Talent wars: The new battle challenge for CU leadership
In credit union land there is a war out there—the battle isn’t being fought with armies its being fought with other financial institutions. Its the battle to attract and keep good employees. We are talking talent wars!
With unemployment at record lows in major markets around the country, potential workers are not exactly beating down your credit union doors to come and work for you.
Credit unions must develop new and unique ways to attract and retain employees. Some companies have gone so far to as to pay a signing bonus to new hires and a second bonus if the employee remains on the job for a set period of time.
In a post covid world, there just aren’t enough skilled workers available to fill the needed jobs available therefore heightening the competition for the best and the brightest.
Credit unions—like all businesses—will have to engage in alternative methods for finding new employees.
These methods can range from various referral services—online employment websites, as well as credit union league and national credit union organizations, and consulting services—in addition to partnering with local colleges and universities and participating in community job fairs.
Credit unions must increase their outreach and be visible and set up relationships with these groups. It still amazes me how many potential workers don’t consider credit unions as a career choice because they don’t know enough about our credit union movement.
Credit unions must adjust their pay scales and benefits based on the marketplace (preferable above) to attract new employees as well as demonstrate to them that a career in the credit union movement can be very rewarding.
The “people helping people” philosophy and making a difference in people’s lives and the community should be highlighted at every opportunity!
Once onboarding new employees, the challenge will be to keep them on long term. My workplace employee mantra for CU leadership is PTL:
- Pay them;
- Train them;
- Love them!
But its not always the money that causes staff to consider leaving, because employment statistics show that half of those who leave a job do so because of lack of praise, respect or recognition from their supervisors.
People leave people they don’t leave organizations.
The challenge for credit union leadership will be balancing and honing the diverse and multi-generational workforce into a productive credit union workplace.
Treating employees as individuals and giving them a sense of pride and ownership in what they do for the credit union is vital regarding their job satisfaction. Many employees view this sense of pride and ownership from the philosophical and cultural approach of helping other people rather than simply a place to go to work. This is in essence the “higher calling” in what credit unions do that makes a difference and what makes credit union work unique in financial services.
We need to keep promoting and instilling this higher calling in our new and seasoned workforce—they are not just coming to work at the credit union—they are coming to work as part of an international movement that is concerned with their members financial well-being.
This is our greatest competitive advantage in the battle for new talent!