A credit union career isn’t for me. Change my mind. (Part 3)
Industry leaders talk about how they cultivated a career in credit unions and how credit unions across the United States can recruit enthusiastic employees to fill tomorrow’s leadership bench.
Research from the Society for Human Resource Management (SHRM) puts the direct cost of replacing an employee at as much as 50%-60% of an employee’s annual salary. Total costs associated with that turnover can range from 90% to 200% of annual salary. That’s a lot of moola to manage when an employee moves on.
What’s more, the same research found even a tight employment market has little impact on the turnover of top-performing employees. Yes, even during a recession — and even during a pandemic — good employees will leave for greener pastures. And if the trade news is any indication, good executives will retire.
Quarterly performance data shows credit unions have avoided laying off employees during the COVID-19 pandemic and subsequent shutdowns. Instead, anecdotal evidence suggests, they’ve opted to redeploy staff members to support areas of increased demand, such as call centers and mortgage departments. But what about the other side of that equation? How can credit unions attract new talent? And, once they have that talent in-house, how can credit unions keep it there?
CreditUnions.com reached out to prominent leaders across the credit union industry to ask them three questions:
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