Bank at work programs increase employee productivity and decrease financial stress.
We love it every time a new member joins Hanscom Federal Credit Union. What’s even more powerful is when an entire company joins our Select Employee Group (SEG) program, a Bank at Work opportunity.
First, all employees get the benefit of credit union membership. It’s in every employee’s interest to have as many financial tools in their tool bag when hard times come.
Second, the company has an additional tool for recruitment, retention, and productivity. All of these directly increase worker productivity and cut costs.
Third, there is no cost to your company to add this benefit to a workplace. Just print a letter requesting to become a Bank at Work partner on your company letterhead. Done. Once you partner with Hanscom FCU, there is no expense and almost no staff time needed.
Administrative support is usually not required beyond making current employees and new hires aware of the products and services available to them as part of their benefits packages. For special events, such as a benefits fair or a seminar, you determine the time, select the location, and encourage attendance. We take it from there by developing and delivering the program content, as well as distributing the materials for you.
Fourth, unlike many “bank at work” programs, there’s no requirement or expectation of an account relationship with the company. That said, we do offer convenient business services to individuals looking to start or grow a business.
So, what’s the return, you ask? I wasn’t kidding about the benefits for a company. Becoming a Bank at Work partner gives your employees first-class financial tools to promote financial stability and success. Instead of fretting about finances, staff can devote more energy to work. According to a recent TIAA Institute-George Washington University study, good financial literacy can add five hours of productive work time per employee, per week.
“When an employee is preoccupied with money worries, you run the risk of losing that employee to health-related problems and absenteeism,” Maria Porto, Hanscom FCU’s AVP of Partner Relations, told me. “Waiting until an employee is in distress can lead to disengagement from work, and that may affect co-workers and customers. In short, their worries could become yours,” she warned.
Money stress is real and big. “We can help employees manage their credit with free credit score analysis and advice,” Porto offered. “When employees feel better about their finances, they are more productive.”
The credit union benefit isn’t just for employees in financial disarray. We can help employees manage their personal lives in balance with a career. Instead of leaving the workplace to sign for a loan, employees can use email and sign documents electronically. They can also pay bills online, transfer funds to billers, or send money to friends, family...even co-workers! No more hard feelings about the check for that last group lunch order.
With our education programs, employees can learn to set financial goals, budget, invest, and protect themselves from ID theft. Those who want individual attention or prefer to learn outside the office have access to free one-on-one financial advice from a trained financial counselor.
You want your employees to build their future with you. Being a Hanscom FCU Bank at Work partner can help them get there...and you’ll be the hero.
Download the e-Guide for more information about becoming a Bank at Work Partner.