Incentive plans too often have unintended consequences. The desire for simplicity leads to misguided or overly narrow focus. Effective plans are robust and thoughtful in design, to keep the message simple and direct. Here is a list of seven things to consider when designing an incentive plan for your credit union.
The sun has set on the credit union system. That's what we've heard, anyway. Heck, you've probably even said it yourself. But instead of complaining about it or resigning ourselves to that fate, what if we adjusted the sails?
I actually googled something like that and found this title on the “For Dummies” website. Don’t ask me why. Never ask me why. Now that I have your attention, what I really meant to say is “How to Spice Up Your Credit Union and Rekindle the Mojo.” Really, there will be no sex talk today.
The mission, vision, purpose or (insert your term here) statement at most credit unions includes some verbiage around creating value for members. Read literature about the advantages of credit unions, and you will see the words member-focused or member-owned. Clearly the concepts around value and operating as a cooperative are differentiators.
I am the CEO of the Fourth Corner Credit Union, or as some jokesters call it, the “Pot” Credit Union. I have to chuckle when people refer to the credit union by that name, because it triggers many stereotypes that could not be farther from the truth, for the credit union or for the cannabis and hemp industries.
My brother picked me up outside the convention center. I was sweaty. Exhausted. Just moments earlier I had delivered the most intimidating and rewarding entrepreneurial pitch of my career. Seven minutes, a panel of four prestigious judges, and an audience of nearly 300 executives seemed to hold the future of my company, gameFI, in their hands. I opened.
I have sat through multiple webinars and created my own webinar to prepare our clients and one thing seems to be consistent. No one really knows what’s going to happen once collateral underwriter is launched. There appears to be two schools of thought on collateral underwriter.
Target markets have been the holy grail since the dawn of advertising. Every campaign, every ad, every message starts with the question, ‘who is your company trying to attract as a customer?’ As credit unions, we like to make our target markets as big and encompassing as possible.
What if you had to build something that was meant to be destroyed? What if you had to build something that couldn’t be?
Remember when you were a kid, you'd open your box of Cracker Jacks and hope for a cool prize, and were a little disappointed when instead you found a little photo tucked into a sealed plastic envelope.