5 Ways Employees Benefit From A Credit Union Merger

It seems that most of the time when employees hear whispers of a merger, they instantly become uncomfortable and begin to worry about their future. In fact, just the word merger can be terrifying to a credit union employee. However, the truth is that a credit union employee actually stands to gain a lot of benefits from a merger. Many times, an employee that is feeling trepidation about their future with their credit union finds that life is actually much better after the merger takes place. Let’s explore five of the many employee merger benefits.

1. A Wider Array Of Opportunities

Typically, a credit union merger occurs between one smaller and one larger union in an effort for them to both gain more traction in the market place. On average the smaller credit union often represents less than 10% of the assets of the acquiring credit union. However, there are also times when more than two credit unions are involved. The larger the merger, the more positions. This also means that there will be a wider array of opportunities for employees to explore different positions and grow in their career.

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2. Increased Salary

Few things are as attractive to an employee as an increase in salary. When you are the employee of a small credit union, the potential for pay increase is usually very limited. Therefore, when a smaller credit union merges with another, doubling their resources, there is greater potential for future employee bonuses and raises. The employee merger benefits from that result from the merger extend far beyond salary.

3. Geographical Flexibility

Typically, smaller credit unions have just one or a few branches. This means that employees are more likely to have to drive long distances in order to commute to work. When a credit union merger occurs, the employees will have the ability to work in a branch that is more convenient to their home. If the other company is large, there could also be new opportunities for employees to move to a new city while remaining with the same company.  And, often larger credit unions have adopted remote work opportunities allowing staff to work from home or perform back office functions from the local branch office.

4. Better Access To Benefits

Other employee merger benefits include better access to benefit packages and are among some of the top employment motivators and have become far more important over recent years than before. Small credit unions often struggle to offer comprehensive or competitive benefits packages to their employees due to lack of resources. Some benefits made available to credit union employees following a merger include discounted products, favorable retirement programs, and better health plan packages.

5. Training And Educational Opportunities

One of the most overlooked benefits to employees stemming from a merger is the opportunity to acquire additional training and education. When a larger credit union merges with a smaller one, they offer training and educational materials that may have never been available to those employees. They will also be able to offer alternative operational perspectives and ideas that could make the day-to-day life of employees easier. They may even be able to offer compensation packages from employees seeking additional formal education in college to further their career.