Four HR challenges credit unions face

And strategies for addressing them

Employment laws have become increasingly complex, requiring greater expertise and specialization from HR professionals. Finance is no exception; the Society for Human Resource Management found that financial services workers had the second-highest level of job stress behind the tech industry and a 32% drop in employee motivation. Credit union HR teams often tackle large projects with limited resources, making it challenging to stay on top of important HR activities, let alone strategic initiatives. In addition to mastering the fundamentals of HR, credit union HR teams must address the following critical challenges.

1. Attracting and Retaining Employees

Remote work has grown significantly over the past few years; however, many credit union positions require employees to be on site, limiting the flexibility that can be offered. Generational expectations make it especially challenging for credit unions to attract entry-level candidates who prioritize flexibility and now have more employment options.

To offset these challenges, credit unions can adjust their total rewards program and workplace culture to draw from a broader candidate pool while setting current employees up for success. Credit unions can attract candidates who are just starting out in their careers by adopting a broader use of technology, establishing paths for advancing career goals, and offering increased flexibility where possible.

 

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