As the American workforce becomes more sophisticated, employers need to develop rewards that will attract and retain qualified staff. At times of relatively full employment, that challenge becomes critical. The Filene Research Institute co-sponsored a colloquium at the University of California-Berkeley to explore ways credit unions can use incentive programs to make the most of their investment in human resources. The event brought together reward system experts, and senior credit union executives. The presentations and discussions are included in this volume. A second volume, based on presentations by credit unions detailing specific incentive programs, will follow.
What is the research about?
This paper contains the reports from three sessions.
- In the first session, Edward E. Lawler III shares his research findings in the field of reward and pay systems, and the implementation of effective programs to achieve organizational success through human resources.
- In the second session, Edward Deci describes the differences between extrinsic and intrinsic motivation, and the implications of each upon the behavior of employees.
- In the third session, Patricia Zingheim examines the components involved in a total reward system, and the role that incentives play is such programs.
What are the credit union implications?
As financial firms are now competing for talent on a global scale, credit unions will need to rethink their financial incentive programs. Credit unions must recognize and respond to the forces bringing change in reward systems. They will also need to align compensation systems with business plans in order to be successful.
This report is sponsored by the Center for Credit Union Research, University of Wisconsin-Madison, and the Center for Organization and Human Resources Effectiveness, Haas School of Commerce, University of California-Berkeley.