In today’s fast-paced world, it can be challenging for financial institution employees to stay connected with everything going on at their company. But there are a few ways a credit union intranet can help to improve employee engagement.
Below, we’ll cover some of the ways that credit unions and financial institutions can use intranets for employee engagement and other benefits such as workflows, process automation and centralizing document management.
Experts and human resource research companies have varying definitions for employee engagement. For example, Gallup defines engaged employees as “those who are involved in, enthusiastic about and committed to their work and workplace”, while Aon Hewitt defines employee engagement as “an employee’s level of psychological investment in their organisation.”
Employee engagement generally describes the way employees feel about their work. Engaged employees are motivated and enthusiastic and they feel connected to their company and its goals.
On the other hand, unengaged employees may be apathetic or hostile towards their work and they may not feel like contributing to the company’s success. Logically, companies with high employee engagement are more profitable, have lower staff turnover and are more efficient.
(Image source: Recruitingblogs.com)
So, how can intranet software help credit unions and financial institutions improve employee engagement? First, by providing a platform for employees in financial organisations to connect, intranets can help break down internal communication barriers and encourage collaboration.
Secondly, by providing information about its goals and strategies, intranet banking software can help employees in the financial industry feel more connected to their company. And by giving employees a way to voice their opinions and ideas about the organisation’s strategies and goals, intranets can help companies gain valuable feedback from their employees.
In addition, intranet software helps improve collaboration and bolster team spirit. When employees can work together towards a common goal, they often feel more invested in its success. Intranets make it easy for employees to find and connect with one another, which can help encourage collaboration and teamwork.
Workflows and process automation
Credit union intranets can also be used to automate credit union workflows and processes.
For example, the automation of Standard Operating Procedures (SOPs) can help a bank or credit union save time and money and thus focus on core business functions.
By automating the process of onboarding new hires, credit unions can save themselves the time and resources they would need for hiring managers to meet with each new hire individually.
Centralizing document management
A typical financial institution deals with hundreds of documents daily. As a result, members need to store thousands of documents in online repositories and access them quickly. A sound intranet document system can centralise all documents, helping to keep everyone on the same page.
Intranet document management systems can also give employees access to company information and help to reduce paper trail clutter around the office.
One of the best things about bank intranets is that they make it easy for bank employees to share knowledge. When employees have access to information, they can make better decisions and contribute more to their company.
Intranet systems make it easy for employees to find information quickly and easily. This helps reduce duplication of efforts and allows employees to focus on their work instead of wasting time looking for information.
Intranets are also great tools for organising events. For example, credit unions can use intranets to create event calendars, track RSVPs and manage other aspects of the event planning process. They also help keep everyone organised and in communication with each other leading up to and during the event itself.
Employees can register for events directly through the intranet homepage and all relevant information (such as room locations and agendas) can be easily accessed online. This saves time and hassle for both the credit union staff members who are organising the event and the employees attending it.
Intranets can also be used to create fun and engaging e-learning modules. These modules can help employees learn new skills, stay up-to-date on company news and better understand their company’s goals and strategies. E-learning modules are an entertaining way for employees to learn new information and they often result in higher rates of employee engagement than traditional training methods.
Use gamified e-learning modules to help staff expand their knowledge
Case study – Stanford Federal Credit Union
Intranets were simply internal websites that were rarely updated and used in the past. Today they are valuable internal communication and collaboration tools as well as a platform for socialising, organising events, promoting company culture and improving employee engagement in the banking industry.
By combining all of these features into one place, credit unions save time and resources that would otherwise be wasted on managing multiple platforms or systems to accomplish the same goals.
Stanford Federal Credit Union’s intranet is a case in point.
The organisation is a not-for-profit created by Stanford employees and currently has over 50,000 members. SFCU uses Claromentis intranet to facilitate company-wide communication by integrating multiple applications into a single platform.
As a result, employees can access all corporate data from one location, enhancing communication between stakeholders. The organisation found that News, a Document Management System and an Image Gallery were their most mission-critical components.
The benefits so far have been:
- Better inter-departmental and cross-organisational internal communications, hence higher engagement levels.
- Customisable departmental sites which provide a space to talk about projects, concepts, and goals with the rest of the team, thereby improving overall engagement.
- Quick access to supporting documentation by providing a centre for keeping and updating policies and procedures.
Give staff a digital workplace they can call home and watch your engagement levels soar.