Attracting young professionals
Attracting young talent is a hot topic in every industry, but credit unions have taken a special interest in attracting the millennial workforce. The financial services industry is unique in that its products are used by a mix of generations and as such, must appeal to varying preferences when it comes to personal finance management. For example, a credit union without the insight of a young professional may overlook or undervalue the importance of mobile banking tools and alerts.
Having a young professional on staff may also benefit the credit union by bringing fresh ideas to combat the phrase “We’ve always done it that way” and serve as a catalyst for innovation. With the fresh ideas and a knack for technology that come from growing up in the digital age, it’s clear that credit unions can use millennial talent to attract their next generation of members. But how do credit unions attract the next generation of their executive team in the first place?
Explain the credit union philosophy and differentiate the industry from banking. The millennial workforce values organizations that take a stance on social issues, which puts credit unions in the perfect position to leverage their cooperative business model. Providing specific examples of exceptional member service and community development activities can help drive these ideas home.
Prioritize leadership development and offer career pathing resources. Showing interest in developing internal talent serves as a retention tool and highlights the organization’s investment in its greatest resource: its people. Coaching sessions can be used to uncover opportunities for growth and other areas of interest within the credit union. Setting goals and providing the resources to grow leadership skills will increase employee engagement and provide your credit union with a solid future.
Participate in networking events and encourage YP program participation. Credit unions utilize their networking resources more than almost any other industry and is a major part of the fundamental difference that sets them apart from banking. The state League system provides credit unions with chapter meetings and networking events to share best practices and frustrations, as well as new ideas and community service opportunities. Many states also offer programs specific to young professionals that focus on mentorship and professional development. Encourage participation from all levels of the organization and watch your staff thrive!