Offer Your Employees an Environmental Incentive

By Christian Mullins

Gas prices are soaring. While this is something that can be said to describe almost any moment over the past several years, it appears that the American consumer has reached their breaking point. With gasoline at it’s highest historical price (even after inflation has been accounted for), the Federal Highway Administration is estimating that traffic levels fell 1.4% last year. Even more dramatic is news that the Energy Information Administration estimates that gas consumption will decline 0.3% this year, the first annual decline since 1991.

People everywhere are concerned about energy prices, and, as a credit union, you have the ability to give your employees peace of mind while positioning yourself as a pro-environment institution, all for a minimal cost.

If your credit union is in a city that offers public transportation, offer to subsidize the employee for part or all of its monthly cost. Even with public transportation available, it is also prudent to offer a ‘car pool’ incentive, for those that either live in areas that don’t offer public transportation or feel uncomfortable riding in a bus or subway. Doing so offers several benefits.

First, it won’t cost much. Even fully subsidizing your employee’s monthly public transportation pass or offering a set amount for car pooling won’t significantly affect the bottom line.

Second, once you’ve offered the incentive, employees will view your credit union as taking positive steps towards being more environmentally friendly. Studies have shown that employees, in general, are happier when working for a company that tries to make a positive impact on the environment.

Third, without any urging, your employees will tell your membership about it. Bus passes and car pools are a small step, but like employees, the public may be more willing to utilize a company that is actively trying to reduce its carbon footprint. While some credit unions may go much further and make the environment a central theme of their credit union, like Vancity in British Columbia, your membership will appreciate every step taken.

With energy costs at a premium, disposable income is shrinking for everyone, especially for those living paycheck to paycheck. Offering employees an incentive to voluntarily reduce their energy output is not only environmentally sound, but may give them some assurance that their credit union is looking out for their best interests. If it’s a success, you can display your results (e.g. gallons of gasoline saved, carbon not released into the atmosphere), in your newsletter.

There’s an old adage: People love their cars. But they also love a little cash in their pocket, something that’s harder to come by these days. Offering your employees an environmental incentive will allow them to make the choice between freedom and disposable income. Even if employees don’t accept your incentive, they’ll appreciate your offer.