People are credit unions’ number one resource and priority. With this in mind, onboarding new hires correctly is extremely important – to both them and the organization.
If it is done wrong, it can lead to turnover and low morale. Half of all hourly workers across all industries leave new jobs within the first 120 days. The 90-Day Rule says that if you can keep a valued new hire for three months, the chances of that staffer staying for the long haul are stronger.
To set all your new hires up for success at your credit union — a work environment probably different any other they have had— make sure your onboarding includes:
Fostering a welcoming, personalized environment
Start even before the new hire’s first day. People leaders can reach out, ask questions, clarify where to go on the first day and set expectations for the first few days. Some credit unions send a welcome gift like logo wear, or they present it on the first day. In smaller credit unions, having new hires meet senior leaders emphasizes the role of the new hire and their importance on the team. For larger credit unions, a welcome video recorded by the credit union CEO greeting the new hire by name and with a smile is easy, yet highly effective.
Along with impressing on the new employee the importance of building relationships with members, it’s critical for existing staff to set an example and be proactive in building a relationship with the new hire. As the new employee meets their new co-workers, encourage existing staff to ask questions to get to know them better. Pairing them with a colleague can help them navigate those first days as well as throughout their first year.
Create a supportive dynamic where new hires feel valued and encouraged to ask questions. Simply asking, “Hey, are there any accommodations that you need to help you succeed or to help you get started?” is a simple but important step to be inclusive. Offering more time to read materials, modifying the training environment, turning lights off for example, or allowing an individual to listen to classical music while learning, can all make a big difference to support their success.
Also, adult learning should tie into the existing experiences and knowledge of the new hire and account for their context and perspectives. Using training content with scenarios and simulations enables them to apply what they are learning to their current situation.
Emphasizing “People Helping People” and the Credit Union Difference
To align their work with the goals of your organization, new-hire training should include a review of the eight cooperative principles of credit unions. Help new hires understand how their work contributes to the organization's success and encourage them to embody the credit union's values in their daily interactions with members and colleagues. Share with the new employee how each interaction they have with a member can help to reach the credit union’s goals.
Also, clarify with the new employee how the credit union measures the success of these goals. Is it net promoter scores, loan and deposit growth, or net new members? How can the new hire contribute to those goals?
Brief the new employee on the training requirements and modes to ensure they feel welcome and confident in their position. Provide experiential training and resources to help new hires acquire the necessary skills to perform their new job duties – such as cash handling, balancing drawers, and processing transactions – confidently.
Credit unions are placing a strong emphasis on training new employees in various aspects of security. This includes educating them on important regulation requirements such as the Bank Secrecy Act (BSA). Additionally, credit unions must ensure new employees understand and follow security protocols such as opening and closing procedures, robbery response and prevention, and data security.
Creating a training plan and check in regularly
Following the completion of introductory training, check-ins can be structured as a chance for the new employee to raise any questions about any aspect of employment which may have arisen since the last meeting.
Schedule check-ins with the new hire after the first three days, the first week, then monthly thereafter. Each check-in could focus on a predetermined schedule of what they are to be trained on and when. The focal points would be whether or not the scheduled training was delivered, and if the new hire has any questions about any of the training.
Onboarding isn't just a checklist – it is the starting point to make a difference in a career, a life, and your team.
America's Credit Unions have training solutions designed with your unique needs as a credit unions in mind.
