The challenge of talent management

For credit unions to continue their strong performance in 2019 and beyond, they must focus on the needs of members as well as on the needs of those serving members.

Attract. Develop. Retain.

Those three words are a common refrain at credit unions. As consumer expectations of retail service continue to rise, a capable, knowledgeable staff whose members also understand how their role supports the credit union’s larger goals is key to organization success.

Talent management has always been important, and competition today is as intense as ever. The national unemployment rate has hovered at or below 4% since March 2018. Some markets have even dipped below 3%. But the scarcity of workers highlights a deeper need — credit unions aren’t looking for just anyone to fill open positions; they’re looking for the right skills and fit.

Skills that are desirable in front-line staff, specialist roles, and executive positions are continually evolving. So, how are credit unions tackling the challenge? There’s no single answer. Instead, credit unions are deploying multiple, ongoing initiatives. No credit union claims to have it all figured out, but the range of approaches indicates the industry is doing what it can to keep up with changing demands.

 

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