Engage employees with creative compensation programs

Illustrate a rewarding career path for new staff members

To lay the foundation for better employee retention, illustrate a rewarding career path during the employee onboarding process, advises Carolyn White, training manager at $650 million asset SESLOC Federal Credit Union in San Luis Obispo, Calif.

That includes crafting and presenting creative compensation packages, and touting the value of flexible scheduling—tools that allow your credit union to compete with other employers.

“People don’t come to credit unions to make tons of money, but they need to make enough to be happy with what they’re doing,” White says.

The improving economy has created more job opportunities, which has led to increased turnover at many credit unions.

The 13% industry-wide churn in 2014 among credit unions with $50 million or more in assets represents a slight increase from the previous year, according to CUNA’s 2015-2016 Turnover and Staffing Report. But turnover rates are much higher in certain job areas: annual turnover rates member service representative hover between 25% and 30%.

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