, 2023
3 min read
Blog
Engagement

At IC, we always want to listen and learn from leaders within the credit union space, and that’s why we frequently host small discussion groups around key challenges that CUs may be facing at the moment. As you may have guessed, tips on improving employee retention are top of mind for many senior executives at credit unions across the US. However, our expert group was able to put their heads together and offer some great insight into how you can improve employee retention at your CU.

Clearly communicate internal hiring and promotions

The last thing you want is for employees to be caught off-guard by the internal hiring and promotions procedures, so making sure these policies are clearly communicated is paramount. When employees are blindsided by not getting the job they applied for internally, they’ll be more likely to begin application processes elsewhere. To prevent that from happening, make sure your policies and procedures for internal hiring and promotions is highlighted in the onboarding process. Questions such as “How soon can I apply for a new position” need to be answered before they’re asked so employees don’t feel slighted when they’re told they need to wait six months after joining the company to change positions.

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Improving employee retention means having accessible executives

Your leadership team is likely increasingly focused on retaining and attracting new talent as we continue to see trends that show how more and more workers are quick to “jump-ship” and move from organization to organization. Targeting your communications efforts to make progress on inclusion and diversity can be the key to driving retainment, as discussed in Gallagher’s 2022 report. According to the report, only 22% of organizations make an effort guided by an overarching strategy or workforce data, which makes the retention of women especially challenging. Using data and a clear overarching strategy that incorporates multiple communication channels and an active approach is one of the main ways your organization can enjoy high levels of employee retention.

Adopt an active communications strategy to stay ahead of company news

Active comms are internal communications before external communication, gossip, or isolated departmental announcements. For example, imagine your organization has just undergone a merger. On the morning of the merger, your organization will send a press release and post about it on relevant marketing channels, like social media. This is not how you want your employees to find out about the merger—and it may lead to a reduction in employee retention as employees begin to worry about the company’s future.

Taking an active comms approach means informing employees of the news before external or non-official channels do. Some ideas of active comms in this particular situation could be:

  • Townhalls where employees can ask their questions
  • Push messages with surveys incorporated to gauge employee sentiment with surveys incorporated to gauge employee sentiment
  • A Q&A with your CEO on your internal blog
  • A news post on your corporate intranet

This way, you can ensure that employees feel “in-the-know” about their company! It also builds goodwill and reduces the amount of misinformation that might circulate throughout your organization.

Create a single source of truth to improve employee retention

Your internal comms strategy goes hand-in-hand with your ability to retain employees, and so do the channels you choose. Ensuring that employees have a single source of truth, often the company intranet, where they can rely on finding the most up-to-date information, policies, and procedures, is the crux of a good employee communications strategy.

Don’t have an intranet? Get a free demo from our expert team today, and learn how IC’s solution can help you improve employee retention!

Darian
By Darian Mavandad

Darian has a degree from McGill University, and joined IC to empower internal communicators by creating content that inspires. In his free time, he loves traveling, reading, and skiing.