Seven ways for CFOs to maximize efficiency
Credit union CFOs became adept at managing expenses during the recession, and must maintain that focus even as the economy improves, the CUNA CFO Council communications committee writes in the 2014-2015 CUNA Environmental Scan.
Consider these seven ways to maximize your credit union’s efficiency:
- Review in-house operations. Your processes and practices must be effective, efficient, and cost-justified. New products and services must pass a litmus test: Do they increase income or reduce expenses?
- Compare personnel costs. Are your salaries and benefits comparable to those of your peers? Use salary surveys from CUNA or your league to ensure you’re not inflating those expenses.
- Investigate prefunded benefits. To combat rising benefit costs, take advantage of investment options that address defined benefit plans, group health insurance, 401(k) matching contributions, and more.