Credit union marketing headcount is not growing at the same pace as resource needs
According to Codigo’s 2016 Anatomy of the Marketing Department, which surveyed over 150 financial institutions across the United States in the 4th Quarter of 2015, the number one challenge faced by a financial institutions marketing department is a lack of departmental resources. The report states that 33% of banks and 34% of credit unions said they need additional resources within their marketing team. Unfortunately, the request for more resources is being met with budget constraints as the second biggest challenge, likely causing financial institutions to be cautious about adding headcount.
Codigo’s report asked institutions how many employees made up their marketing department, both three years ago and today. The overall weighted average three years ago was three total employees. Today, the weighted average is improved slightly to four full-time employees in the marketing department. Next, Codigo asked these institutions about headcount additions. 64% of banks and 54% of credit unions say they are not adding headcount.
The Anatomy of the Marketing Department report also shows that institutions reporting 1-3 employees have decreased 6.25% over the past three years. Consequently, banks and credit unions reported a 14% increase to marketing departments with 4 or more employees in 2016. Credit unions showed more growth than banks as they posted a 13% drop in the 1-3 employee range and 30% increase to 4 or more employees.
Ultimately it seems that financial institutions are slowly addressing their challenge of a lack of resources by adding headcount. Part of that challenge is not only a lack of funds but a new skillset being sought as financial institutions shift from a print ship and hang marketing approach to digital. Find out more about this topic and many more by downloading the full report via the following link 2016 Anatomy of the Marketing Department
