From 2012 to 2014, St. Paul’s Federal Credit Union had a serious employee turnover problem, explained EVP/CFO/CIO Chris Petersen.
“We were constantly losing valuable staff, which was extremely costly in terms of recruitment costs, training costs, declining service levels and teamwork,” he said.
In mid-2015, the credit union began to transition into an “employee-centric” culture, including offering a $15 per hour starting wage. There was also an increased emphasis on “fit” and “core” values in the hiring process.
“In the last two-plus years, we have reduced overall turnover, voluntary and involuntary, to four people, and one of them came back,” said Petersen. “As a direct result of the culture change, the credit union has also experienced very healthy growth during that period which has led to the hiring of five new positions.”
St. Paul's FCU ranked No. 5 in its asset class (credit unions with assets under $200 million) and No. 29 overall in the Best Credit Unions to Work For 2017.
Contributing to the employee-centric model, St. Paul’s FCU provides a tuition reimbursement program of up to $1,500 per year for each employee enrolled in college courses that pertains to the financial services industry.
“The credit union offers our staff the ability to attend any training that will benefit their position within the credit union, or that will allow them to pursue a new position within the credit union, said Petersen. “Staff can request training options from their managers.”
It’s not all work and no play at St. Paul’s FCU. There are many fun activities that occur outside of the workplace.
“We host regular employee events, such as an annual baseball game outing where we take employees and their families and book a suite at the baseball game,” said Petersen. “We provide a shuttle bus, food and drinks, and everyone can just come out and have a good time.”
Founded in 1953 in St. Paul, Minn., St. Paul’s Federal Credit Union supports 29 employees across three branches and more than 11,700 members with $164 million in assets.