Credit Union Central of Canada (Canadian Central) announced a new collaboration with the HR Metrics Service, the leading Canadian-based provider of comprehensive, quarterly HR metrics. This collaboration will enable credit union HR professionals to effectively track, benchmark and compare more than 100 different HR metrics, including productivity, recruitment, retention, compensation, vacancy and absenteeism rates, which can be used to identify trends and measure HR strategies.

Credit unions that take full advantage of this service by submitting their own HR data will receive four quarterly reports containing their metrics for comparison purposes.  Credit unions that chose to participate in this quarterly benchmarking service will be able to do so at an annual rate of $1500, down from $2,200. (View a sample benchmarking report.) Credit unions that do not want to participate in the survey but are interested in purchasing single reports can do so for a discounted membership price of $325, down from $475.

“The benefit of this service is that it helps credit unions more effectively align their HR strategies with their business strategies,” explained Cheryl Byrne, vice president, Knowledge Services, Credit Union Central of Canada, and CEO, CUSOURCE Credit Union Knowledge Network. “The only way to get really robust data however, is through credit union involvement. The more credit unions who take advantage of this program by submitting their data, the more robust the pool of comparative information will be.”

Credit unions can target, track and compare their own data against the Canadian credit union sector, the Canadian financial services sector or against other industry sectors, including privately and publicly owned businesses, Crown Corporations, government, and not-for-profit organizations.  Information can also be assessed by province.

“Credit unions were quick to spot the value of our service,” added Ian J. Cook, CHRP, director, HR Metrics Service. “The reporting that we can provide is helping these organizations identify best practices and ensure they are responding effectively to key trends. It has become an essential part of how they deliver HR excellence.“

Currently, there are 20 credit unions – of all sizes from across the country – that submit their information to HR Metrics Service. Data has been gathered for over three years on the co-operative financial sector, which enables the reports to show trends affecting credit unions in Canada.

A benefit of this collaboration is that credit union’s will receive through Canadian Central, copies of bi-annual executive summaries about the credit union sector.  Credit unions will also have an opportunity to dialogue directly with HR Metrics Service through an informational webinar hosted by Canadian Central.

To participate, credit unions should email support@hrmetricsservice.org or phone 1-800-665-1961 ext. 125 directly. All participants will receive a high level of support from the HR Metrics Service, including a one hour online demo of the survey and survey tools.  Participating credit unions must submit a minimum of 19 data points to participate in the program, although there are about 120 questions or data points in total in the survey.

Upcoming Webinar
Plan on joining us for The Fundamentals of HR Measurement for Credit Unions which will be held on Tuesday, October 30 at 1:00 EST.  This webinar will cover the fundamental practices required to effectively measure and report on HR practices and through real examples show how measuring HR can make a difference to your organization. This session is tailored specifically to credit unions and will use case examples from the credit union sector.

HR Metrics Service
The HR Metrics Service is the leading Canadian resource for providing up-to-date HR business data, operated by five HR associations across Canada: the BC Human Resources Management Association, the Human Resources Institute of Alberta, the Human Resources Management Association of Manitoba, Saskatchewan Association of HR Professionals, and the Human Resources Professionals Association. The HR Metrics Service is the quarterly benchmarking service that will help prove the effectiveness, efficiency and overall contribution of the HR function.

For more information about the HR Metrics Service please visit www.hrmetricsservice.org or please refer to Frequently Asked Questions.