How to Enhance DEI at Your Credit Union

By Ashley LaBombard, Marketing Associate, Sharetec

The heartbeat of the credit union movement is driven by the adage of “people helping people.” And this can only fully be upheld by focusing on diversity, equity, and inclusion (DEI). As DEI is already engrained in credit union culture, your credit union must be committed to this journey, investing in best practices that will drive inclusion.

Let’s dive into how you can incorporate program offerings that enhance DEI.

How Do I Enhance DEI at My Credit Union?

DEI has been front of mind over the past few years, and its importance is not slowing down, with McKinsey & Company researchers believing that “...the business case for DEI was ‘the strongest it has ever been...” While there are many steps you can take to further promote inclusiveness, some of the heavy hitters include:

Diversify Your Board

To ensure that your board is aligned with the demographic make-up of your member base, your board must be diversified. DEI should still be a top priority whenever it’s time to consider a new board member or change operations. Your board is, after all, the face of your organization and should represent the community you serve to the best of its ability.

Diversify Your Talent

Leadership diversity, whether it be your board or management and executives within the walls of the credit union, is extremely beneficial. McKinsey & Company researchers “...found that leadership diversity was associated with holistic group ambitions, greater social impact, and more satisfied workforces.”

By aspiring and adhering to a more diverse workforce in your credit union, your credit union is more likely to:

• Bring on superior talent. By hiring outside of your traditional applicant pool, you are less likely to overlook highly qualified candidates who may have been overlooked previously.
• Boost employee performance, with ethnically diverse companies seeing a 35% higher financial return above respective national industry medians.
• Retain employees. DEI helps to build a happier, safer work environment, and your employees are more likely to stay at a job that they look forward to returning to.

A “DEI-centric" hiring process is also only the start. To retain a diverse workforce, your credit union must also be dedicated to cultivating an inclusive culture and workplace environment.

Click here for Revelo's step-by-step guide into DEI hiring.

Inclusive Community Outreach

Most credit unions participate in a variety of community outreach initiatives every year. Review what you are already doing to see if these initiatives are aligned with a DEI-friendly brand.

• Does your credit union make charitable donations each year? Consider what causes you donate to and how much of the community it impacts.
• Provide volunteer opportunities for your board and staff. Simply research community-focused volunteer opportunities and decide what works best for your organization.
• Financial education can help members (and prospective members) from all backgrounds and is a simple yet effective way of advancing inclusiveness. When providing financial education, be sure to include virtual, in-branch, and community initiatives.

Become ADA-Compliant

Are your customer-facing digital assets ADA-compliant? When you write a blog, build a website, or host a webinar, make sure it’s accessible to everyone. Your website should include features that make it accessible to people with disabilities. Learn more about ADA compliance by clicking here.

Form Inclusive Partnerships

There are several organizations that are known for providing inclusive financial services. Research and see what potential partnerships would benefit your credit union’s needs. Some examples of DEI and credit union-centric associations include the African-American Credit Union Coalition (AACUC), the Defense Credit Union Council (DCUC), and inclusive.

Implement Inclusive Programs

In addition to having a diverse and inclusive staff and board of directors, you can enhance DEI even further by incorporating programs built specifically for inclusivity. The National Federation of Community Development Credit Unions is an organization that helps credit unions become HUD-approved counseling agencies. By partnering with this federation, your credit union can help members become first-time homebuyers and provide the knowledge, skills, and preparation needed to be successful homeowners. As an additional resource, The National Credit Union Administration has created the ACCESS Initiative, where credit unions can gain insight on how to improve financial inclusion further.

Enhancing DEI initiatives at your credit union should be an ongoing commitment and will assist you in fully serving your community. The need for DEI, along with its transformative capabilities, will continue to remain, meaning that investing in it for the long-term will stay advantageous to your credit union, your members, and your community.

Connect with Sharetec to learn more.