This year, Callahan began our impact initiative, in which we seek to build a network of credit unions with the goal of empowering member-owned financial cooperatives to better articulate their value through a mission-focused lens with the help of new metrics and best practices.
As we continue to aggregate data and evolve the credit union impact story, we wanted to share three key metrics from our findings. This data is nowhere near complete, but from the credit unions that have shared their data so far here’s what we found:
- 45% of non-entry level open positions at reporting credit unions were filled by existing employees in 2020.
- 55% offer tuition reimbursement, and they reimbursed an average of $27,340.
- 14% of reporting credit unions offer student loan reimbursement, and they reimbursed an average of $8,864.
These data points help showcase the impact that credit unions have on their employees, members, and communities. By joining the impact network, your credit union can be a part of this mission and help us further refine these data points to share with the industry.
One such credit union that is making a significant impact in their community is Capital Credit Union ($2B, WI). Capital Credit Union’s commitment to their members is evident in their impressive impact report. Their 16-page report highlights causes such as their fighting homelessness campaign as well as their visits to local middle and high schools to teach financial literacy. Their impact report serves as an inspiration for credit unions to prioritize their members and community above all else.
Get Involved
The impact network is free to join and, as a part of our network, we will provide you with access to the latest peer impact findings and insights as well as invites to impact-related events such as the Impact Network Meet-up. Additionally, impact network members will receive a monthly newsletter that features impact-related content and downloadable copies of impact reports that other credit unions have provided.
This month was a fantastic month when it came to generating value for credit union members and employees. We look forward to welcoming new credit unions into the network as together we evolve the credit union story.
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