Credit unions pride themselves on being local, trustworthy financial institutions, unlike some of their counterparts, and employees agreed according to a national survey.
In the survey titled “Sharpening the Focus on Benefits Strategy”, the first in a series of research briefs stemming from Prudential’s “The Seventh Annual Study of Employee Benefits: Today & Beyond”, employees ranked credit unions as the most trusted source to help them grow and protect their money. Eighty-one percent said credit unions were a trustworthy source to help them safeguard their funds. Comparatively, 79% of employees saw their employers as a trustworthy source for growing and protecting their money.
Fourteen percent of both employers and employees cited severe negative economic effects, a decrease from 2010 results of 27% for employers and 22% for employees. Employers who said their financial position will be better or improving in one year dropped to 54% this year from 70% in 2010; employees report a drop to 38% from 44%.
Employers reported a 17% increase over 2010 results in making benefits strategies a main focus. With shifting ownership and cost of benefits to employees, employers’ top strategies included:
Expanding wellness, preventive, and work/life balance initiatives;
Improving the effectiveness of benefits communications;
Cost-sharing with employees;
Giving more financial responsibility to employees; and
Increasing employee benefits, education and financial advice.