Scott Talley Special to the Detroit Free Press
Published 12:01 AM EST Nov 9, 2018
The East Lansing-based Michigan State University Federal Credit Union is the largest university-based credit union in the world. However, despite the global distinction, when MSUFCU considers new hires, the focus of the conversations is often local.
“We are very community focused, so we certainly look for people who will make our members their priority and also care about our community,” said Silvia Dimma, chief human resources officer for the credit union, which has more than 250,000 members.
In October 2017, MSUFCU celebrated the grand opening of a second building on its headquarters campus, and in March 2018, the credit union reached $4 billion in assets. As it has grown through the years, the credit union also has made a commitment to serving employees well, as evidenced by the credit union earning another top-five spot (No. 4) in the Detroit Free Press Top Workplaces large company category.
“We try to create an atmosphere where employees want to come in and work with their friends for our members,” Dimma said. “It starts with the employees. We are fortunate to have a team that is very caring and passionate about doing what’s best for the members. That’s the type of culture we have created; our employees build the culture and we are living it every day.”
As part of its entry for the Top Workplaces competition, MSUFCU cited how the credit union strives to remain competitive and innovative in regards to compensation and benefits.
As part of the benefit package, the credit union pays 100 percent of the medical, dental and vision premiums for employees and their dependents.
Full-time employees have medical coverage beginning on their first day and receive dental and vision coverage after six months. In addition, MSUFCU offers a 401(k) match program in which more than 94 percent of employees participate, tuition reimbursement and life and long-term care insurance.
Within credit union offices (there are 18 branches), Dimma said that extensive steps are taken to help employees be successful, including a comprehensive onboarding process where new hires are integrated into the organization the MSUFCU way, which focuses on cordialness.
And for all employees there is ongoing training, which is essential given the broad variety and services offered to members including deposit accounts, personal and business loans, IRAs, insurance and mortgages. The commitment to training also helps the credit union to promote from within, given that most positions have a five-level progression.
“We want to create a learning culture where everyday you learn something new that can be shared with a colleague,” Dimma said. “When you’re learning something new, you’re in a position to help someone else, and that’s how we best serve our members.”
MSU Federal Credit Union
Industry: Credit union
Top leadership: April Clobes, president and chief executive officer
Home: East Lansing
Popular employee benefits: Full-time employees receive medical coverage beginning their first day of work and receive dental and vision coverage after six months. MSUFCU pays 100 percent of medical, dental and vision premiums for employees and their dependents; contributes $2 for every $1 of an eligible employee’s contribution up to 5 percent to 401(k) plan; and, provides tuition reimbursement for two business approved classes per semester or trimester, including tuition, books and fees. MSUFCU also offers life insurance where employees are eligible to receive a payout of two times their annual salary at no cost to the employee and a basic plan benefit of $2,000 per month payable to a long-term care facility. In addition, employees and family members have access to an employee assistance plan, which provides professional and confidential counseling services at no cost.
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