From the Archives: February 2013

Tying Credit Union Strategy to Employee Performance 

Regardless of the size of your credit union, chances are you’ve done some 2013 strategic planning. Having a “plan” denotes organization and direction, while having a “strategic plan” conveys vision and leadership. But like most good things, it does come with a wrinkle.

Before discussing that wrinkle, let’s consider a question. Can you name the top five strategic objectives of your credit union? Don’t feel bad if you can’t. Only 24 percent of respondents we surveyed said that their company does a good job sharing this information. And in the SHRM/BSCol research study “Aligning HR with Organization Strategy,” 95 percent of a typical workforce didn’t understand its organization’s strategy.

Based on research it’s clear that most employees don’t know what the plan is. They want to, though. Eighty-seven percent of employees in our survey stated this information would help them better understand and accomplish their objectives. So, how do you ensure that employees are not only familiar with the plan, but actually get it and utilize it as a tool to guide their performance?

Here are some simple steps and basic principles on how to tie your credit union’s strategy to individual performance planning – steps that HRN Performance Solutions’ consultants can assist your credit union with.

  1. Educate Yourself. As soon as upper management releases the strategic plan, procure a copy and study it.
  2. Create an Employee Overview. Review, edit and make it employee-friendly:
    • Condense the content.
    • Outline the strategies and what activities support those strategies.
    • Remember, keep it simple.
    • Seek approval before sharing with employees.
  3. Communication. Now you’ll want to:
    • Get started. The sooner employees have access, the quicker they can start applying its direction.
    • Meet with your managers to review strategies, receive clarification and ask questions.
  4. Gather information. Encourage managers to incorporate the plan when creating department or individual goals during performance appraisals.
  5. Review the plan. Meet with leadership and managers of your credit union. Leadership will appreciate having a high-level overview of all the objectives that support strategies and employees will benefit from a comprehensive examination of the plan.
  6. Don’t Panic. It is a very doable process.

If you would like some guidance, give our HR Performance Solutions consultants a call at (800) 940-7522. Or click here to learn more about their services. We’re happy to help.

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