Through its work with the Center for Data Analytics, Filene has developed a series of reports focused on analytics readiness, specifically six levers a credit union needs to manage to accelerate value creation from its investment in analytics. Previous reports have focused on building the modern data stack, data literacy, and leadership and culture. This report focuses on the readiness lever related to employee awareness and use of tools.
With more information available than ever before, data literacy—the ability to generate, understand, make connections with, and communicate data—is now an essential skill for employees. To harness the multitude and variety of data that credit unions generate on a daily basis, credit union employees need to be comfortable engaging with that information. This report addresses the critical skills gap between more quantitative employees and business-domain-focused employees and provides strategies credit unions can take to improve the data literacy of their employees and organization.
Credit Union Implications
Data literacy is now critical for practically every role in an organization. It is increasingly clear that organizations must have data-literate employees in order to maximize the value from their data analytics investments. With increasing competition for talent, offering strong data literacy programming can help attract new employees to your credit union and retain skilled, data-literate employees. If credit unions do not offer such programming, they are at risk of losing valued employees during a time when the labor market has a limited supply.
Human capital remains a critical investment in generating value from analytical-based decision-making. Download the report and begin cultivating employee data literacy at your organization.