HR Answers: Engage employees to increase member satisfaction

first_imgHow UW Credit Union combines goal setting, performance appraisals and compensation to keep staff happy.Research consistently shows that employee satisfaction and engagement – the level of commitment that leads employees to volunteer greater levels of discretionary effort – has a direct impact on customer satisfaction, especially in service industries.  And, of course, customer satisfaction has a direct impact on any organization’s bottom line. This holds true for banks and credit unions as well. A 2014 report on the banking industry released by Gallup Research indicates:Companies that engage both their employees and their customers gain a 240 percent boost in performance-related business outcomes.Retail banking customers who are fully engaged bring 37 percent more revenue per year to their primary bank compared with those who are actively disengaged.Although every employee is unique, several factors associated with talent management powerfully impact employee engagement. Whether they are done well or poorly will impact customer service, so maybe it is time for your organization to take a look to see if its talent management levers are working in the right direction.University of Wisconsin Credit Union did just that, implementing changes that helped improve employee engagement scores consistently for five years. At the same time, $1.9 billion/199,000-member UW Credit Union, Madison, Wis., scored in the 91st percentile in customer satisfaction among U.S. credit unions.Understanding the link between employee engagement and member satisfaction, UW CU set out to build a committed, service-minded and performance-oriented workforce. The CU overhauled its performance management process to implement and maintain a work environment in which employees are enabled to perform to the best of their abilities. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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