Why Member Well-Being
A key differentiator for credit unions is their commitment to improving the financial lives of their members. There’s a growing movement towards serving the “whole member”, but how? What other aspects of well-being should credit unions lean into? And how do credit unions create and provide sustainable offerings to improve overall well-being? Truly improving overall well-being and serving the “whole member” requires strong financial foundations and ensuring that well-being starts within the organization itself, with credit union employees. Filene seeks to bridge the gaps between current efforts and the potential of the credit union industry to drive deep changes to well-being at the individual, community, and system level.
Solution: Filene's New Center for Member Well-Being
Bringing a holistic approach, this new center will amplify credit unions’ ability to increase the well-being of members and employees through sustainable, evidence-based practices and solutions.
Key Objectives:
- Identify evidence-based practices and solutions for improving financial well-being
- Determine pathways to better use member data to improve financial well-being
- Identify key drivers of well-being and the connections between financial well-being and other aspects of well-being
- Explore new outcome-based products and services that can help improve overall well-being
- Examine approaches to creating workplaces that drive or contribute to overall employee well-being
- Identify strategies for equipping employees with the skills and knowledge that they need so that they can best help credit union members improve their own well-being
Next Steps
Credit unions understand that highly satisfied and engaged employees leads to highly satisfied and engaged members, through the ability to deliver better service. Since the pandemic employee engagement continues to struggle across all industries, forcing workplaces to rethink solutions to enhance their employee well-being. According to Gallup Data, employee engagement in the U.S. fell to its lowest level in a decade in 2024, with only 31% of employees engaged. Also, stress levels are at an all-time high, with 41% of employees experiencing significant daily stress.
If your credit union is looking to improve the well-being of your members and employees, click here to see how you can join us on this critically important research journey.
