Attracting SEG Employees: The Power of Financial Wellness for Credit Unions
In today's ultra-competitive financial landscape, credit unions must seek innovative ways to attract and retain members.
By leveraging their existing SEG relationships, credit unions have an opportunity to grow their membership by offering products and services that resonate with SEGs and their employees. Two important considerations in boosting member growth though SEG partnerships are making sure your SEGs are engaged and offering value-added services that can help employees improve their financial health. Both can be accomplished with well-constructed and thoughtful financial wellness programs and resources.
Let’s explore how your credit union can utilize financial wellness tools and resources to grow membership and establish itself as an indispensable partner for your SEGs.
The Rising Demand for Financial Wellness
Financial wellness products have surged in popularity as more individuals recognize the importance of financial health in their overall wellbeing. From budgeting tools and debt management solutions to educational resources about saving and investing, these products empower individuals to take control of their finances and build a solid foundation for their future.
SEG employees are no exception to this trend. Amid economic uncertainties and increasing financial stress, they are seeking robust financial wellness solutions that can help them navigate their financial journey confidently.
Credit unions, with their member-centric approach and community focus, are uniquely positioned to meet this growing demand. By offering well-constructed and thoughtful financial wellness programs and solutions tailored to their SEGs, your credit union can cater to the needs of SEG employees, helping them to achieve financial stability and wellness.
Creating a True Partnership with SEGs
Cultivating meaningful relationships with SEGs is a crucial initial step in promoting employee engagement and boosting membership growth, as employer endorsement can go a long way for credit unions. Financially healthy employees contribute to overall productivity, so offering a financial wellness program to SEGs can motivate your partner companies to promote your offerings to their employees, resulting in greater adoption. This positions your credit union as a go-to resource for financial education and support, fostering strong relationships with SEGs and their employees.
An indifferent SEG, however, does little to help increase your membership. It’s important to ensure that your SEGs are aware of the benefits they derive from the partnership, encouraging them to play more of an active role in attracting employees to become members of your credit union. In this way, a strong partnership builds the foundation for ongoing success to the mutual benefit of your credit union, your SEGs, and their employees.
Delivering Financial Wellness to Engage with SEG Employees
Catering to employees’ needs for financial wellness offers a variety of avenues for engagement. Here are a few simple tactics to engage with your SEG employees and onboard new members:
Hosting lunchtime seminars: Monthly seminars on financial wellness topics like budgeting and retirement planning have a low barrier-to-entry for employees. Offering lunch (or a lunch gift card for remote workers) helps get employees in the door. Having a personable credit union employee host can help reinforce the idea that your credit union cares about their financial wellness, and gathering names and email addresses of attendees makes nurturing after seminars easy.
Getting involved with orientation: People tend to reevaluate their financial situation at major life events, so orientation is the perfect time to catch employees during a major change. Learning about your SEGs’ orientation processes and creating specific marketing materials can help your credit union stay top-of-mind during this major change.
Providing HR resources: Ask HR professionals at your SEGs about common financial questions they need to answer for employees, and create resources such as whitepapers or e-books to meet these needs. By helping HR, your credit union gets easy marketing any time they provide a resource, and staying engaged with their HR department will make them more likely to direct employees to your credit union.
Offering free digital tools: In the digital age, consumers expect more online tools, and SEG employees are no exception. By providing modern digital tools and mobile apps to employees, your credit union can use an omni-channel approach to increase engagement, personalize their experience to provide relevant product offers, and gather valuable analytics.
Using Paperwork to Attract Employees
Paperwork is a comprehensive financial wellness platform designed to assist credit unions in better serving and supporting the financial wellness needs of SEGs and their employees. With Paperwork, credit unions have the opportunity to provide their SEGs with a state-of-the-art, co-branded financial wellness app, complemented by omni-channel marketing capabilities and advanced analytics. The result is a turnkey, all-in-one solution that empowers credit unions to maximize the growth potential from their SEG partners.
To learn more about how Paperwork can assist your credit union in growing its membership, schedule a demo here.