Talent is a battlefield
by. Kelly Schmit
We are all aware that the Baby Boomers are nearing retirement age, but are we paying attention to the related staffing ramifications and how competition will increase when they do? You may have a successor picked for the top execs at your credit union, but outsiders will court your star folks, and the war for top talent will be fully underway.
Scott Albraccio, sales manager/executive benefits for CUES Supplier member and strategic partner CUNA Mutual Group, Madison, Wis., told attendees of a pre-conference workshop held before last week’s Directors Conference that 52 percent of credit union executives will be eligible for retirement in the next 10 years, and 17 percent plan to retire in the next five. There will be a big call for C-suite jobs, he notes, and fewer people to backfill positions. In short, Albraccio thinks credit unions need to be prepared to fight for talent.
As the mass exodus begins, a succession plan to replace top talent is paramount, as well as an active retention plan to keep qualified staff.
Bryan Hanks executive search director for CUES Supplier member and strategic partner JMFA Executive Search Group, Baytown, Texas, says it takes 50-160 percent of salary to replace a lost employee. Therefore, you need to look at the compensation package as a whole to win hiring matches and keep people in place. A complete package includes base pay, incentives and perks.
Hanks lists the following retention strategies for keeping staff: good onboarding process, clear expectations, mentorship programs, great benefits, clear and fair supervision, adequate training, growth and promotional opportunities, flexible schedules, recognition and awards, compensation, incentives, and creating a “best place to work.”continue reading »