Focus on mission, vision to retain staff
Open communication with appropriate feedback is also key to building a ‘can’t-leave’ culture.
Spectra Credit Union President/CEO Kristin Shultz (left) and InTouch Credit Union President/CEO Kent Lugrand
In 2022, McKinsey & Company found 40% of U.S. employees were planning to leave their jobs. While market-based compensation and benefits are a starting point to retain staff, McKinsey’s research found employees placed more emphasis on relational factors than on transactional factors.
The top reasons people quit: not feeling valued by the organization or by their individual managers, and not feeling a sense of belonging at work.
“Leadership needs to ensure that employees are connected to the credit union’s mission,” says Kristin Shultz, president/CEO at $600 million asset Spectra Credit Union in Alexandria, Va. “Knowing you’re doing good work helps create an emotional tie.”
Kent Lugrand, president/CEO at $1 billion asset InTouch Credit Union in Plano, Texas, believes CEOs “need to communicate the credit union’s vision in a way that allows the entire staff to see career and success opportunities for themselves within that vision.”
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