March 14, 2008

In recognition of its workplace practices promoting employee health and well-being, Westminster Savings Credit Union of New Westminster, B.C., has received the American Psychological Association’s  2008 Psychologically Healthy Workplace Award.

One of five employers from across North America to receive the award this year, Westminster Savings Credit Union won in the medium for-profit category. The company is a previous winner of the British Columbia Psychological Association’s Psychologically Healthy Workplace Award, qualifying it to be nominated for the American Psychological Association’s award.

The credit union was also recognized by the association as a Best Practices Honoree for its employee survey process that involves the entire organization in its commitment to improve.
Westminster excelled in the categories for employee involvement, health and safety, employee growth and development, work-life balance and employee recognition.

The company’s extensive use of employee committees, its comprehensive health and safety programs and its creative recognition efforts are several examples of the workplace practices that earned it the award.

The credit unions’s psychologically healthy workplace practices have produced results for both the company and its employees. With 73 per cent of employees participating in at least one company program each year and an 82 per cent employee satisfaction rating on its 2006 survey, Westminster has become an employer of choice.

High employee satisfaction and a low employee turnover rate means that almost 80 percent of the credit union’s openings are filled internally, lowering administrative costs, ensuring seamless service and filling positions in less than half the time typically required for external replacements. Additionally, 34 promotions within the past two and a half years have been a direct result of the credit union’s formal employee development programs.

 “Our employees tell us we are doing the right things, and making strides in the right direction,” says Barry Forbes, President and CEO of Westminster Savings Credit Union. “Our focus has been to ensure our employees take pride in their contributions so that they gain a sense of accomplishment; a feeling of using one's abilities to the fullest; recognition from managers and peers; and an opportunity to learn, develop and excel.”

Westminster promotes employee involvement through participation on committees, lunches with management and open dialogue with the CEO. Employees are involved in developing and implementing an annual survey, as well as interpreting the results and identifying target areas for change. Employees serve as ambassadors for the company, and have even appeared in a company-wide recruitment effort featuring their photographs and personal stories.

The association commended the actions taken by the credit union to promote work-life balance and support families through job sharing, shifted schedules and four-day work weeks. Westminster also provides assistance with finding child care or elder care, and distributes informational materials on stress, nutrition and disease management. It  recognizes that older employees are valuable sources of organizational knowledge and encourages those who are interested to work past the age of 65.