Cooperative values and the development of the credit union movement in Australia

Abstract

Purpose Credit unions offer an alternative to traditional banking given their distinctive ownership structure and their goal of maximising members’ benefits. Motivated by the increased expectations regarding more ethical behaviour in the financial industry, this paper aims to provide a better understanding of the relevant features and values that facilitated the emergence of the credit union movement in Australia. Design/methodology/approach Using social movement theory, this study analyses 23 interviews conducted in the early 1990s with the supporters of the credit union movement in Australia, in which the characteristics and values of the credit union movement are identified. Findings Findings demonstrate that the credit union ethos is rooted in family and religious influences, and that these organisations were keen on promoting their distinctiveness on “fairness” and “caring for their members”. Credit unions, however, have rarely tackled the movement’s most neglected value “cooperation between cooperatives”. Originality/value This research contributes to the discussion of ethics in business history as it elaborates on how values and ethos crafted the identity and ensured the survival of the credit union movement in Australia.

The influence of training, membership and employee age on turnover intention in co-operative financial institutions

“…At the same time, the attachment of older members is often associated with their sense of control over the co-operative, detailed knowledge of the co-operative and pride in their membership (Jussila et al, 2012). The possession of shares may sometimes be the result of multi-generational family ties to the co-operative movement (Unda, 2023) and in those cases may be treated as a source of prestige. Thus, in light of SET, one can predict that older employees will expect that their employer to sustain the mutual relationship and strengthen their conviction about their unique status, and that because participating in HRM practices might be perceived as a source of status information (e.g., Reh et al, 2022), older employee-members should pay particular attention to the training offered to them by the employer.…”