More than half of employees surveyed in North America plan to look for a new job this year, according to a report from Achievers Workforce Institute.
Of course, this is not news to credit union hiring managers.
“The lower-than-expected increase in jobs shows that workers are hesitant to re-join the labor force, even though schools are resuming in-person instruction and federal unemployment benefits have lapsed,” said CUNA Senior Economist Dawit Kebede, Ph.D. “There is still a critical need among employers to fill vacant positions, which has led to wage increases across the country.”
There are several reasons workers may be hesitant to rejoin the workforce, including:
“All indications are that voluntary job-changing will continue, as employees resume job searches that they put off for the past year,” said Dayna Johnson Schmitt, CUNA product manager. “Many workers are feeling confident that this is the time for them to explore the job market.”
Nearly all credit union senior executives are likely to have important decisions to make during the remainder of 2021 in trying to attract new talent or retain top performers. One powerful tool that can help put the hiring manager on surer footing is a clear understanding of the salary and total compensation marketplace.
CUNA Compensation Analytics is a cloud-based, interactive tool that allows leaders to set competitive and attractive salary packages for their staff and executive team.
CUNA Compensation Resources are reports built from combined data from nearly 1,000 credit unions for 90 job titles – more credit union-specific data than other industry salary studies combined.
These industry-focused tools will arm hiring managers with data that can help them adjust compensation where needed and stick to their budget.
"These reports are a powerful tool for credit union executives and hiring managers to make informed decisions on salaries at a time when the stakes are high," said Johnson Schmitt.