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First time entrant Teachers Credit Union gains top 9 place in employers award
12 September 2008
Teachers Credit Union has received a High Commendation in the 2008 Hewitt Best Employers in Australia and New Zealand Study, in its first ever entry to the survey.
The High Commendation means the credit union is one of the top nine employers in the country under Hewitt’s criteria, and is the only financial services organisation among that group.
Hewitt’s research revealed that Teachers Credit Union, which employs over 350 people, had a staff engagement score of 86%, placing it above the score of the Best Employers in the 2008 Hewitt Study, which was 82%. To context it further, last year’s global average for the financial services sector was 60%.
Employee engagement is defined as ‘higher numbers within the organisation who consistently speak positively about their organisation, who can’t imagine working anywhere else, and who willingly exert extra effort on its behalf’.
Accepting the Award, Teachers Credit Union Chief Executive Steve James said, “I am told that it is relatively rare for a financial services retail organisation to achieve such a high engagement score, especially on its first time entering these Awards. We are doubly delighted, not only to achieve a High Commendation but also to know that our employees are so happy working for us.”
“Staff satisfaction and engagement is extremely important to us, and is central to our inclusive values and caring philosophy as an employer.”
“Thoughtfully designed employment conditions and policies are a large part of the equation, but we also take considerable steps to communicate to our staff that they are valued. As a result, we have achieved a staff turnover at Teachers Credit Union of around 8%, compared to the financial services industry average of 22%,” said Steve James.
Teachers Credit Union Executive Manager Employee Relations Helen O’Reilly said, “We are proud to have this recognition of our policies and practices. It’s wonderful to know we are getting it right, and that our employees are happy and fulfilled in their workplace.”
“There is usually a correlation between higher employee engagement and stronger business results, which we would certainly support.”
Teachers Credit Union is the largest credit union in NSW, and the second largest in Australia in terms of assets. It has staff based in NSW, the ACT and in WA, where it will shortly open a branch.
The Hewitt Study is the largest employee research project and market practice audit in the Australian and New Zealand markets, and identifies those organisations whose people practices distinguish them as outstanding places to work.
The Study measures an organisation’s effectiveness in providing a workplace that engages the intellectual and emotional commitment of its employees and that delivers value through people.