5 Benefits of Credit Union Community Outreach

Written by Devon Wilson

July 28, 2020

5 benefits of credit union community outreach

 

Community outreach is never more important than when disaster strikes. As COVID-19 spreads through neighborhoods across the globe, people are looking closely at how area companies, both large and small, are helping during the pandemic.

82% of US consumers (86% of millennials and Gen Y) both consider and value corporate social responsibility when choosing what brands and businesses to buy from. Community outreach is an essential part of a credit union’s success, and while helping those in need and supporting your locality is first and foremost the right thing to do, there are also tangible benefits.

Strengthen Brand Image

If a credit union shows loyalty to its community, the community’s loyalty will extend to the credit union and create positive brand recognition.

Credit unions are in a position to show the communities they serve that they care about more than just safeguarding members’ money and assets. Donating time and resources to worthy community projects, charities, and events give your business a stake in those good deeds. It also demonstrates that your credit union wants to be a part of the community, not just located within one. 

Hiring Locally Helps 

Large internet talent and networking sites may appeal to your hiring department because the quantity of applications is greatly increased, but hiring from the surrounding area can also shine a light on your business. Consider taking ads out in local newspapers (print and online) to increase visibility for your brand name.

Increase Collaboration within Your Workforce

Being a community-forward business also creates effortless opportunities for your employees to collaborate on creative and important projects outside the office. Community events are often a lot of fun with a bit of work sprinkled in, and giving your teams some time to do fun and charitable work increases collaboration and builds relationships from within.

This focus on meaningful outreach often leads to an increase in employee morale.

Increase Visibility

Brand image increases with any outreach initiatives, but credit unions can increase visibility by choosing those contributions in a strategic way. Creating meaningful connections by supporting the causes that matter to members (and prospects) can align your business and charity offerings so they work in tandem to draw in new clientele.

Tip: take time to analyze what types of outreach and events are close to the heart of the community. Is there a children’s hospital nearby? Having a toy drive during the holidays can be extremely beneficial. Was the big member employer in town forced to drastically downsize in the midst of this pandemic? Offering food services or donating to local relief organizations may be the best way to go.

These actions can have the added benefit of attracting talent who want to volunteer at your business’s charitable events. 

Engage Internal Stakeholders

As a companion to the statistic above, employees don’t just want their purchases to go to good causes, they want their workplace to be community-driven and willing to give back. Employees perform better and are more willing to stick with a company that prioritizes community outreach and service.

Let IMS Integration take care of your software solutions so you can focus on more important things, like having a positive impact on your local community. Contact us to discuss your credit union’s software upgrade options.

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