Lockheed federal Credit Union


Burbank

Business:

Credit union

Founded:

1937

Local Employees:

365

It’s nice to feel appreciated at work. And at Lockheed Federal Credit Union there is no shortage of appreciation.

The employees, most of whom are credit union members, have an active say in the operations of the company and they are well rewarded for it.

Through the “Ideas” online forum employees can contribute suggestions to increase the efficiency of the business and receive cash rewards. An employee was recently given $100 for developing a way to eliminate redundancy of data entries. Another was given $500 for creating a better Excel spread sheet for loan advisors.

“The monetary reward is commensurate with either the amount of cost savings or revenue generation the idea results in,” said Deb Matalon, vice president of human relations for Lockheed. “If the idea is great and it makes the system more efficient, then the reward is larger.”

The Burbank-based credit union originally served only Lockheed workers but now has about $2.5 billion in assets and has 100,000 members mostly in Southern California, also makes it a priority to help employees along on their career path. Each year employees have individual meetings with managers to establish a career development plan.

“The employee can communicate with the manager that they are interested in moving up the ladder in the same area they are in, or that they want to move from one job to a different kind of job in the company,” Matalon said.

If an employee aspires to be in a job outside of his or her expertise, the company provides training through classroom or online courses, DVDs and books. Employees also can apply to any job they would like without a manager’s approval.

The company boasts a turnover rate of 5 to 7 percent lower than the industry standards, with some current employees working there for nearly 40 years.

“On a general basis, I think credit unions treat their employees better than other companies,” said Chief Executive Dave Styler. “We are not-for-profit cooperatives, and I think it has to do with the not-for-profit part. We are here for the members and we can look at the long term benefits of treating our staff well, not just long term profits.”

Georgi McQuitty, a loan phone center operator, joined the company on a whim, expecting it to be a short-term position. She is now approaching her 25th anniversary. “My five-year plan went out the window,” she said.

McQuitty started as a member services officer and has held numerous positions, including electronic and card services representative and consumer loan officer. For the past three years, she’s had perfect attendance.

“I’ve seen so many people come and go. A lot come back because the grass is not greener on the other side,” she said. “There is so much room for growth for all the employees.”

Sarah Filus