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.
More Blogs
Webinar Recap: How Callahan Quantifies Credit Union Impact
We recently hosted “Measure Your Mission: How To Quantify Credit Union Impact” as part of the quarterly Tableau User Group (TUG) engagement webinar. In it, we outlined the goals of Callahan’s impact initiative, how impact metrics are quantified, and what credit unions...
3 Ways To Use 2Q21 Data
The NCUA has officially released second quarter credit union data. Callahan provides your credit union a multitude of ways to analyze this updated data to benefit your cooperative. Here are three: 1. Build custom tables in Peer-to-Peer In Peer-to-Peer, credit unions...
Recapping The Impact Network Meet-Up
On August 17, dozens of credit unions joined Callahan & Associates for the first ever Impact Network Meet-Up. This event, which was open to Impact Network participants only, was created to help participating credit unions form connections, start impact-related...
2Q21 Credit Union Trends and Takeaways
More than 1,200 industry peers joined us on Aug. 11 for 2Q 2021 Trendwatch. Callahan highlighted trends in lending, membership, and more as behavior amongst credit union members changed in accordance with the steady economic reopening. Most notably, credit union...
We’re Re-Building Peer-To-Peer From The Ground Up, Here’s What You Can Expect
Intuitive design. Faster analysis. Enhanced reporting. All packaged into a sleek, modern interface. Those are just a few of the changes you can expect with the launch of Callahan’s Peer+ software, coming January 2022. We’re excited to share that the classic...
1Q21 Strategy & Performance Now Available For Download
One of the premier publications produced by Callahan & Associates is Strategy & Performance, a quarterly magazine that highlights the newest trends and data from around the credit union industry. As the industry emerges from the other side of a strenuous and...
4 Impact Articles To Read
Callahan’s Impact Center is a compilation of webinars, publications, tactical documents, and more, all centered around creating a positive community impact. The Impact Center also features case studies and blog posts from creditunions.com that highlight how...
1Q21 Credit Union Takeaways and Trends
Amidst an industry landscape that is undergoing massive changes as a direct result of the COVID-19 pandemic, credit unions found a multitude of ways to adapt to the evolving needs of their members. Using data obtained from credit unions during the first quarter of...
Introducing The Credit Union Impact Center
The Impact Center is a compilation of webinars, publications, tactical documents , and more, all centered around creating a positive community impact.
Peer Group Criteria That Go Beyond Asset Size
Three peer group examples for a more accurate credit union benchmarks.