A recent survey report on employee benefits trends notes that companies are seeking to deliver more value even as they manage budget constraints. In the article, the WCW consultants note, “With rising costs, economic instability, and employees demanding more support and personalization, organizations must transform how they think about benefits. Yet, this isn’t a story of increased budgets and ever-increasing programs. Instead, it’s a story of smarter spending, sharper focus and using benefits as a strategic tool to drive engagement, retention and purpose.”
Employees want to be cared for. Employers don’t want to break the bank. What’s the solution? Enter select employer groups, also known as SEGs. A SEG is a workplace that partners with a credit union to provide employees with membership eligibility and SEG-specific benefits, like lower rates and financial resources.
Making the Switch
When 1166 Federal Credit Union was founded in 1936 (old but gold), it solely supported the financial needs of Mobile research employees. This meant individuals could only gain 1166 FCU membership and access all its cool benefits if they were a Mobile research employee.
Fast-forward to today, and 1166 FCU offers membership to a much larger geographical service area and SEG employees! Like 1166 FCU, credit unions can use SEGs to bring more financial wellness opportunities to more businesses and hard-working employees, offering a mutually beneficial partnership.
Why SEGs Are Good for Businesses
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Free to Partner
When we say it’s free for employers to partner, we mean it. No hidden fees or strings to be seen! And with the U.S. Bureau of Labor Statistics reporting that employers pay an average of $15.00 per hour in benefit costs per single civilian worker, that’s a big deal. SEGs bring employee satisfaction without even opening your wallet.
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Attractive Addition to Employee Benefit Package
Attractive employee benefits attract more job seekers. According to HR Vision, 69% of employees say they would consider one job over another if it offered better benefits. SEG employees are eligible for exclusive credit union membership and benefits that might otherwise be unavailable to them.
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Boost Employee Trust
If I offer you a delicious cookie every day, you’ll probably develop a favorable opinion of me (I know I would). It’s easy to trust someone who provides you with sweet things, pun intended. Offering more financial opportunities to workers demonstrates that the company cares for their well-being outside of work, enhancing employee trust.
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Improve Employee Retention
According to MetLife, 73% of employees would be encouraged to stay at their current job longer if their employers offered more benefits. Employees who are happy with their company’s benefits are encouraged to remain loyal to their position, meaning a lower turnover rate for businesses.
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Support Employee Financial Wellness
The PNC’s 2024 Financial Wellness in the Workplace Report found that American workers spend three hours a week worrying about their finances at work, and 3 in 4 employers (a whopping 75 percent) say workers’ financial stress negatively impacts operations. With helpful SEG tools and resources designed for employees’ needs, your team can enhance their financial wellness and focus on what matters. As they say, when your team thrives, your business follows.
Why SEGs Are Good for Employees
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Exclusive benefits
This one is obvious, but we’re saying it again because it’s THAT awesome. SEGs include employee-only benefits that make their lives easier. Not all SEGs are created equal, but common examples of benefits include:
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Low-rate auto and home equity loans
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Higher interest-earning checking accounts
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Health and wellness events
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Digital banking services
And this is in addition to the regular benefits of a credit union membership!
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Membership Eligibility
Not everyone is eligible for credit union membership, as it often depends on your workplace or location. However, SEGs can open new doors. For example, if someone isn’t eligible for membership due to where they live, they could be eligible through a SEG because of a workplace association.
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Affordable Membership
Most SEG partnerships are free for employers, but employees typically pay a membership fee to access benefits. However, this is usually a very low amount. At 1166 FCU, employers partner for free, and our employee membership is just $5. Skip the latte one morning and invest in your entire financial future instead!
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Education & Wellness Resources
Employers aren’t responsible for financially educating employees. However, providing the opportunity for them to receive this knowledge can be life-changing. SEG employees gain access to events, seminars, financial counseling, and additional wellness activities organized by the credit union. That means more helpful activities for employees and less work for employers. It’s a win-win!
How to Become an SEG
SEGs are a great way to reward employees with benefits that come at no cost to your company. At 1166 FCU, becoming an SEG partner is easy:
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Visit our SEG page
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Fill out the interest form at the bottom
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A team member will be in touch with the next steps.
Once approved, we will provide you with everything your team needs to apply for membership and start enjoying exclusive benefits. Got questions? Don’t hesitate to contact us!
