How better health insurance ensured low staff turnover

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InFirst Federal Credit Union’s employee turnover rate was just 3 percent in 2017. This low metric was achieved, in part, by fielding concerns of its 48 employees, including an uneasy course correction regarding health care insurance.

“Approximately 18 months ago we switched health insurance carriers and it was a big mistake,” explained CEO Martha Wye. “Our employees quickly found that the out-of-pocket expenses increased disproportionately and that the coverage was terrible. We listened to their feedback and recognized that this employee ‘benefit’ negatively impacted the morale of those who had healthcare coverage through the credit union.”

In short order, Wye explained, management immediately contacted the CU’s broker and requested new bids for medical, vision and dental insurance.

“We rolled out a greatly improved plan mid-year,” she noted. “Our employees appreciated that their voices were heard and that actions were taken to make their lives and the lives of their families better.”

InFirst ranked No. 2 overall in the Best Credit Unions to Work For 2018 and No. 1 among credit unions with less than $200 million in assets.

Employees also enjoy various CU-sponsored events and programs like staff appreciation breakfasts, ice cream socials and holiday celebrations, as well as medical rewards programs for healthy lifestyles, conference and training development programs, tuition reimbursement and matching 401(k) plans.

“From the board of directors to the management team, we believe in making a difference in the lives of our employees as well as our members,” said Wye. “Our employees, regardless of whether they are front line or back office, are passionate about their role and supporting one another, which trickles down to our member interactions. In other words, we are all passionate about helping everyone succeed financially.”

Founded in 1935, InFirst Federal Credit Union supports five branches and more than 12,000 members.

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Healthcare benefits Mental health benefits Employee benefits Benefit plan design Employee turnover Workforce management Employee retention Employee relations Virginia Best Credit Unions to Work For
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