Desert Financial's Innovative Education Program Drives Growth
Desert Financial's Education Initiative Sees Remarkable Success
Desert Financial, a leading credit union, has witnessed a significant success in its innovative education program, InvestED. This initiative is designed to provide financial assistance and support for employees pursuing higher education. Over the past four years, InvestED achieved an impressive participation rate of 32%, which is a staggering 1,600% increase compared to the traditional tuition reimbursement programs, where participation typically hovers around 2%.
Transforming Career Opportunities
Since its inception, InvestED has enabled eligible full-time employees to choose from 200 online programs, ranging from undergraduate and graduate degrees to specialized certificates from well-respected institutions, including Arizona State University. A key advantage of this program is its upfront tuition coverage, which alleviates the financial burdens often associated with pursuing education. Employees can achieve graduate degrees with funding available up to $10,500 per year.
Employee Testimonials
Jeff Meshey, the President and CEO of Desert Financial, emphasizes the value of InvestED, stating, "The success of InvestED is a testament to our ambitious and dedicated team. Our employees feel that this program is a life-altering opportunity that empowers them to reach their career goals while equipping them with the necessary skills to succeed in their roles." This sentiment is echoed by many employees who have taken advantage of the program, including Yadira Cerpa, who returned to school after 20 years, crediting the program for allowing her to obtain her degree debt-free and achieving a lifelong dream.
InvestED's Impact on Employee Retention
The impact of the InvestED program within Desert Financial is evident through measurable outcomes. With 750 out of 2,367 eligible employees enrolled in programs, the initiative has effectively contributed to enhancing employee satisfaction and loyalty.
Key Statistics
Here are some noteworthy statistics illustrating the success of the InvestED program:
- 50 employees have successfully graduated from their respective degree programs as of the program's fourth anniversary.
- The program has facilitated a 7.7 percentage point increase in the annual retention rate for participating employees.
- Approximately $4 million in tuition savings has been generated for participating employees.
- A significant 92% of enrolled employees report that being part of InvestED has heightened their eagerness to develop their careers with Desert Financial.
Desert Financial: A Legacy of Learning
Founded over 80 years ago by educators, Desert Financial takes great pride in nurturing a culture of continuous professional development. Not only does this benefit employees, but it also enhances the service provided to their extensive membership base, which exceeds 450,000. The credit union remains committed to community engagement and empowering staff to grow through innovative programs like InvestED.
Commitment to Member Services
InvestED is just one of the many initiatives through which Desert Financial supports its employees while ensuring a high level of service for its members. The program highlights the commitment to fostering knowledge and skills, allowing staff to thrive professionally, which in turn benefits the entirety of the credit union's membership. As a notable example of corporate responsibility, the organization shares its successes with its community, evidenced by the $20 million dividends distributed through the Member Giveback Bonus in 2024.
Frequently Asked Questions
What is the InvestED program?
InvestED is an education initiative by Desert Financial that offers tuition coverage for employees to pursue undergraduate, graduate, and certificate programs.
How many employees have graduated through InvestED?
As of the program's four-year anniversary, 50 employees have graduated from degree programs through InvestED.
What are the financial benefits of the program?
Employees can receive up to $10,500 annually for graduate degrees, leading to significant tuition savings and reduced financial burdens.
How has InvestED affected employee retention?
The program has contributed to a 7.7 percentage point increase in annual retention rates among participating employees.
What is Desert Financial's history?
Desert Financial was founded by teachers over 80 years ago, emphasizing a culture of continuous learning and commitment to serving the community.
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