Your workforce is the engine of your co-op’s success. But while your team is doing their jobs, who is helping them with their financial needs?
Co-op executives often tell us that they want to do more to support and strengthen their employees, helping them reduce financial stresses while building wealth for their futures. Homestead Funds works extensively with co-op benefit administrators and has helped develop educational materials and other financial resources. But in some cases, executives have asked us to go a step further.
Lake Region Electric is in the heart of scenic Lake Country in west central Minnesota. Lake Region is an important employer within its community and is clued in to the financial health of its team. The cooperative wanted to encourage its employees to save and brought this concern to Homestead.
Together we developed a campaign that took advantage of each partner’s strengths:
- Lake Region set up a program to match employee savings contributions up to a set limit.
- Working with Homestead, Lake Region offered employees investment choices that went beyond bank savings accounts and CDs. Homestead’s mutual funds offered a way for employees to invest in line with their goals, balancing objectives for safety of principal and growth.
- Assets are held in accounts owned by the employee, so they can access their money when they need it.
The program proved to be an immediate hit, with more than half of employees signing up within the first month.
Contact us for a detailed case study of Lake Region’s savings system, or to find out how you can set up something similar for your team.