By Steve Salzer
“Limited menu, cash only!” It is a phrase now familiar to millions of Americans that, prior to last year’s detrimental hurricane season, may have harbored illusions about the inequity of disaster. Likewise, it is a phrase that encapsulates an overarching message to credit unions: members need you, so be prepared.
Whether it is increased demand for cold, hard cash or the distribution of supportive messaging, it is imperative your credit union has a well-practiced plan for weathering future storms. The most important observation following recent hurricanes is how close to the margins many businesses are operating on a daily basis, and credit unions are no exception.
We now conduct business in an era of standardized disaster, with credit unions sprawling across what are now effectively floodplains. And while there is certainly no sport in natural calamity, there are some game strategies that can help abridge distress at both the credit union and member level.
Who’s on First?
Who among your employees is evacuating? Is the contact information of all employees readily available to key officials? Who is assigned the role of business continuity planning? One of the best first steps a credit union can take in planning for an emergency is identifying staff members that may have experience in such areas and letting them develop a system for storm-day operations. It is important, however, not to forget about the “human factor” of employee wellness in the midst of contingency planning.
Members are not the only ones who require reminders about their value in times of disaster; employees do as well. The best way to show employees you care is to communicate expectations clearly and support them in their personal decisions to put their safety, and that of their families, first. Flexible scheduling, extra time off and even a few company-paid supplies go a long way toward fostering employee loyalty.
Go the Distance on Cash
Restaurants are not the only ones to render “cash-only” policies during major storm outages. Consider that many individuals return to old-fashioned bartering with neighbors and friends for supplies such as plywood, and many stores, as well as lodging facilities, may too suffer a loss of card processing abilities. As a widespread dash for cash is expected in the days leading up to and after a storm, it is crucial that your credit union have a plan for replenishing ATMs at a more frequent interval than usual and have ample currency on hand at your locations to meet member demand.
Touch Base on Social Media
While some are looking to be consoled by the institutions they are loyal to during a storm disaster, the majority are looking for bare-bone basics on operational status, availability of services and impact to resources. Not sure where to start with your social media updates when bad weather approaches? As a general rule of thumb, it is best to begin by acknowledging that it is no longer “business as usual.” Consider providing information about which branches are open, what the expected hours are and how to reach someone with questions. Once the basics are made readily available and published in easy-to-find locations, you can then use social media to become part of the story and mobilize goodwill for your members and the community.
Any Given Storm Day
The weaker team can still beat a stronger opponent. This idea remains a pivotal motivational theme in modern-day sports and should be a reminder to credit unions of the positive, post-storm realities that are possible when proper, proactive planning is in place. A little forethought and a few practice storm drills can ensure you are in position to come out shining when the sun goes down on normalcy.
Steve Salzer oversees PSCU’s Enterprise Risk Management, Legal, Compliance, Business Continuity, Investigations, Vendor Risk Management and Government Relations functions. In 2017, he was PSCU’s point person in dealing with Hurricane Irma. Steve represents PSCU on the Regulatory Advocacy Committee of NACUSO, the Payments Subcommittee of CUNA, the Consumer Protection Law Committee of the Florida Bar, the Grants Committee of the Florida Bar Foundation and the Board of Directors and Audit Committee of Junior Achievement of Tampa Bay. He also serves as Chair of the Board of Managers of one of PSCU’s minority investments (Ongoing Operations, LLC).