The connected credit union, part 1: Don’t gamble with the heart of your credit union
Whether you’re a fan of Las Vegas or not, you can’t argue with Steve Wynn when he said, “Human resources isn’t a thing we do. It’s the thing that runs our business.”
Credit unions everywhere are relying on evolving technology to attract and maintain members. But what is your credit union doing to empower human resources (HR) –the backbone of your organization?
The goal of every HR department is to hire and retain the best candidates. Candidates that will be invested in your credit union and go above and beyond to get the job done. Candidates who will ensure member satisfaction and, ultimately, increase profitability.
To be both cost- and compliance-conscious while keeping member service top of mind, your credit union needs to get as much value as possible out of its existing technology investments. One of the most cost-effective options is to leverage the capabilities of your existing document management or enterprise content management (ECM) solution across your credit union. But for now, we’re going to focus on HR.
Here are three areas in HR where your ECM solution can help you the most.
Your ECM solution captures and stores applications and resumes as you receive them. With that applicant information centrally located, everyone on the HR team has access to all the information they need, when they need it. Prepared with that information, they make smart hiring decisions, not blind bets – before the competition.
Once the ECM solution captures applications, it automatically forwards them for quick decision-making. And when you’ve chosen a candidate, document templates generate the offer letter, route it through approvals, and track changes by managers so your credit union quickly sends the offer letter. This allows recruiters to spend more time identifying the best candidates for jobs and less time organizing paperwork and supporting documentation to begin the search in the first place.
ECM gives HR personnel the tools they need to better manage the onboarding process and provide new employees with smooth transitions. By providing HR with a holistic view of all related information in a single location, staff easily tracks the entire onboarding process and monitors tasks across departments.
Through automation, increased visibility and centralized information management, new employees are ready for work on day one.
Policies & procedures
When you store HR policies and procedures on paper, ensuring employees review and acknowledge these documents is time-consuming and prone to error. And you don’t want to frustrate promising new team members.
Using your ECM solution, your HR department efficiently creates, distributes and tracks employee acknowledgement of policies and procedures. It also reduces associated administrative tasks such as filing, copying and mailing documents. That makes everyone at the table a winner.
With this documented proof of both policy distribution and employee sign-off, organizations strengthen compliance and minimize liability while holding all dealers and players, er, I mean employees accountable.
HR’s applicability for ECM has mainly grown due to legal and compliance reasons, such as protection against age-discrimination lawsuits or certifying an employee’s receipt of a required form. But it also involves the growing need for efficiencies in storage and processing of documents in personnel offices. From recruiting and onboarding to payroll and records management, ECM manages documents and processes so HR can focus on employees, not paper.
Running a successful credit union has nothing to do with beginner’s luck. There are opportunities for process improvement within every single credit union.
In the next part of this series, we’ll take a look at how as a connected credit union, you can leverage your ECM solution to transform your accounting processes.