More than likely, your grandparents’ credit union was associated with a workplace. Tucked away in a corner of the plant or operated out of a co-worker’s home, these small financial institutions offered employees access to banking services that often could not be obtained elsewhere. They encouraged employees to help each other financially, which then created a sense of camaraderie in the workplace. Workers with extra savings deposited their money, which then could be borrowed by those who needed loans. Credit unions were one of the only work perks of that day!
These days, credit unions rarely serve only one employer in one location. However, the spirit of employees helping each other can still be had. The industry phrase, or jargon, for eligibility is “field of membership.” Though many credit unions have roots in particular industries, schools, or religions, their fields of membership may now include whole communities or an entire state.
Hanscom Federal Credit Union has hundreds of Select Employee Groups, or SEGs, in our field of membership. These are companies that partner with us to provide credit union membership for their employees. Our SEGs range from small businesses with fewer than 10 employees to major employers and local branches of national companies.
Once a company or organization becomes a SEG, all of its employees can join the credit union and take advantage of the products and services — at no cost to the business or the employee. In addition, the SEG has access to benefits like financial education seminars, resources for employees, and fun stuff to keep employees focused on financial health.
These companies and organizations come to us so their employees can have the benefit of credit union membership. For employers, it’s a good move. There is no cost. All it takes is a letter requesting to become a SEG.
There are so many employee benefits to offering credit union services. Here are a few of them:
- You’ll encourage employee productivity and morale when you offer your employees a clear path to resolving their personal financial concerns and stress. Addressing your employees’ financial stressors head-on can actually save your company money.
- Your human resources department can outsource training and education on a topic that requires expertise they may not have, thereby saving the department time.
- Your company can take advantage of the resources our Partner Relations Team has to offer, where we can present webinars on financial topics of interest to your employees and participate in benefit fairs.
- You’ve established a banking relationship that your employees can take advantage of when they need to. It is another tool in their personal financial tool box.
In today’s competitive marketplace, it is rare to find an extraordinary package of no-cost benefits for employees. You have a chance to offer real value to your workforce. Why not join the 400+ organizations that are already part of our family?
Contact us to try out a free webinar!
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