In times of economic uncertainty, it is important to be creative with the benefits offered to employees. One of the best benefits that a company can offer to its employees is a credit union membership. Many credit unions will agree to give memberships to the employees of a certain company. For a company, this is just like offering a raise, but at no cost to the company. It is a valuable employee benefit that is effective on more than one level, as it not only provides financial advantages, but also offers an emotional connection to the company.
On one level, the credit union membership as an employee benefit provides direct monetary advantages. Most credit unions offer lower interest rates on loans and higher returns on savings accounts. In this way, it is very like offering a raise to employees. Lower interest rates on mortgages and auto loans means more money in the pocket. Higher annual percentage yields on savings accounts and CDs also puts more money in the employees’ pockets. By providing a way for employees to better put their money to work, companies can offer a way for employees to keep more money, and it really is much like getting a raise.
There is also an emotional side to using a credit union membership employee benefit. When a company takes the time to find and recommend a financial institution that give premium rates and special services at lower cost, it sends a message that the company cares about the financial wellbeing of its workers. This translates into a more positive working culture, and one in which high quality is important, as employees who feel valued are more likely to work well.
Some of the other benefits that come with credit union membership and that can be seen as benefits to employees are things like special auto financing, low rate institutional credit cards, and free checking (often with no minimum balance). Additionally, many credit unions offer special deals to their members on things like amusement park entrance and hotel discounts. Also, many credit unions offer one-on-one personal service for loans, and make fast loan decisions.
Credit union membership is a low-cost benefit that anyone in your company can take advantage of, and it does not cost your business anything. Show your employees that you care by offering them a benefit that provides tangible financial advantages, as well as fun and convenient perks.
Nicole Soltau is the President of http://www.CreditUnionRate.com
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