ERIE, Penn. — Two more credit unions are offering resources to assist the unemployed in getting back to work.
Both sites contain information on how to:
- Take control of household finances-sharing money management advice and offering financial counseling.
- Sharpen job skills-offering tips on resume writing, job hunting, interviewing and more.
- Find employment-providing links to networking and job placement sites.
EGEFCU Chief Marketing Officer Trenton L. Mason stressed that people who lose their jobs need to pay attention immediately to their finances. "Get your finances in order first, plot out your goals, and then look for a job. For example, laid-off workers receive severance and early retirement packages and often don't know where to put those funds. So an element of financial counseling is very important for the website to be effective. Sometimes we think that people who are laid off don't have money that needs managing. But they are exactly the candidates that need financial management even more."
The $193-million EGEFCU pointed out that its effort is not designed to protect the credit union after local GE Transportation announced large layoffs that affect 20% to 30% of the credit union's membership. "We built the site to help the community first, and if it helps the credit union, everyone wins," Mason said.
The credit union had already diversified and gone to a community charter before the GE layoffs. Mason said the website will help GEFCU grow. "We have what we call community partners, and we always wanted to be able to do something for them. So we will be offering them some of these same services that are on the website," he said.
While it's too soon to gauge results at EGEFCU, in Houston, PrimeWay, whose site is very similar to LaidOffinErie.com, reported it has had 413 hits in the first two weeks it promoted the site. PrimeWay said it launched the website due to economic problems facing the entire community.
While LaidOffInHouston.com's financial component is considered a primary service and is backed by a skilled financial advisor, "There is so much more about a layoff than what to do with the 401(K)," said Khristene Walker, PrimeWay marketing and community relations specialist. "You take such a hit to not only the bottom line but to how you feel emotionally. A lot of people may have been employed for many years and now don't know how to write a resume or network. We wanted our website to be a one-stop shop for people who have been laid off."
Walker said the $265-million PrimeWay also expects that the website will encourage members to come to the credit union if they are in financial trouble, instead of defaulting. "We can help them if we know their situation," said Walker, noting that in the first two weeks the website drove eight members to talk to the CU about their financial matters.
