The Best Practices Guide: Boosting Benefits on a Budget
Build a stronger benefit program—without paying more
The second time proved to be the charm for 1st United Services Credit Union. The organization entered The Principal 10 Best Companies program last year. Although they were a finalist, they didn't make the top 10.
Rachel Frazier, vice president—human resources and training, decided to find out why. She and her team studied the best practices guide and watched a webinar about The Principal 10 Best. "We really looked at the best practices of last year's winners and asked ourselves what they were doing that we could do," Frazier says.
Once Frazier's team determined what to change, they set to work. Within a year, they implemented a wellness program, created a retirement transition education program and increased their overall benefit education.
And they did it all without spending any additional money.
"We researched what was available to us already," explains Frazier. Turns out that was a lot. The wellness program was available through their insurance provider at no additional cost. Their benefit brokers had more online wellness tools—again, at no cost.
1st United Services Credit Union also created a full-service retirement transition program for employees—including those interested in phased retirement. "Facing retirement is a big change not only financially, but emotionally as well," Frazier says.
That's why the credit union offers a full range of financial, health, wellness and psychological services to retiring employees. Their employee assistance program also offers relocation help if needed.
The organization also discovered that their workers' compensation carrier provides training. "They go to all 14 of our branches—for free," explains Frazier.
Even Uncle Sam pitched in. According to Frazier, "The U.S. government has some really nice, free stuff out there. For instance, we went to www.ssa.gov and downloaded a free copy of their retirement guide."
All of those changes added up to a big improvement in 1st United Services Credit Union's benefit program. Big enough, in fact, to make them one of The Principal 10 Best Companies—2008.
"We really looked at the best practices of last year's winners and asked ourselves what they were doing that we could do."
– Rachel Frazier, vice president—human resources and training, 1st United Services Credit Union
What can you learn from 1st United Services Credit Union?
- Before you spend money on new benefits and services, look in your own back yard. Find out what's already available through your existing benefit providers.
- Benchmark your company's benefits against those of The Principal 10 Best Companies.
- Look for government resources—such as retirement education tools from www.ssa.gov.
About 1st United Services Credit Union
Find out more about their benefits in 1st United Services Credit Union's winner profile.
