The war for talent can feel like an overused buzzword these days, yet the battles you face in the hiring and retention trenches are real.
U.S. unemployment is the lowest it has been in decades, which means the hiring pool in the financial services industry is smaller than ever. Add to that the fact that for-profit banks can typically offer top candidates bigger compensation packages than not-for-profit cooperatives. The net result is that you and your hiring managers will be significantly challenged to hire and retain top talent in 2019.
But you need not be without hope. Following best practices can improve your chances of success.
According to a survey of the Chief Learning Officer Business Intelligence Board, a majority (65 percent) of chief learning officers say their outlook for 2019 is more optimistic than 2018. The things that make them take such a sunny outlook can also help you at your credit union.
- 86 percent of survey respondents think their organizations will increase the alignment of talent development with strategy in 2019, making their programs more effective and efficient. How can a credit union do this? In this article, CUES’ own chief learning officer, Christopher Stevenson, CIE, offers five steps to follow. CUES Consulting can help as well.
- 43 percent of learning leaders responding to the survey plan to use more external support for talent development, reflecting the ongoing shift from traditional classroom learning to more flexible learning. Have you checked out CUES Learning Portal, a new benefit of CUES membership, which both suggests learning pathways and documents informal learning? How about CUES Director Education Center or CUES Online University?
- 88 percent of CLOs surveyed report plans to increase spending on talent development in 2019. Offering great learning opportunities for team members can be an excellent way to compete with banks for top talent. For example, telling job candidates that your organization has invested in an Unlimited+ group membership from CUES can signal to them that you mean business when it comes to their development. And, including in a compensation offer the opportunity to attend the three segments of our industry’s top leadership development program, CEO Institute, could up your chances of making a great hire.
There’s no question that talent management has been tough in recent history. And there’s no indication of an easing to that challenge in 2019. However, if you increase the alignment of your strategy with your talent management efforts, leverage informal learning opportunities and new educational channels, and invest resources in talent, I’m optimistic you’ll get the best results possible.